Nigeria's stock market has lost its shine. What was once the darling of frontier markets is now facing serious headwinds.
A wave of selling has battered the Lagos bourse in recent days. Market returns have now slipped below where they closed last year.
Just months ago, things looked very different. The Nigerian Exchange Limited's All-Share Index delivered a stunning 51.19 percent return in 2025.
Wednesday, June 24 told a different story. Stocks nosedived 2.35 percent in what marked the exchange's biggest single-day decline.
The retreat has wiped out earlier gains. Investors who rode the bull run are now watching their profits shrink.
Market analysts have noted the shift in sentiment. Broad-based profit-taking appears to be the main culprit behind the pullback.
Nobody expected this sharp a reversal so quickly. Traders and fund managers are reassessing their positions as uncertainty creeps back in.
