Nigerian stocks dropped to a three-month low, after President Muhammadu Buhari officially announced he would seek re-election in 2019.
Reuters reports that the stock market, which opened on a losing streak after Lafarge Africa announced a surprise 2017 loss, worsened its decline.
The equity market fell near 40,000 points.
This came as Buhari declared at the National Executive Committee (NEC) meeting of the All Progressives Congress, that he will contest in next year’s election.
The news has drawn mixed reactions from Nigerians, as some expressed gladness, while others criticized the president for making such decision despite challenges facing the country.
Buhari defeated Goodluck Jonathan in 2015 to become president, after previously failing to win in three consecutive polls.