Business Nigeria Stock Exchange indices fall to negative over Sanusi’s suspension - Premium Times

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Analysts say Mr. Sanusi’s suspension may scare off investors


Nigeria’s economic indices fell to negative, the lowest level in 15 years, as the Nigerian Stock market reacted violently to the suspension on Thursday of the Central Bank of Nigeria, CBN, Governor, Lamido Sanusi.

Both the Minister of Finance, Ngozi Okonjo-Iweala, and the acting governor of CBN, Sarah Alade, moved to reassure Nigerians and the international community that there was no cause for alarm.

Since the announcement of Mr. Sanusi’s suspension by the Presidency, commodity prices and foreign exchange nosedived to unprecedented low levels within hours, culminating in all economic indices in the system slipping to negative.

“Banking sector stocks went into negative since the announcement,” Chief Executive Officer, Trust Yield Securities Limited, Ola Yusuff, said on Friday. “Prices of other stocks are still down. Even Foreign Exchange went down. Maybe they would pick up next week.”

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