Exporters emerged as the dominant source of foreign exchange liquidity in Nigeria’s official market last week, accounting for 43.30 per cent of total inflows, even as the Central Bank of Nigeria (CBN) extended its absence from the foreign exchange window for the sixth consecutive week.
Data obtained from the apex bank’s website revealed that total FX inflows into the market stood at US$689.00 million, representing a 26.04 per cent week-on-week (w/w) decline, underscoring lingering pressure on supply conditions despite improved participation from autonomous sources.
However, exporters contributed the largest share at US$298.30 million, reaffirming their growing role in sustaining liquidity in the absence of direct central bank intervention.
Foreign portfolio investors (FPIs) followed closely, contributing 39.26 per cent or US$270.50 million, as short-term capital inflows continued to provide support for market activity.
Non-bank corporates accounted for 14.36 per cent (US$98.90 million), while other corporates contributed 1.87 per cent (US$12.90 million). Miscellaneous sources made up the remaining 1.21 per cent.
The sustained absence of CBN participation has further shifted the structure of the foreign exchange market toward autonomous inflows, with exporters and portfolio investors now jointly accounting for the bulk of available supply.
