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The All-Share Index fell 0.91 per cent to 245,278.34 points and market capitalisation dropped N1.47 trillion to N159.257 trillion as Dangote Cement declined 5.5 per cent.
The Jakarta Composite fell 11.57 per cent, its heaviest one-day drop since 1998, after MSCI said Indonesia could no longer be classed an emerging market and proposed standalone status that would push it out of global benchmark indexes.
Nigeria's stock market has surged about 66% this year on domestic money alone, raising the question of how durable a rally can be without foreign investors.
Nigeria's equities market fell for a second straight session on October 13, with the All-Share Index slipping 0.09% as investors booked profits in large-cap stocks after a record run.