Nigeria Records $5.15bn Foreign Currency Inflow in October
Nigeria has recorded high foreign inflows of $5.15 billion in October 2025, according to data from the FMDQ platform.
The FX inflow record for last month was up by 62.2% above September’s record, reflecting foreign portfolio investors’ (FPIs’) participation at six open market operations (OMO) conducted by the Apex Bank.
It would be recalled that the Central Bank of Nigeria (CBN) floated six OMO bills auctions where more than N7 trillion was raised from local deposit money banks (DMBs) and foreign investors – the core eligible actors.
Elevated yields on OMO bills continue to attract offshore participations and also strengthened US dollar inflows into the currency market. The surge in local currency demand by offshore investors helped the naira rally.
According to data from FMDQ, total inflows into the Nigerian Foreign Exchange Market (NFEM) rose sharply by 62.2% month on month to USD5.15 billion in October from USD3.18 billion, marking the highest level in five months.
Cordros Securities Limited in an update to investors explained that the surge reflected strong participation from both foreign and domestic investors, supported by improving market sentiment and the global shift toward monetary policy easing.
Foreign inflows—which accounted for 64.5% of the total—soared by 89.7% month on month to USD3.32 billion, up from USD1.75 billion.
The significant increase, according to Cordros Securities Limited, was driven mainly by a rebound in Foreign Portfolio Investment (FPI) inflows, up by 120.7% in Oct, and higher receipts from the Other Corporate segment, which climbed by +30.5% in the same period.
This offset the decline in Foreign Direct Investment (FDI) inflows, which reduced by 25.5%, according to data cited by Cordros Securities Limited.
Also, domestic inflows increased by 28.4% in October driven by a surge in individual contributions, which surged by +370.6%, and a 30.8% inflow surge from Other Corporates.
“We expect total foreign exchange inflows from both domestic and foreign sources to remain robust, surpassing the 2024 average level of USD 2.51 billion, driven by sustained market confidence and still-attractive carry-trade opportunities,” Cordros Securities Limited said in a note.