Nigerian loses N148.7bn portfolio investment in first quarter

Nigerian loses N148.7bn portfolio investment in first quarter

N148.71 billion of foreign portfolio investment (FPI) has been repatriated from Nigeria in the first quarter of 2017.

The amount was the total transactions by foreign investors at the Nigerian Stock Exchange (NSE) in the first four months when compared with total inflow of investment through the capital market in the same period, Daily Trust reports.

According to NSE’s latest poll conducted on trading figures from major custodians and market operators on their on foreign portfolio flows, of the total N211.06 billion foreign transaction value, 70.46 per cent or N148.71 billion was outflow while only N59.11 billion was invested in the economy.

Foreign investors’ activities on the Exchange within the first quarter increased by 75.02 per cent from N120.59 billion in 2016 to the N211.06 billion posted in 2017.

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Also, the total transactions on the nation’s bourse soared to N454.48 billion last quarters compared to N297.68 billion in the comparative period of 2016.

This improvement was mostly driven by March deals when local investors and their foreign counterparts collectively transacted N285.05 billion as against N74.11 billion and N95.32 billion transaction value in February and January respectively.

Also, in March 2017, domestic investors outperformed foreign investors by 7.02 per cent and domestic transactions increased by 285.49 per cent from N39.57 billion recorded in February 2017 to N152.54 billion in March.

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Meanwhile, the Naira on Thursday, May 4, appreciated marginally against the Dollar at the parallel market at N390 to the Dollar, the News Agency of Nigeria reports.

The local currency also strengthened against the Pound Sterling to close at N495 from the previous rate of N498.

However, the Naira stayed unchanged against the Euro to close at N420 as it was yesterday, May 3.

Watch this video of a food price survey at Kuto market, Ogun state:


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