NGX Posts Biggest Monthly Loss Ever as Market Capitalization Falls by ₦6.5 Trillion
In November 2025, Nigerian Exchange (NGX) experienced its worst month on record shedding approximately ₦6.54 trillion in market value. the market capitalization plunged from about ₦97.83 trillion at the end of October to around ₦91.29 trillion by late November.
Several factors drove this historic slump. investor confidence was badly shaken by uncertainty over a new proposed 25% capital gains tax (CGT) on profits above ₦150 million – a policy expected to take effect in January 2026. At the same time the geopolitical tensions- notably foreign concern over Nigeria’s security situation- increased risk for foreign portfolio investors.
Compounding the tax fears was mounting macroeconomics pressure ; a weakened naira, foreign exchange volatility, and creeping inflation weighed heavily on investor sentiment. Major sectors including banking, telecom, consumer goods, and industrials saw broad-based sell-offs as traders rushed to lock in profits before year-end.
This dramatic drop across NGX underscores a fragile investor sentiment and highlights the immediate impact of policy shifts and macroeconomics headwinds on Nigeria’s capital markets. investors are now increasingly shifting toward safer assets, such as fixed-income instruments, as a hedge against continued volatility.
As investors revaluate risk and liquidity, many analysts believe confidence will only return if there is clarity on fiscal policy, stronger market fundamentals and stability in foreign exchange.
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