The Nigeria Alternate Restricted continued its bearish pattern on Wednesday as traders recorded a N700,000 billion loss, 24 hours after the Central Financial institution of Nigeria, CBN, hiked the financial coverage fee to 22.75 per cent.
An additional evaluation confirmed that the All-Share Index, ASI, declined by 1.27 per cent.
Accordingly, the ASI dipped under the 100,000 factors mark for the primary time in over a month, ending the day at 99,302.57.
That is the third ASI decline since Monday, February 26.
The losses have been fuelled by the increment of the financial coverage fee to a report excessive of twenty-two.7 per cent, up from 18.75 per cent.
The announcement has affected market sentiments profoundly, resulting in losses throughout the board aside from the oil and gasoline sector.
