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The Gold ETF which trades on the Nigerian market has suffered huge outflows for the second consecutive week.

This is just as the rally on the cryptocurrency market continues and interest in money market funds continues to fall while investors keep moving their assets around.

During the second week ending November 13th, the new Gold ETF suffered a total redemption of N5.22 billion bringing its month-to-date (MTD) redemptions for the month of November to N21.7 billion.

This is according to analysis conducted by Quantitative Financial Analytics on the NAV Summary reports released by the Security and Exchange Commission, for the month of November 2020.

Some money market funds have also been witnessing large outflows. Notable among them include FBN Money market fund, which has seen about N11 billion of redemptions. Stanbic IBTC money market fund has also recorded a redemption of N5.99 billion, while ARM money market fund suffered a redemption of N3.487 billion, all within the month of November.

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Source: Quantitative Financial Analytics

Source: Quantitative Financial Analytics

The redemptions from money market funds may not be unconnected with the near-zero interest rates being paid by the money market funds.