Nigerian stocks roiled as oil price war plunges market by most in 25 months

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The Nigerian stock market has been severely impacted by the ongoing oil price war between Saudi Arabia and Russia, leading to a significant decline in the market's performance. According to reports, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) plummeted by 3.45% on Monday, which is the largest single-day decline in 25 months.

The oil price war has led to a sharp decline in oil prices, which has had a ripple effect on the Nigerian economy. Nigeria is heavily reliant on oil exports, and a decline in oil prices can have a significant impact on the country's revenue and economic growth.

The NSE ASI has now fallen by 12.5% year-to-date, which is a significant decline. The market capitalization of the NSE also fell by N1.34 trillion (approximately $3.7 billion) on Monday, which is the largest single-day decline in 25 months.

The decline in the stock market has been attributed to a combination of factors, including the oil price war, the COVID-19 pandemic, and the ongoing economic challenges facing the country. The Nigerian government has been implementing various measures to stimulate the economy and address the challenges facing the country, but the impact of the oil price war and the COVID-19 pandemic has been significant.

It's worth noting that the Nigerian stock market has been experiencing volatility in recent months, and the decline in the market's performance is not unique to Nigeria. Many stock markets around the world have been impacted by the COVID-19 pandemic and the oil price war, and Nigeria is no exception.