Foreign investment in the Nigerian exchange went up to around N40.71bn in the first two months of 2024.
This information came from the February 2024 Domestic & Foreign Portfolio Investment Report of Nigerian Exchange Limited.
The report showed that foreign capital coming into the country in January and February 2024 was higher than the N13.52bn for the same period in 2023.
Likewise, the amount of foreign money leaving the country increased to N78.21bn in the same time frame, with N37.33bn in January and N40.88bn in February.
Between January and February 2024, the total foreign transactions on the exchange rose by 23.91 per cent from N53.11bn to N65.81bn.
Foreign transactions on the local stock market reached N118.92bn during the two months.
During a call with investors, the governor of the Central Bank of Nigeria, Olayemi Cardoso, reaffirmed the bank's dedication to fixing problems in the foreign exchange market and ensuring a strong supply for foreign investors.
The instability in the forex market caused foreign investors to stop investing in the country, and the country has not yet recovered from this.
By the end of February 2024, the total transactions at the nation's stock market dropped by 45.07 per cent from N651.52bn in January to N357.88bn in February 2024.
Compared to February 2023, the total transactions in the current month increased significantly by 89.44 per cent from N188.91bn.
In February 2024, the total value of transactions by Domestic Investors was 64 per cent higher than those by Foreign Investors. The report also showed a 51.20 per cent decrease in domestic transactions from January to February 2024.
Retail transactions decreased by 43.29 per cent from N285.58bn in January to N161.94bn in February 2024.
Similarly, the institutional composition of the domestic market decreased by 58.40 per cent from N312.83bn in January 2024 to N130.13bn in February 2024.
Over a 16 year period, domestic transactions decreased by 10.94 per cent from N3.556tn in 2007 to N3.167tn in 2023; foreign transactions also decreased by 33.28 per cent from N616bn to N411bn over the same period.
Around 89 per cent of the transactions carried out in 2023 were domestic, while about 11 per cent were foreign.
Data for 2024 shows total domestic transactions of about N890.48bn and total foreign transactions of N118.92bn.
