The Index of Nigerian Banking Equities Rises to a 20-year High.

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Following the dismissal of central bank governor Godwin Emefiele last week, who supervised restrictive policies, investors flocked to financial companies for the second straight day, sending Nigeria’s banking index surging 23% to a more than 20-year high.

By 1008 GMT, the All-Share Index (.NGSEINDEX) had risen 1.86% thanks to a rise of 134.8 points to 706.86 points in Nigeria’s top 10 banking index (.NGSEBNK10).

The stock of Sterling Bank (STERLINGNG.LG) increased by the full 10% permitted by the market. Access Corporation (ACCESSCORP.LG) and UBA (UBA.LG) both increased by over 9%.

Reuters.

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