Foreigners dump Nigerian stocks at fastest pace in six years

Foreign investors offloaded Nigerian stocks at the fastest pace in six years last month, after a buying spree in March that resulted in the first net inflow in the market since May 2023.

They pulled out N78.25 billion from the market in April, the heaviest month of outflows since May 2018, up from N41.6 billion in the previous month, data compiled by Markets Reporters show.

Foreign inflows fell to N42.58 billion from a six-year high of N52.66 billion in March, according to the Nigerian Exchange Limited.

The surge in foreign portfolio investment in March followed a series of measures taken by the central bank including clearing foreign exchange backlog and raising interest rates to lure back investors into the country. 

But the gains were not sustained. Total transactions at the nation’s bourse decreased by 35.71 percent to N346.23 billion in April.

Total domestic transactions decreased by 49.27% to N225.40 billion, while foreign transactions increased by 28.19% to N120.83 billion.