Economy
Local Currency Crashes to N584/$1 Amid FX Scarcity
By Adedapo Adesanya
More pressure is pilling on the Naira at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market amid a shortage in foreign currencies in Nigeria.
The local currency depreciated against the United States Dollar on Monday at the market window by 0.34 per cent or N2 to close at N584/$1 compared with N582/$1 it was exchanged last Friday.
The nation has been struggling with FX scarcity despite the prices of crude oil rising on the global scene and efforts by the Central Bank of Nigeria (CBN) to continue to defend the Naira are not yielding the expected results, especially at the other FX market segments not under the control of the apex bank.
At the regulated Investors and Exporters (I&E) window of the market, the domestic currency, however, appreciated against the greenback yesterday by 25 kobo or 0.06 per cent to close at N416.25/$1 in contrast to the preceding session’s value of N416.50/$1, according to data from the FMDQ Securities Exchange.
But the Nigerian currency closed weaker against the Pound Sterling at the spot market on Monday by 20 kobo to trade at N547.21/£1 compared to the previously traded rate of N547.01/£1 and against the Euro, it lost 51 kobo to close at 459.62/€1 in comparison to the preceding session’s N459.11/€1.
A trip to the cryptocurrency market showed that the landscape continues to enjoy the recent hike in inflation in the United States. This was not what was expected as some analysts had predicted doom.
Business Post reports that seven of the 10 digital coins tracked closed bullish, with Dash (DASH) rising by 6.0 per cent to N70,712.36 and Ripple (XRP) gaining 3.9 per cent to trade at N504.12.
Cardano (ADA) recorded a 2.3 per cent gain to sell at N504.06, Binance Coin (BNB) expanded by 1.3 per cent to trade at N165,120.26, Ethereum (ETH) rose by 0.9 per cent to sell at N1,708,500.00, Litecoin (LTC) improved by 0.8 per cent to N68,577.25, while Dogecoin (DOGE) grew by 0.1 per cent to trade N71.40.
But Solana (SOL) lost 0.6 per cent to sell at N53,353.35, Bitcoin (BTC) declined by 0.5 per cent to N24,320,999.00, while the United States Dollar Tether (USDT) slid by 0.2 per cent to N589.94.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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