SUN JAN 18 2026-theGBJournal|According data by FMDQ (Financial Markets Dealers Association Quotations), data, total inflows into the Nigerian Foreign Exchange Market (NFEM) rose by 17.5% m/m to USD3.37 billion in December (November: US$2.87 billion).
The improvement was primarily due to increases across inflows from local sources (74.9% of total inflows) and foreign sources (25.1% of total inflows).
Specifically, inflows from local sources increased by 24.2% m/m to US$2.52 billion in December (November: US$2.03 billion) driven by increase in inflows from the CBN (+51.7% m/m), individuals (+36.9% m/m), and exporters/importers (+32.8% m/m) segments, amid a decline in the non-bank corporates (-8.9% m/m) segment.
At the same time, inflows from foreign sources increased marginally by 1.2% m/m to USD847.40 million (November: US$837.10 million), due to higher accretions from the FDI (+102.4% m/m) and other corporate (+40.2% m/m) segments, while inflows from the FPI (-7.9% m/m) segment dropped.
Overall, total inflows into the NFEM in 2025 increased by 62.9% y/y to USD50.67 billion (2024: USD31.11 billion), underpinned by relatively higher exports, improved market confidence and attractive carry-trade opportunities.
Analysts at Cordros Research expect inflows from both domestic and foreign sources to remain robust, supported by rising exports, sustained market confidence and still attractive carry-trade opportunities.
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