Banking Stocks Tumble Amid Naira Swap Polemics, Investors Profit-taking 


Kayode Tokede
Prices of listed banking stocks on the trading floor of the Nigerian Exchange Limited (NGX) tumbled last week on the back of profit-taking and naira swap controversies that have continued to rock Nigeria’s banking sector.
Consequently, the NGX Banking Index emerged worst performing index on the NGX as highly capitalised listed banking stocks such as Zenith Bank Plc, Guaranty Trust Holdings Plc (GTCO), among others depreciated.

As the stock market dropped by 0.96 per cent Week-on-Week (WoW) to close at 53,804.46basis points, NGX Banking index depreciated by -1.34 per cent WoW or 6.05 basis points to close at 446.97 basis points.
The banking sector in February 2023 has so far performed poorly due primarily to the currency swap policy of Central Bank of Nigeria (CBN), which President Muhmmadu Buhari insisted has short- and long-term benefits for the country.

Out of 14 listed banking stocks on the NGX, a total of nine depreciated, four traded flat, and three…

Source: Thisday Newspaper