Nigeria stocks fall 3.1 pct to 3 1/2-year low on sell-off by investors

Nigeria’s share index fell 3.14 percent on Monday and hit its lowest point since July 2012, with fund managers jittery over the central bank’s inability to provide dollars for investors exiting the market, traders said.

The share index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, has fallen for nine straight days, sliding below the psychologically important 23,000 points line to a level last seen on July 12, 2012.

The sell-off in stocks apparently was prompted by talk that foreign exchange auctions for offshore investors would now be held weekly, analysts said