Nigeria suffered a net deficit of N26.6 billion in foreign portfolio transactions in the first quarter (Q!) of this year amidst fears of political and macroeconomic uncertainties.
A report on foreign portfolio investments (FPIs) obtained over the weekend indicated that the country recorded a negative balance of N26.6 billion in inflow and outflow transactions by foreign portfolio investors in Q1 as against a positive balance of N30.88 billion recorded same period last year.
The report also showed that foreign portfolio transactions dropped by N159.95 billion in Q1, representing a decrease of 41.89 per cent from the turnover in Q1 of last year. Total foreign portfolio transactions dropped from N381.82 billion in first quarter 2018 to N221.87 billion in first quarter 2019.