Foreign portfolio inflows into Nigeria’s Stock Market (NGX) reached N93.37 billion in the first quarter of 2024, marking a 415% increase compared to the same period in 2023.
This significant rise is highlighted in the Foreign Portfolio Investment data for the first quarter, as published by the research department of the NGX.
However, in dollar terms, the actual inflow was $70.1 million during the quarter, compared to $39.2 million in the same period of 2023.
The NGX used an exchange rate of N1330/$1 in the first quarter of 2024, a stark contrast to the N461.13/$1 rate used in the first quarter of 2023.
Foreign portfolio investors contributed $70.1 million in the first quarter of 2024 but also recorded an outflow of $90.03 million.
Further analysis of the transactions executed between February and March 2022 revealed that total domestic transactions increased by 3.59% from N138.13 billion to N143.09 billion.
Over a fifteen-year period, domestic transactions decreased by 58.80% from N3.556 trillion in 2007 to N1.465 trillion in 2021.
Despite a general apathy from foreign portfolio investors, the NGX has remained one of the best-performing stock exchanges in the first quarter of 2024.