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Nigerian stock market experiences its biggest drop in 15 years
Jin10 Data, November 12th: The Nigerian stock market experienced its largest decline in 15 years, as foreign investors sold off stocks ahead of the country’s new tax regime that doubles capital gains tax. The Nigerian Stock Exchange All-Share Index fell 5% on Tuesday, marking its biggest single-day drop since March 19, 2010. This also marked the seventh consecutive trading day of decline, the longest streak since August 1, 2024. In contrast, the MSCI Emerging Markets Index recorded gains during the same period. “The main issue is with the capital gains tax; more clarity is needed,” said Victor Aluyi, co-managing partner at Aztran Global Investments. He added, “The market is a bit tense.”