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Capital inflows into Nigeria fell 28% to $1.6 billion in Q1 -stats bureau

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The USA two-dollar invoice ($2) is a present denomination of United States forex. A portrait of Thomas Jefferson, the third President of america (1801–09), is featured on the obverse of the notice. The reverse options an engraving of the portray Declaration of Independence by John Trumbull. photographed by Peter Dazeley Nov 2020 in his studio in London UK

LAGOS, June 2 (Reuters) – Capital inflows into Nigeria fell 28% to $1.57 billion within the first quarter of this 12 months in contrast with the earlier quarter, the Nationwide Bureau of Statistics (NBS) stated on Thursday.

Portfolio funding and international direct funding accounted for 70% of the inflows, and the UK was the most important supply of capital going into Nigeria, the NBS stated.

Almost two-thirds of the inflows went to Lagos, the nation’s business capital.

Africa’s greatest financial system and largest oil producer struggles with greenback shortages, placing stress on the alternate fee.

Document excessive oil costs haven’t eased international alternate shortages, because the nation contends with theft of crude within the Niger Delta and has to import gasoline as a result of none of its main refineries are working.

(Reporting by MacDonald Dzirutwe; modifying by Jonathan Oatis)

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