Nigeria stocks near 3-1/2 year low as naira hits 300/US$ on black market

Nigerian stocks fell 3.2 percent to near a three-and-half-year low on Wednesday after the local currency hit a new low of 300 per dollar on the black market amid a central bank rule to curb dollar supply.

The stock index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, fell to 25,206 points, dropping to levels last reached in September 2012.

The index is down 9.1 percent in its eight days of trading this year, after shedding 17.4 percent last year.