Nigerian stocks hit new 8-year low as coronavirus lockdown enters day two

Nigerian stocks fell 2.4% to hit a new eight-year low on Wednesday after its biggest listed firm Dangote Cement declined and a lockdown of the country's two main cities to stop the spread of coronavirus entered second day.

The all share index dropped to 20,789 points, a level last seen in April 2012 as Dangote Cement shed 9.95% to 116.80 naira each.

Nigerian President Muhammadu Buhari on Sunday ordered the cessation of movement in Lagos and the capital Abuja for 14 days in an attempt to curb the spread of the virus.