Macro Analysis /

Nigeria: Net portfolio flows into equity record weaker surplus in June

    29 July 2021
    • In May, CBN abandoned interbank FX rate and made NAFEX new official FX rate, resulting in 8% devaluation
    • Foreign investors stay away from market because of Nigeria's external vulnerability and FX shortages
    • In H1, net flow into equity was NGN 12bn outflow compared to NGN 137bn outflow a year earlier
    • Local funds have turned to debt market due to rising yields on FGN notes