Dollar inflows into Nigeria’s official foreign exchange market fell by 20.67 per cent week on week to 593.70 million dollars, according to data from the Nigeria Foreign Exchange Market. A research report by Coronation Merchant Bank showed that the decline was driven mainly by a sharp drop in foreign investment inflows.
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Foreign portfolio investment fell by 72.91 per cent to 46 million dollars, while foreign direct investment declined by 81.87 per cent to 7 million dollars. As a result, foreign sources accounted for just 17.05 per cent of total FX inflows, with domestic sources providing the remaining 82.95 per cent, led by individuals, the Central Bank of Nigeria, and exporters and importers.
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