Offshore investors have been exiting local assets as Nigerian treasury yields have fallen to around 12 percent from as high as 18 percent a year ago due to government action to lower borrowing costs and U.S. interest rate rises.
Traders expect the bear market to continue even as the capital flight has also put the local naira currency under pressure.
Meanwhile Nigerian stocks slid 3.38 percent on Friday to their lowest level in more than six months as shares in consumer goods stocks and Dangote Cement suffered.
The index fell to 36,816 points.
While International Breweries shed 9.66 percent. Dangote Cement, which accounts for around a third of market capitalisation, fell 7.08 percent.