Nigeria banking stocks index rise to more than 20-year high

June 14, 2023

Nigeria’s banking index surged 23% to a more than 20-year high on Wednesday, as investors snapped up financial firms for the second day following last week’s suspension of central bank governor Godwin Emefiele, who oversaw restrictive policies.

Nigeria’s top 10 banking index jumped 134.8 points to 706.86 points by 1008 GMT to lift the All-share index up 1.86%.

Sterling Bank gained the maximum 10% allowed on the bourse. UBA and Access Corporation climbed more than 9%.

REUTERS