A stock market expert, Pabina Yinkere, has blamed the Central Bank of Nigeria, CBN, for the fall in Skye Bank’s shares in the stock market.
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Yinkere, an equity analyst at Lagos-based Vetiva Capital Management Ltd. stated this after the bank’s shares slumped to a 60 kobo low, heading closer to the 50 kobo limit that no Nigerian equity can trade below.
“I don’t see why Skye Bank should be trading at these distressed levels.
“When investors come to realize that the bank is not as bad as the reaction that followed the central bank action, the stock will regain attraction,” Yinkere told Bloomberg in his reaction to Skye Bank’s recent performance on the 171-member Nigerian Stock Exchange All-Share Index since the central bank intervention.
