Nigeria's Central Bank Reports Significant Increase in FX Inflows

Nigeria's official foreign exchange market experienced a substantial increase in inflows during October, largely due to a 422% month-on-month surge in dollar supply from the Central Bank of Nigeria (CBN). Total inflows into the Nigerian Foreign Exchange Market (NFEM) rose by 61.7% to $8.28 billion. This indicates intensified central bank intervention aimed at boosting liquidity and alleviating pressure on the naira.