Economy
Nigeria’s External Reserves Near 2-Year High of $37.31bn
By Adedapo Adesanya
Nigeria’s external reserves have reached a near 2-year high of $37.31 billion, according to the data from the Central Bank of Nigeria (CBN) as of September 18, 2024.
This development reflects significant foreign inflows into the country’s economy, which has been battered in recent times.
The last time the reserves hit the highest level was on November 4, 2022, when they stood at $37.36 billion.
On a year-to-date basis, the country’s reserves surged by 12.99 per cent or $4.29 billion from the $33.02 billion recorded at the start of the year on January 2, 2024.
The rise in the country’s external reserves can be attributed to a lot of things, including the recently concluded federal government’s domestic dollar bonds, which attracted foreign investment; increased remittance inflows from Nigerians abroad; multilateral loans from international organisations; and foreign portfolio investments (FPIs).
When compared year-on-year, Nigeria’s foreign reserves grew by 12 per cent, adding $4.03 billion to the $33.28 billion recorded on September 18, 2023.
Recently, the federal government raised over $900 million from investors through the issuance of the $500m local bond programme.
The raise is the first series of the $2 billion domestic US Dollar bond aimed to stabilise the economy.
There was also a record of $553 million in remittances in one year, between July 2023 and July 2024, according to the apex bank.
Other inflows into the country’s economy within the period include $3.3 billion AfreximBank crude oil facility and $2.25 billion from the World Bank Group.
The foreign exchange inflows through the economy surged by 57 per cent in one year following consistent policies by the CBN.
Data from the CBN showed that the country recorded $8.86 billion in FX inflow in February 2024, higher than $5.66 billion in the corresponding period of February 2023.
The CBN’s economic report for February 2024 noted that new investments into the economy increased significantly to $1.24 billion, compared with $0.33 billion in January 2024.
Foreign Direct Investments (FDIs) inflow rose to $0.06 billion, from $0.03 billion in the preceding month. Portfolio investment inflow increased to $0.80 billion from $0.12 billion, following rising returns on money market instruments and bonds.
Similarly, other investment capital, mainly loans, rose to $0.37 billion, from $0.18 billion in the preceding period.
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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