CBN helps stabilise dollar market as inflows hit $4.36bn

Nigeria’s foreign exchange market attracted its strongest inflows in five months in July, with the Central Bank of Nigeria (CBN)’s stepped-up intervention helping lift total supply even as foreign receipts weakened, preliminary FMDQ data revealed at the weekend.
According to the data, total inflows into the Nigerian Foreign Exchange Market (NFEM) rose 31.9 per cent month on month (m/m) to $4.36 billion in July from $3.31 billion in June, driven largely by stronger local inflows.
Local sources accounted for 66.7 per cent of the total and rose 79.8 per cent to $2.91 billion, compared with $1.62 billion in the previous month.
The sharp increase in local inflows was supported by a jum...