The N100bn Gap That Shows Foreign Selloff of Nigerian Stocks

Nigeria’s $34 billion (N13.2 trillion) stock market is on pace to record the lowest foreign inflows since 2009, according to data compiled by MoneyCentral.

Foreign Investors bought just N143 billion worth of Nigerian Stock Exchange (NSE) listed stocks in the first seven months of the year, down N100 billion from N243.35 billion in the same period of 2019 (see table).

Foreign outflows for the 2020 period was equivalent to N287 billion, the same level as in 2019.

Overseas investors have sold out of Nigerian stocks for six out of seven months this year, according to NSE data.

This comes as the NSE All Share Index has lost -5.6 percent so far in 2020.