Foreign inflows into the Nigerian Exchange Limited fell to their lowest level of the year in September, totalling N11.26 billion.
This is in line with the NGX’s most recent Domestic & Foreign Portfolio Investment Report.
According to the data, international investors increased the amount of their liquidated investments between August and September as foreign inflows slowed.
Nigeria received N310.99 billion in foreign inflows in the first nine months of 2024, which was more than the N108.93 billion received in 2023. Inflows have been continuously declining since May 2024, when they reached their maximum value of N54.87 billion, and in September, they reached N11.26 billion.
Compared to N24.38 billion in August, the foreign outflow deteriorated to N30.15 billion in September.
Experts have observed that investors are fleeing the equity market in pursuit of higher yields due to the unstable naira and the high interest rate environment.
The Central Bank of Nigeria’s Monetary Policy Committee set the benchmark interest rate at 27.25 per cent at its most recent meeting, and the naira ended Friday’s trading session on the Nigerian Autonomous Foreign Exchange Market at 1652.25/$.
