Nigerian banking stocks reported gains on Wednesday, 24 hours after the Central Bank of Nigeria (CBN) surprised markets with a 50 basis points interest rate cut, a move aimed at stimulating lending and spurring economic growth amid slowing business activity.
The Monetary Policy Committee (MPC) reduced the monetary policy rate (MPR) to 27 percent, marking the first cut in five years. The decision sent a positive signal to equity markets, with investors piling into banking shares expected to benefit from higher loan demand.
On Tuesday, the
