Investors positive reaction to Emefiele's exit has triggered a blockbuster rally in big banks.

In Nigeria, major banks are experiencing a surge in stocks of up to 10% as investors celebrate the departure of suspended CBN Governor Godwin Emefiele. This positive reaction follows President Bola Tinubu's decision to suspend Emefiele for his unorthodox policies, which caused confusion among foreign investors and hindered capital inflows. Investors anticipate that with Emefiele out of the picture, the banking industry will revive, potentially ending arbitrary CRR debits that have hindered the sector's profitability. Among the banks that have benefited from this change include United Bank for Africa, Zenith bank, Access, Guaranty Trust Bank, and First Bank of Nigeria Holdings, all of which have traded at a one-year high in less than 30 minutes of trading. More details to follow.