SUN FEB 15 2026-theGBJournal| Inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) fell sharply by 10.8 per cent in January, signaling renewed pressure on foreign exchange liquidity and raising concerns over the sustainability of recent market stability.
The drop underscores persistent demand pressures and cautious participation by key market players at the start of the year.
Inflows dropped to USD3.00 billion in January (December: USD3.37 billion), primarily due to a decline in inflows from local sources (40.4% of total inflows).
Specifically, inflows from local sources dipped by 51.9% m/m to USD1.22 billion in January (December: USD2.52 billion) driven by decline in inflows from the Central Bank of Nigeria (CBN) (-95.1% m/m), individuals (-59.1% m/m), exporters/importers (-28.5% m/m) and non-bank corporates (-28.3% m/m) segments.
At the same time, inflows from foreign sources increased significantly by 111.5% m/m to USD1.79 billion (December: USD847.40 million), due to higher accretions from the FPI (+135.1% m/m) and other corporate (+74.8% m/m) segments, which more than offsets the decline in inflows from the FDI (-40.0% m/m) segment.
Inflows from both domestic and foreign sources is expected to remain robust, supported by sustained market confidence and still attractive carry trade opportunities.
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