Nigerian stocks hit a new milestone on Monday as a tense investor scramble for the shares of the country’s biggest telecommunications companies – MTN Nigeria and Airtel Africa – catapulted the benchmark index by 2.93 per cent to 43,246.87 points equivalent to a market capitalisation, the peak level since February 2018.
The two wireless operators on Friday announced receipt of a tentative nod of banking sector watchdog the Central Bank of Nigeria to start a payment service bank.