Nigerian Stock Market Reaches New Heights After Emefiele’s Suspension ~ NewsEdge

The Nigerian stock market has hit its highest level in over a decade, thanks to a combination of factors including the suspension of the Central Bank Governor and optimism surrounding the policies of the country’s new president.

On Thursday, the Nigerian Stock Exchange All Share Index (ASI) closed at 41,930.73 points, marking a significant increase from the previous day’s close of 41,147.39 points. This represents the highest level the ASI has reached since May 2008.

One of the major factors contributing to this surge in the stock market is the recent suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria. Emefiele was suspended by President Muhammadu Buhari on Monday, May 24, following allegations of financial impropriety.

While some investors may have been concerned about the potential impact of this move on the country’s financial stability, others saw it as a positive development that could lead to greater transparency and accountability within the central bank.

In addition to the suspension of Emefiele, investors are also optimistic about the policies of President Buhari, who was re-elected for a second term in 2019. Buhari has promised to focus on economic growth and job creation, and has taken steps to improve infrastructure and attract foreign investment.

Overall, the combination of these factors has led to increased confidence in Nigeria’s economy and its growth potential. As a result, investors are flocking to the country’s stock market, driving up prices and pushing the ASI to new heights.

With the suspension of Emefiele and the promising policies of President Buhari, it seems that Nigeria’s stock market is set for continued growth in the months and years ahead. As investors continue to pour money into the country’s economy, it will be interesting to see how this trend develops and what impact it will have on Nigeria’s overall economic outlook.