Nigeria recorded foreign exchange inflows of $112 billion within a 12-month period, according to a report by the Financial Markets Dealers Association (FMDA).
This is just as interventions by the Central Bank of Nigeria (CBN) and fiscal authorities continued to strengthen investor confidence and improve liquidity in the foreign exchange market.
The report showed that autonomous inflows, including diaspora remittances, foreign portfolio investments, export proceeds and private capital flows, accounted for the largest share of the inflows, underscoring growing confidence in the Nigerian economy following sweeping foreign exchange reforms.
The latest figures also show that reforms introduced by the CBN under Governor Olayemi Cardoso are beginning to restore market confidence and reposition the economy for stronger foreign capital inflows.
Details of the FMDA report showed that autonomous inflows contributed 64.94 per cent of total FX inflows during the period, signalling a major shift from dependence on central bank intervention to stronger private-sector participation in the market.
The report further showed that autonomous inflows rose to $72.91 billion during the review period, compared with $59.29 billion recorded previously and $41.80 billion before the reforms gathered momentum.
The report also revealed that the CBN’s direct FX sales increased significantly within the period, rising by 126.37 per cent to $8.94 billion from $3.95 billion recorded earlier.
