Nigerian stocks fell to a 13-year low in dollar terms on
Friday, hammered by the sharp drop in the value of the naira currency against
the greenback.
Stocks have fallen 37 percent so far this year in dollar
terms, to levels last seen in 2003. They are down 2.3 percent in naira terms
year-to-date.
The naira first fell through the big figure of 300 on
Thursday, a month after the central bank lifted its controls on the currency
then hit an all-time low of 331 on Friday before recovering some ground following
a central bank intervention, Reuters reports.
4 Comments
God help us!
ReplyDeleteOh dear! This is recession.
ReplyDeleteIt's a cause for concern
ReplyDeleteSoooooo saaaad!!!
ReplyDelete