Turnover on Nigeria’s All Share Index fell to $672 million in the first quarter, the lowest since at least 2009, when Bloomberg began compiling data. Volumes may drop further as foreign investors shun the market while they wait for a devaluation of the naira and as Africa’s biggest economy grows at its slowest pace in 17 years, according to Robert Omotunde, an analyst at Lagos-based broker Afrinvest West Africa Ltd. “A lot of foreign investors are cautious because of the foreign-exchange risk that’s just waiting to crystallize,” he said. “And some listed companies are barely keeping afloat.”

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