Well you are right in your understanding that there is only one loop. Anyone who has used the terms "inner" and "outer" must specify what he/she means.
There is one more thing about your question. You seem to have a bit of problem with the concept here. Let me explain.
This is what your loop looks like with the magnetic field. Now the current that is induced in this is zero. The reason for this is Faraday's law that governs electromagnetic induction.
$$\epsilon = -N\frac{d\phi}{dt}$$
where,
$\epsilon$ is the induced electromotive force (or more appropriately voltage)
$\phi$ is the flux of the magnetic field through the loop
$N$ is the number of loops.
For our case, $N$ is $1$.
Now if our loop is a conductor, we will observe current. And in such a case, how do we determine the direction of our current? The magnitude is given by ohm's law.
There are two ways which you can use to arrive at the direction.
Method 1: Using Lenz's law
According to Lenz's law, the induced current will be such that the magnetic field due to it will oppose the original magnetic field. If you are a high-school student, it is highly recommended you use this law because of its simplicity.
Method 2: Using Faraday's Law
Faraday's law is self sufficient in determining the direction of the current. For this you need to have a look at one of the Maxwell's equation:
$$\nabla \times \mathbf{E} = -\frac{\partial{\mathbf{B}}}{\partial{t}}$$
The mathematical complexity should be evident by now. However, if you are well acquainted with vector calculus, you may proceed as follows:
You have the Magnetic Field, therefore you can obtain the Electric field in its vector form. After doing so(it will be a lengthy process) you can analyze the effect of the electric field on an electron in the conductor. With the direction of electron movement you can get the direction of current.
Now use these laws in the case you have mentioned, and you will see that the current is zero.
Hint: The magnetic field and the area of the loop are both constant with no time dependence.
Hope this helps you! Feel free to comment and ask any questions you have!
EDIT 1:
Okay so in the comments the OP asked about why the current is zero. This edit is regarding that comment.
Since you want to know why the current is zero, you must take a look at the laws governing the magnitude of the current.
In Faradays law, we see the term $\phi$ which is the flux of the magnetic field through the loop. This flux is given by,
$$\phi=\mathbf{B.A}$$
Now we have three quantities that may change with time:
- The Magnetic field $\mathbf{B}$
- The magnitude of Area of the loop $A$
- The angle between the normal to the loop surface(direction of the Area vector) and the magnetic field.
Now look at your case to see if $\phi$ which is given by the above expression is a function of time. You will find the answer.