Nigerian Stocks hit their lowest level in the year after declining by the most in 7 months in intra-day trade as the country reported its first coronavirus case on Friday.
The NSE all-share index fell 1.62 percent to 26,373.83 points around mid-day, according to Bloomberg data, making it the biggest decline since early July 2019. Only UAC Properties had gained as at that time. Trading closes by 2pm in Lagos.
The decline comes as crude oil threatens to break below $50 per barrel and test both Central Bank of Nigeria’s ability to defend the naira and the country’s revenue projections.
Meanwhile, IMF said it expects the economy to grow 2 percent in 2020, down from 2.5 percent it previously forecast.