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  • Thursday, May 23, 2024
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BusinessDay

Nigerian stocks drop to 8-year low after Buhari lockdown

Nigerian stocks fell to a new eight-year low on Monday after President Muhammadu Buhari ordered a lockdown of two of the country’s biggest cities to stop the spread of coronavirus.

The all share index dropped 2.43% to 21,330 points, dragged down as shares in the banking sector and MTN Nigeria, its second-biggest listed firm, declined.

MTN Nigeria, the local unit of South African telecoms group MTN, shed 10% to its listing price of 90 naira.

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