The latest domestic and foreign portfolio investment (FPI) report released on Monday 04 May, by the Nigerian Stock Exchange (NSE) shows that foreign investors accelerated the outflow of their funds out of Nigeria in the first quarter (Q1) of 2020.
Data from the bourse shows that foreign outflows totalled N186.6 billion in the first 3 months of 2020, compared to N65.2 billion in inflows, leading to a net outflow of N121.33 billion.
Outflows by foreign funds and institutional investors have been climbing since January 2020 when it was N46.5 billion, rising to N52.37 billion in February and N87.73 billion in March 2020.
Foreign funds largely sold their holdings of naira assets as oil prices slumped and fears of a naira devaluation became heightened.