Nigerian Lenders Gain After Central Bank Orders Capital Boost

Investors anticipate stocks will rise after rights issues
Central bank wants buffers bolstered amid currency weakness

Access Holdings Plc rose 4.3% to 18.10 naira, its biggest advance in almost a month. — Access Holdings Plc rose 4.3% to 18.10 naira, its biggest advance in almost a month.
Photographer: Benson Ibeabuchi/Bloomberg

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By Emele Onu

November 27, 2023 at 5:16 PM UTC

This article is for subscribers only.

Nigerian bank shares rose on Monday as investors reacted positively to news that the central bank will require them to bolster capital buffers.

FBN Holdings Plc led the way, advancing 10% — the most allowed in daily trading by the Nigerian exchange – to 22 naira per share, to record its largest one-day increase in five months.