The Nigerian Exchange (NGX) has recorded its most severe monthly decline in history, shedding N13.3 trillion in market capitalization during June.
The historic drawdown marks a significant acceleration in the ongoing correction across African equities, signaling deepening risk aversion among local and foreign investors.
Compounding the market's woes, the Nigeria National Petroleum Company (NNPC) reported a sharp decline in profitability for May.
The scale of the loss underscores the fragility of the market's recent stability.
While specific sector drivers were not detailed in initial reports, the magnitude of the capital erosion suggests broad-based selling pressure rather than isolated stock-specific issues.
This development follows a period of heightened volatility in emerging markets, where currency fluctuations and inflationary pressures have weighed heavily on investor sentiment.
Compounding the market's woes, the Nigeria National Petroleum Company (NNPC) reported a sharp decline in profitability for May.