Nigerian Stock Market Rises To 15-Year High After Central Bank Governor, Emefiele’s Suspension | Sahara Reporters

📆 6/13/2023 2:01 PM
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The Nigerian Stock Market on Tuesday reportedly leaped to 15-year high as it rose to its highest level since July 2008. This is coming on the first day of trading after the suspension of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, by President Bola Tinubu. A report by Bloomberg stated that investors are betting on a currency devaluation and this has sent the main index of the Nigerian Exchange to above 57,437 points, which is in contrast with a flat performance for MSCI’s main emerging equity benchmark.

June 13, 2023The Nigerian Stock Market on Tuesday reportedly leaped to 15-year high as it rose to its highest level since July 2008.

A report by Bloomberg stated that investors are betting on a currency devaluation and this has sent the main index of the Nigerian Exchange to above 57,437 points, which is in contrast with a flat performance for MSCI’s main emerging equity benchmark. It was also reported that Tajudeen Ibrahim, head of research at Chapel Hill Denham, stated that “An improvement in the economy will enhance the performance of companies operating in the market.”

It was learnt that the NGX Banking Index has since risen by 8.5 percent to 570.64, its biggest advance in more than eight years.

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Stock market jumps to 15-year high after Emefiele's suspensionThe report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.
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