Devalue or Watch Your Stocks Tumble: Investor Message to Nigeria
- Stocks trading at the cheapest levels in sub-Saharan Africa
- Aberdeen says naira needs to fall 20% for foreigners to return
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Nigeria’s stocks are caught in a devaluation trap.
Not even the best day for emerging-market equities in two months could buoy demand for stocks in Africa’s biggest economy on Tuesday. The All Share Index in Lagos dropped for an eighth day, sliding further into a bear market, even as those of almost every other major developing nation advanced.