Economy
CBN Scraps Multiple Exchange Rates, RT200 Rebate Scheme, Naira4Dollar
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced the abolishment of all forex segmentation, meaning there will be a single exchange rate in the country moving forward.
It was noted that Nigeria’s multiple FX segments are now collapsed into the Investors and Exporters (I&E) window.
This means the forex requests for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks (DMBs) with the I&E rate.
This was disclosed in a directive titled Operational Changes To The Foreign Exchange Market signed by Mrs Angela Sere-Ejembi, the Director, Financial Markets at the apex bank seen by Business Post on Wednesday evening, confirming the actualisation of plans by the new Tinubu administration to unify the exchange rates.
The CBN also removed the RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from June 30, 2023. These schemes were launched by the suspended Governor of the CBN, Mr Godwin Emefiele, under the administration of former President Muhammadu Buhari.
This development will also bring back the re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window, which is a Peer-2-Peer (P2P) trading model.
It was also disclosed that the operational rate for all government-related transactions should be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
The apex bank also banned trading limits on oversold FX positions with permission to hedge short positions with Over-the-Counter (OTC) futures. This means limits on overbought positions shall be zero.
The CBN has also announced the re-introduction of order-based two-way quotes, with a bid-ask spread of N1, adding that all transactions shall be cleared by a Central Counter Party (CCP).
Also announced was the reintroduction of the Order Book to ensure transparency of orders and seamless execution of trades, adding that the operational hours of trades shall be from 9 am to 4 pm (Nigeria time).
The Naira had closed at N664.06/$1 at the I&E FX Market on Wednesday night following news that the CBN had approved a free float.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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.
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