Nigeria’s new bad bank announced last month that it would purchase non-performing loans from all local lenders and not just the nine banks that were rescued through a $4 billion government bailout last year.
The announcement follows the $14 billion listing of Dangote Cement at the end of October, which boosted the Nigerian equity market’s overall capitalization by a third. But bank share prices remained stable as investors appeared unsure how the state’s new bad bank, whose board was approved last month, would improve liquidity.
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