Economy
Naira Loses 0.08% at Official Market
By Adedapo Adesanya
The Naira ended a tumultuous month of May against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) with a 0.08 per cent or N1.24 loss on Friday, closing at N1,485.99/$1 compared with Thursday’s closing price of N1,484.75/$1, according to data obtained from the FMDQ Securities Exchange.
This happened after the value of foreign exchange (FX) transactions at the official market decreased by 9.3 per cent or $21.90 million to $213.52 million from the $235.41 million executed in the previous session.
The Naira for most of the month was unstable, thus reversing most of the gains made in previous months on the back of improved dollar inflows.
The CBN Governor, Mr Yemi Cardoso, blamed the volatility on seasonal fluctuation during the post-Monetary Policy Committee (CBN) meeting press briefing last week in Abuja.
“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply freely functioning market system,” Mr Cardoso noted.
The Nigerian Naira witnessed a sharp decline of N353 the Pound Sterling in the spot market yesterday, trading at N1,877.92/£1 versus the N1,524.52/£1 it finished a day earlier, and against the Euro, it weakened by N301.53 to sell for N1,598.96/€1 versus N1,297.43/€1 quoted in the preceding session.
In the parallel market, the local currency lost N5 against the greenback during the trading session to quote at N1,490/$1 compared with the N1,485/$1 it was exchanged in the preceding trading session.
Meanwhile, the digital currency market was bearish on Friday, with Bitcoin (BTC) dropping 2.7 per cent to close at $67,305.59 as an inflation gauge in the US rose.
The personal consumption expenditures price index excluding food and energy costs, which the US Federal Reserve prefers, increased just 0.2 per cent for the period. On an annual basis, core PCE was up 2.8 per cent, or 0.1 percentage point higher than the estimate.
Dogecoin (DOGE) went down by 2.6 per cent to sell at $0.1583, Solana (SOL) fell by 2.5 per cent to trade at $165.91, Litecoin (LTC) shrank by 1.8 per cent to finish at $83.34, Ripple (XRP) slumped by 1.7 per cent to $0.5163, Cardano (ADA) shed 1.3 per cent to settle at $0.4474, Binance Coin (BNB) plunged by 1.2 per cent to $592.41, and Ethereum (ETH) declined by 0.5 per cent to $3,778.80, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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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