Market capitalisation fell below the ₦90 trillion mark to ₦89.88 trillion (around $58.9 billion).
Heavy sell pressure hit blue-chip stocks, including Dangote Cement and MTN Nigeria, both of which tumbled by 10 percent, alongside BUA Cement (-10.00 percent), Aradel Holdings (-9.67 percent), and Guaranty Trust Holding Company (-7.69 percent).
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“This wasn’t a broad-based panic,” noted analysts at Cowry Asset Management, who attributed the fall to “concentrated institutional selling and large block trades.”
The day’s trading was unusually active, with total volume surging by 80.03 per cent to 656.95 million units, while the value of transactions soared by 158.86 per cent to ₦29.39 billion (about $19.3 million).
Every major sector closed deep in negative territory. The Industrial sector led losses with an 8.55 percent drop, followed by Banking (-7.27%), oil and gas (-4.65%), Insurance (-4.33%), and Consumer Goods (-2.20%).
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Analysts warn that the sharp correction could unsettle investor confidence in the short term, particularly among foreign portfolio investors who are wary of liquidity risks and naira volatility.
Analysts say the sell-off reflects a wider loss of confidence amid currency pressures and macroeconomic uncertainties.
The market is now testing its resilience in a fragile economy still searching for post-reform stability.
Nigeria’s market, often seen as a barometer for sub-Saharan Africa’s economic health, may continue to face turbulence until investor confidence steadies across emerging and frontier economies.
