SAT JUNE 07 2025-theGBJournal| Total inflows into the Nigerian Foreign Exchange Market (NFEM) surged by 62.0% m/m to US$5.96 billion in May (April: US$3.67 billion), according to data from FMDQ.
The improvement, as reflected in the data, was primarily due to a substantial increase in inflows from both local (83.2% of total inflows) and foreign (16.8% of total inflows) sources.
Specifically, inflows from local sources rose to a six-year high, rising by 64.2% m/m to US$4.96 billion (April: US$3.02 billion) driven by increase in inflows from exporters/importers (US$3.11 billion vs US$655.70 million in April), non-bank corporates (US$1.11 billion vs US$1.00 billion in April) and individuals (US$91.4 million vs US$15.1 million in April), amid lower inflows from the CBN (USD649.80 million vs US$1.35 billion in April).
At the same time, inflows from foreign sources increased by 51.7% m/m to US$997.60 million (April: US$657.40 million) – the highest level in three months – supported by increased market confidence amid the uncertainty in the global space.
As a result, the FPI (+61.3% m/m to US$880.80 million) and other corporates (+10.0% m/m to 83.9 million) segments recorded higher accretion, while inflows from the FDIs (-6.3% m/m to US$32.9 million) segment declined.
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