The All Share Index opened on a choppy note on Monday tracking sell-offs that followed the fallout of an oil war by Saudi Arabia which slashed the commodity’s price by the most in over two decades to the lowest level since 2017.
At 10.45 am, the NSE ASI dipped 1.65% with banking stocks among the worst-hit.
No stock has gained so far.
After failed oil production cut last week following the lack of cooperation from Russia, the third largest oil producer in the world and OPEC Ally, Saudi Arabia sold oil at a record discount that plunged price to around $35 per barrel.
The current price puts the stability of the naira in jeopardy and echos 2016’s decline that threw Nigeria to its first recession in 25 years.
