Economy
SEC Moves to Ensure Nigerian Agricultural Produce Meets Specifications for Export
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) is taking steps to ensure that Nigerian agricultural produce meets specifications for exports, the Director-General of the agency, Mr Lamido Yuguda, has informed the management of the Nigerian Agricultural Insurance Corporation (NAIC).
Mr Yuguda said the reason behind this is to deepen the commodities trading ecosystem further and make it a potent way forward in Nigeria’s quest for sustainable foreign exchange (FX) earnings and economic development.
At a meeting with NAIC over the weekend in Abuja, the SEC chief said Nigerian has earned low forex “in the past few months [due to] low oil production and oil theft,” which has often resulted in FX “shortages and balance-of-payment problems.”
The SEC DG said there are markets that need these commodities that are produced in Nigeria but lamented that the only impediment at the moment is a lack of standards which he stated is the reason why some of the commodities are not being accepted in the international market for now, noting that his organisation was willing to work with NAIC in a bid to be able to mitigate various risks in the ecosystem when they happen.
He said the commission, as part of its implementation of the 10-year Capital Market Master Plan, constituted a Technical Committee on the commodities trading ecosystem whose mandate was to identify challenges of the existing framework and develop a roadmap for a vibrant ecosystem.
“A committee comprising various stakeholders, including the SON (Standards Organisation of Nigeria), was set up to drive the implementation of the report.
“One of the recommendations in the report identified the development of a grading and standardisation system in line with international best practices. We are therefore willing to also work with NAIC to grow the commodities sector,” he stated.
Mr Yuguda stated that the SEC and NAIC have a lot of things in common as both organisations are government agencies working towards the growth of the commodities sector of the economy.
“The SEC has been doing a lot of things in the commodities sector, and the role of NAIC in this sector cannot be overemphasised and based on that, we would like to explore areas of collaboration to see how far we can help grow that sector together,” he said.
“This sector is key to our country’s future. If we can harness it, it will greatly improve the economy of this country,” the DG disclosed.
Also speaking, Executive Commissioner Operations of the SEC, Mr Dayo Obisan, said enormous opportunities abound in the entire agricultural value chain that, if well harnessed, would lead to the further development of the nation’s economy.
“There has been a couple of developments in the commodities side; the entire value chain is quite large. The farmers want someone to take up the crops, even local companies in Nigeria can do that. They need quality seeds as well as the funds to buy them. If the sector is not de-risked, it will be difficult to attract investors.
“There are a lot of things we can do together, and we are looking forward to this partnership with you,” he added.
In her remarks, the Managing Director of NAIC, Mrs Folashade Joseph, stated that her organisation was willing and available to push forward any initiative that will add value to the population and the nation’s economy.
“It is a privilege to do this, as things begin to evolve, we try to push forward what will add value to the population. Our focus is on commodities. There are various evolving issues during the course of our business as insurers because we manage across the value chain,” she said.
The NAIC MD added that in areas of storage and insurance issues, the collaboration would be of great benefit to all parties involved and assured that NAIC is ready to provide their expertise in anything that will add value to the commodities ecosystem.
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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