Foreign portfolio investment and FPI outflows in Nigeria surged by 237 per cent in the first quarter of 2024 compared to the same period in 2023 amid the Central Bank of Nigeria's policy interventions. According to Foreign Portfolio Investment data published by the Nigerian Exchange Limited, NGX's research department, foreign portfolio outflows more than tripled. The outflow in Q1 2024 was N119.81 billion, more than three times that of Q1 2023, which recorded N35.59 billion.
37 billion against a foreign outflow of N119.81 billion. The total net outflow for the quarter was N26.44 billion, underscoring a trend of foreign investors withdrawing more funds than they bring into the Nigerian equity market. Speaking on Tuesday at the end of the 295th meeting of the Monetary Policy Committee, MPC, the CBN governor, Yemi Cardoso, said that it is normal for investors to come and go. The CBN governor said, 'As with any market, there is free entry and exit.