Something unusual is happening on the Nigerian Exchange.

For four consecutive trading sessions since June 1, 2026 — the very day Nigeria’s capital market celebrated its historic transition to the T+1 settlement cycle, the NGX All-Share Index has fallen without interruption, shedding N5.14 trillion in market capitalisation from N160.50 trillion on Monday’s open to N155.36 trillion at Thursday’s close.

The year-to-date return, which had touched 61.38% on May 25, has now retreated to 55.66%.