Following the suspension of Central Bank Governor, Godwin Emefiele, the Nigerian stock market has surged to its highest point since July 2008.

The suspension of Central Bank Governor, Godwin Emefiele, has caused the Nigerian stock market to soar to its highest level since July 2008. The main index of the Nigerian Exchange rose to above 57,437 points, reflecting optimism over the policy signals from newly elected President, Bola Tinubu. Investors are betting on a currency devaluation and 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. The suspension comes after Tinubu scrapped fuel subsidy and gives hope for an improvement in the economy, thus enhancing the performance of companies operating in the market. The NGX Banking Index has risen by 8.5 per cent to 570.64, its biggest advance in more than eight years. The exchange rate convergence is expected to lead to improvement in liquidity in the foreign currency market and will increase trading activities for the banks. Overall, this has been a positive change for Nigeria's economy and the stock market shows no signs of slowing down.


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