Macro Analysis /

Nigeria: Net portfolio flows into equity remain negative in August

    22 September 2021
    • Foreign investors shy away from market because of Nigeria's external vulnerability and FX shortages
    • In May, CBN abandoned interbank FX rate and made NAFEX new official FX rate, resulting in 8% devaluation
    • In Jan-Aug, net flow into equity was NGN 16bn outflow compared to NGN 147bn outflow a year earlier
    • Local funds have turned to debt market due to rising yields on FGN notes