…Forex inflow nosedives to 7 months low
As external reserves fall to 3 months low at $47.4bn
By Babajide Komolafe
THE Investors and Exporters (I&E)window of the Nigerian foreign exchange market is losing steam with foreign exchange (Forex) inflow through the window projected to fall to the lowest level in seven months at the end of this month.
This was triggered by unattractiveness of local debt instruments to foreign portfolio investors due to rise in interest rates and bond yields in advanced economies particularly the USA, coupled with the low yields and weak economic recovery in Nigeria.
Financial Vanguard investigations revealed that average daily forex inflow through the I&E window has dropped to $83.57 million as against $144.75 million in the first half of 2018,H1’18.
In H1’18, the I&E window attracted inflow of $17.37 billion, translating to…
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