Nigeria stocks fall to three-year low

Nigeria's stocks fell to their lowest level in almost three years as foreigners exited the market amid fading hopes that President Muhammadu Buhari's government can revive the Africa's largest economy, Bloomberg news agency reports.

All Share Index dropped 0.8% to 27,385.69 at close in the commercial capital of Lagos, the lowest since December 2012.

The gauge declined on all but three trading days in November for a monthly drop of 6.2%.

The government has not come up with a definitive policy for the economy," Pabina Yinkere, an analyst at Vetiva Capital Management Ltd, told Bloomberg.

"The continued lack of clarity is affecting the stock market," he added.

Some analysts say Mr Buhari, who came to office in May, has prioritized stamping out corruption while the West African nation's economy is growing at its slowest pace this century.