The naira closed at N1,510/dollar on Thursday, almost unchanged from the N1,507/dollar the previous day
Data shows that dollar supply increased in the official window by N110 million compared to the previous day
According to the CBN, total foreign exchange inflow in the country has increased in recent times amid several policy reforms
According to official data from FMDQ securities, the Nigerian Autonomous Foreign Exchange Market (NAFEM), the amount represents a 0.15% decline compared to the closing rate of N1,507.83 on Wednesday, 26.
The Nigerian economy received approximately $5.95 billion in funding from the World Bank and Afreximbank in a single month, June 2024.
Another source of inflow is foreign direct investment (FDI), which refers to investments made in domestic firms by foreign corporations through things like factory setup, real estate purchases, and ownership holdings in local businesses. International exchange inflows can also come from grants, remittances, international aid, and portfolio investment.
Cardoso reported that compared to the inflows recorded in the prior quarters, the foreign exchange inflows for the first quarter of 2024 are almost 50% greater.
