Nigeria's Stocks Fall To Three-Year Low As Foreigners Exit

Nigeria’s stocks fell to their lowest level in almost three years as foreigners exited the market amid fading hopes that President Muhammadu Buhari’s government can revive an economy growing at its slowest pace this century, bloomberg.com reports.
The Nigerian Stock Exchange All Share Index dropped 0.8 percent to 27,385.69 at close in the commercial capital of Lagos, the lowest since December 2012. The gauge declined on all but three trading days in November for a monthly drop of 6.2 percent.
“The government has not come up with a definitive policy for the economy,” Pabina Yinkere, an analyst at Vetiva Capital Management Ltd., said by phone from Lagos. “The continued lack of clarity is affecting the stock market.”

While Buhari, a 72-year-old former general who came to power in May, has prioritized stamping out corruption in Africa’s biggest economy and oil producer, investors wereirked by a delay of more than five months in forming a cabinet, which he swore in Nov. 11. 
There’s also concern that his support for the central bank’s currency-trading restrictions are choking businesses of the dollars they need to pay foreign suppliers. Read Full Gist Here @ Bloomberg.com

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