Bank stocks gain N544.807 billion in a week

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Nigerian banking sector investors gained N544.807 billion as the stock market closed the trading week on a positive note, with the banking sector index emerging as the best-performing index.

The gains in the banking sector were driven by changes in Nigeria’s foreign exchange operational framework and the suspension of Central Bank Governor Godwin Emefiele, whose restrictive policies affected bank earnings.

Data obtained from the NGX showed that the stocks of the banks recorded a combined gain of N544.807 billion in market value during the week under review.

“The changes at the CBN leads to changes in the monetary and forex policies which is expected to increase foreign participation in the market.