NSE Records N123bn Drop in Foreign Transactions,As World Bank Discuss Lending with FG

Foreign portfolio investors’ transactions at the Nigerian Stock Exchange dropped by N123bn in the first two months of 2018. Domestic transactions fell to N128.83bn in February from N274.32bn recorded in December, according to the NSE Domestic and FPI Report obtained by our correspondent on Tuesday.
Foreign portfolio investment stood at N83.22bn in February, compared to N206.48bn recorded in December. Total transactions at the nation’s bourse dropped by 55.9 per cent from N480.80bn in December to N212.05bn in February. A total of N394.44bn transactions were recorded in January.

However, the cumulative transactions from January to February increased significantly by 257.96 per cent from N169.43bn recorded in 2017 to N606.49bn in 2018. Domestic investors outperformed foreign investors by 21.50 per cent in February. However, total domestic transactions decreased by 43.51 per cent from N228.05bn in January to N128.83bn in February.

Foreign transactions also decreased by 49.98 per cent from N166.39bn to N83.22bn within the same period. The NSE said, “There was a 51.07 per cent decrease in foreign inflows from N91.75bn in January to N44.89bn in February. However, foreign outflows also decreased by 48.65 per cent from N74.64bn to N38.33bn within the same period.

Meanwhile,the World Bank and senior officials of the Federal Government on Tuesday commenced discussions aimed at explaining new environmental and social framework that would guide the bank’s investment in Nigeria beginning from October.

The Senior Communications Officer, Nigeria, World Bank, Olufunke Olufon, who disclosed this in a statement made available to our correspondent in Abuja, said the consultation with the Nigerian officials and other stakeholders opened in Abuja in a workshop format.

She stated, “A workshop to support the implementation of the new World Bank Environmental and Social Framework has kicked off. “The workshop aims to provide a comprehensive understanding of the new environmental and social requirements the World Bank will be applying to new investment projects it finances, starting October 2018.

“The workshop consists of a half-day presentation to senior government officials; a two-day technical training for project implementation staff; and half-day awareness session with other stakeholders, including the civil society and development partners.

FROM Punchng.com