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Nigeria Stocks Drop To 3-month Low After Buhari Eyes Re-election

Posted by George on Tue 10th Apr, 2018 - tori.ng

It appears President Buhari's political ambition has taken a negative toll on the stock market which yesterday suffered a serious shock.

President Muhammadu Buhari

Nigerian stocks dropped to a three-month low after President Muhammadu Buhari said he would seek re-election in 2019, ending months of speculation about his future after bouts of ill health, Reuters report.

The stock market, which opened on a losing streak after Lafarge Africa announced a surprise 2017 loss, worsened its decline. The equity market fell near 40,000 points.

Buhari's re-election bid in Africa's most populous nation has been welcomed by mixed reactions across the country with many questioning the health status and capability of the 75-year old former military dictator.