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End SARS protest especially in Lagos the business hub in Nigeria has led to the loss of lives and properties. The economy is also taking some blows.
Investors are always inclined to pull out of a market with the slightest security concerns. The recent state of things have not made it easy for the Nigerian Stock Exchange, NSE who lost N113 billion due to the End SARS protest.
The insecurity in the country which was instigated by the actions of hoodlums at the End SARS protests in Lagos Nigeria decreased the market for equities on the NSE trading grounds on Wednesday.
- End SARS – Nigeria has lost N700bn in 12 days due to protest
- Anonymous Hacking of SARS Website Was To Reveal Names and Addresses
The NSE Market Capitalization sank to N14.87 trillion from N14.98 trillion which means it was shot by N113 billion. The NSE All-Share Index also fell to N28,449.49 from N28,665.82. Opening at 28,449.49 by Thursday morning it is has continued so far at a 0.05% rise to 28,462.79.
The NSE website was also reported to have been hacked by the anonymous group but the group refuted the claim.
The week before was better for NSE as the market capitalisation rose by N747 billion.
According to LCCI president Toki Mabogunji, Nigeria’s economy has suffered a loss of about N700 billion since the protest began. In the face of a second recession and rising unemployment rates, there is a need to keep the economy going rather than halt due to the protest.
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