Nigeria records $1.41bn forex inflow in June, up by 24%

FMDQ Exchange has revealed that the total foreign exchange inflow into the Investors’ and Exporters’ window increased to $1.41 billion in June.

During the previous month, data showed that the total foreign exchange inflow was $1.14 billion, indicating two months consecutive increase.

The increase is on the back of the unification of the multiple exchange rates, which was meant to attract liquidity into the Investors’ and Exporters’ window.

The consecutive rise means a $2.55 billion forex inflow was recorded within two months and about a 24 per cent month-on-month increase.

Meanwhile, the National Bureau of Statistics (NBS) revealed that in the first quarter of 2023, Nigeria’s total capital importation stood at $1.13 billion.

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The capital importation, which includes Foreign Portfolio Investors (FPI), Foreign Direct Investors (FDI) and other investments, increased by 6.78 per cent quarter-on-quarter.

At the close of the fourth quarter in 2022, the capital importation was $1.06 billion. However, on a year-on-year basis, the capital importation dropped by 28 per cent compared to the $1.57 billion reported in Q1 last year.

Majority of the capital importation was from the United Kingdom, which accounted for $673.64 million and the United Arab Emirates contributed $108.28 million.

Also, $95.36 million came from the United States, $91.14 billion from South Africa and Singapore accounted for $69.84 billion.

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