If President Bola Tinubu needed any reminder of the role his cabinet members and other appointees will play in resetting Nigeria’s struggling economy, the financial market’s reaction to the suspension of Godwin Emefiele as the governor of the central bank, provided a glimpse.
Suspension of the head of Nigeria’s most powerful agency not only triggered the biggest gain in the country’s stock market in 15 years, it also caused the country’s dollar-denominated bonds to rally by the most this year while the naira posted a rare gain in the parallel market.
