Top sources of dollar inflows into Nigeria as naira trades at N1,200 per dollar
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Foreign exchange inflow into the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose in March 2024, reaching the highest monthly level over three years. The total forex inflow recorded for the month under review stood at $3.75 billion. Local sources accounted for 59% of the total transactions, while foreign sources contributed 41% of gross transactions. Inflows from individuals rose by $405.8%, while non-bank corporates and exporters rose by 157.7% and 14.6%, respectively. The Central Bank of Nigeria (CBN) inflows declined by 65.7%. The naira gained about 1.66% against the dollar, trading at N1,230.61. The parallel market saw the naira appreciate, trading at N1,200 per dollar. The CBN reduced the dollar buying rate for Bureau de Change operators to N1,101 from N1,251 per dollar. The Nigerian currency has gained 52.08% against the US dollar on the black market. The CBN announced the sale of $10,000 to each BDC at N1,101 per dollar.

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https://www.legit.ng/business-economy/economy/1587137-dollar-inflow-fx-market-surges-highest-3-years-report-shows-top-sources/