Equity investors lose N700 billion, a day after MPC interest rate hike

Nigeria’s stock market, the Nigerian Exchange Group (NGX), experienced a significant sell-off on Wednesday, with investors witnessing a 1.27% decline in the benchmark All-Share Index.

This downturn followed a 1.39% loss recorded on Tuesday, intensifying the bearish trend that began on Monday.

The sell-offs were exacerbated by the announcement from the monetary policy committee of the Central Bank, which raised the monetary policy rate to a record high of 22.7%, up from 18.75%.