Foreign exchange inflows into the official forex market plunged to the lowest level in 19 months in October.
Specifically, foreign exchange inflows into the official Investors and Exporters Window (IEW) of the Central Bank of Nigeria (CBN) fell by 41.2 percent to US$676.80m in October from US$1.15bn in September. A further breakdown of the data shows that inflows from foreign investors declined for the fourth consecutive month to US$72m, while inflows from domestic investors dropped by 42.5 percent in October to US$604.80m.
Declining FX inflows have put pressure on the naira rate in the official market and seen the currency record losses on a year-to-date basis against the US dollar.
