Exporters drive 43% of FX inflows

Exporters emerged as the dominant source of foreign exchange liquidity in Nigeria’s official market last week, accounting for 43.30 per cent of total inflows, even as the Central Bank of Nigeria (CBN) extended its absence from the foreign exchange window for the sixth consecutive week.
Data obtained from the apex bank’s website revealed that total FX inflows into the market stood at US$689.00 million, representing a 26.04 per cent week-on-week (w/w) decline, underscoring lingering pressure on supply conditions despite improved participation from autonomous sources.
However, exporters contributed the largest share at US$298.30 million, reaffirming their growing role in sustaining liq...