Di Central Bank of Nigeria (CBN) don report say di level of foreign exchange wey come from local sources don reach di highest level in six years.
Dis better increase show say Nigerians dey get more confidence for di economy, and e still show say di recent economic reforms by di federal government dey work.
For di latest report wey CBN release, dem talk say foreign exchange inflow enter Nigerian Foreign Exchange Market (NFEM) jump reach $5.96 billion for May 2025 — na 62% increase from $3.67 billion for April. Out of this money, $4.96 billion (wey be 83.2%) come from local sources — di highest since 2019.
Di growth na mainly because exporters and importers increase their contribution well-well — from $655.7 million to $3.11 billion. Money from companies wey no be bank rise from $1 billion to $1.11 billion, while individuals wey bring money jump from $15.1 million to $91.4 million. But CBN’s own contribution drop from $1.35 billion go down to $649.8 million.
Foreign sources carry only 16.8% of di total inflow, but still increase by 51.7% — from $657.4 million to $997.6 million, di highest in three months. Foreign portfolio investors carry di biggest share — $880.8 million (up 61.3%), while other foreign companies bring $83.9 million (up 10%). But foreign direct investment reduce small — drop by 6.3% to $32.9 million.
CBN still release dem latest Purchasing Managers’ Index (PMI) report — e show say business still dey expand. Di composite PMI stand at 52.1 points for May, small drop from 52.2 for April. All sectors still dey for expansion zone: agriculture (53.4), industry (51.6), and services (51.7).
Analysts for Cordros Capital yarn say di increase in business activity and forex inflow na because macroeconomic situation dey improve. Dem talk say dem expect private sector to continue to expand because naira dey more stable and inflation dey go down. But dem still warn say financial wahala fit slow things small for short term.
President Bola Tinubu reforms don collect praise from local and international business people. Africa richest man, Alhaji Aliko Dangote, hail di President say, “Your leadership dey sharp and dey give people hope. You don bring back belief say Nigeria go better.”
He talk say di removal of fuel subsidy, joining naira exchange rate together, and pro-Nigeria industrial policy na key achievement. “From day one, Your Excellency don dey work hard to create better space for private business to grow,” Dangote add.
BUA Group Chairman, Alhaji Abdulsamad Rabiu, still hail di government. He say, “Under your leadership, we don see real and fast progress,” pointing to infrastructure and policy work wey government don do.
For international level, credit rating agencies still give Nigeria better score because of these reforms. Moody’s Investors Service recently raise Nigeria rating from Caa1 to B3, talk say Nigeria fiscal situation dey stronger now and say government dey serious with reform.
Fitch Ratings follow for April 2025, raise Nigeria from “B-” to “B” and give stable outlook. Dem praise di administration for better policy direction, forex market reform, and removal of fuel subsidy.
Dem talk say, “All dis reforms don help reduce confusion, boost credibility, and make economy strong despite local wahala and global risk.”
