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Dollar Inflow Drops as Foreign Investors flee Nigeria
Figures show a 54% drop as foreign investors dump Nigeria due to unattractive developments in the local economy including inflation worries and unimpressive yield in the fixed income market among other issues causing a marked rise in greenback shortage.
National Bureau of Statistics (NBS) capital importation data shows that the Nigerian economy attracted a handful sum of $875.62 million in the second quarter over a gross domestic product size above $400 billion.
Some analysts told MarketForces Africa the data signals a long road to solving the dollar shortage issue in the foreign exchange market. In the second-quarter report, foreign inflow dropped to its lowest in five years due to a double whammy of unattractive yield in the financial market and the Central Bank capital control measure.
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The foreign investment excludability was also attributed to the heightened level of insecurities in the country.