Nigeria’s foreign exchange (FX) inflows rose 24% in July to $3.8 billion, up from $3.1 billion in June, according to market data.

Non-bank corporates drove much of the growth, supplying $1.2 billion, compared to $800 million in June, and briefly outpacing foreign portfolio investors (FPIs) in weekly inflows. FPIs, however, remained the single largest source, contributing $1.7 billion or about 45% of total inflows.

The Central Bank of Nigeria (CBN) increased its interventions, selling $326 million, nearly double June’s $183 million, to stabilize liquidity.

Despite stronger inflows, the naira weakened slightly, closing July at ₦1,534 per dollar, while reserves rose to $40.72 billion.

Analysts say the rebound reflects stronger export earnings and improved investor sentiment, but warn inflows remain below May’s $6.7 billion peak and depend heavily on volatile FPI flows.