The Nigerian Stock Exchange is also on the receiving end of the exit of the United Kingdom from the European Union as the hitherto bullish market took a bearish turn.
The Nigerian bourse shed about N150 billion immediately after the votes, as stock markets in the world over bled a sizable part of the market in just a few hours after the vote.
The Nigerian naira firmed from 400 on Thursday to 382 to the British pound at the close of business on Friday.
On the international scene, Brexit is biting really hard, with David Cameron, UK prime minister as the very first casualty. He resigned a few minutes after the vote was decided.
BREXIT BITING HAS RESULTED IN THE FOLLOWING:
- The fall of the pound to a 31-year low
- Bleeding at the Japanese stock market, leading to a crash of eight percent and an enforcement of circuit breakers to halt trading.
- Nicola Sturgeon, first minister of Scotland saying a Scottish independence referendum is imminent.
- Northern Ireland likely to unify with Ireland and exit the UK
- Other EU countries now calling for exit referendum, which may see the end of the EU.
- Billions of pounds in UK pension funds gone with the market bleeding
- FTSE opened near 10 percent down, and closed the day after bleeding 3.15 percent in London.
- German DAX market crashed by 6.82 percent after the order of Brexit
- HSBC, one of the largest banking and financial services organisations in the world, is now worth £10 billion less since Brexit realities set in.
- S&P, one of the biggest three credit rating agencies in the world announced that UK now likely to lose its AAA credit rating
- In two hours after the vote the UK economy had lost over £255 billion, the equivalent of 40 years’ worth of EU contributions.
- Above all, the UK slipped to become the 6th largest economy in the world, from its fifth position, just 24 hours ago.