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Bank Stocks Rebound as CBN Clarifies Forbearance Rule
The Business NG
|The BusinessNG
Nigeria's banking stocks staged a strong recovery on Wednesday, June 18, 2025, as investor confidence returned following clarifications by deposit money banks and the Central Bank of Nigeria (CBN) on the recent regulatory forbearance directive.
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The Nigerian Exchange banking index climbed 3.25%, driven by bargain hunting after days of panic-induced selloffs. Insurance stocks also posted a notable 2.02% gain. This renewed appetite was sparked by official statements from leading banks, which sought to reassure shareholders that their dividend policies would remain largely intact, despite the CBN's initial tough stance.
Top gainers in the banking sector included United Bank for Africa (UBA), which surged 5.59%, Zenith Bank up 5.32%, Access Corporation gaining 4.49%, and Guaranty Trust Holding Company (GTCO), which maintained positive momentum with a 4.43% rise.
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