Nigeria's FX Market Sees 59% Monthly Inflow Surge to $4.4 Billion

Nigeria's foreign exchange market recorded a significant rebound in July, with total FX inflows surging by 59% to $4.4 billion.

The increase was largely driven by a dramatic rise in domestic dollar supply and stronger intervention by the Central Bank of Nigeria (CBN), which sold $1.4 billion worth of foreign exchange during the month, more than four times its estimated June contribution.

The CBN's increased sales helped to support liquidity in the market and maintain exchange rate stability. Exporters' proceeds also rose to $905.1 million in July from $867.9 million in June, driven by higher crude oil production and relatively firm international oil prices.