Economy
Naira Improves to N1,347/$1 at NAFEX on FX Liquidity, Inflation Data Boost
By Adedapo Adesanya
The Naira improved its value against the US Dollar by N7.64 or 0.56 per cent in the the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, February 16 to N1,347.78/$1, in contrast to the preceding session’s N1,355.42/$1.
In the same vein, the local currency appreciated against the Pound Sterling in the official market yesterday by N5.41 to sell for N1,839.18/£1 versus last Friday’s closing price of N1,844.59/£1, and gained N9.78 on the Euro to close at N1,598.06/€1 compared with the N1,607.93/€1 it was traded in the previous trading day.
However, at the GTBank forex counter, the Naira lost N2 against the greenback to quote at N1,367/$1 versus the preceding session’s closing value of N1,365/$1, and at the parallel market, it remained unchanged at N1,420/$1.
The currency’s gain was supported by improved FX supply levels after last week’s elevated demand pressures. Licensed Bureaux De Change (BDC) operators fully entered into the official segment taking away some of the delayed demand.
Their presence is expected to boost liquidity and flow while other supply sources including exporters , non-bank corporate, and other market participants pause stoked pressures on the exchange rate.
Latest update revealed that Nigeria’s gross external reserves stayed stronger, adding $135.76 million day-on-day, bringing the total reserves to $47.81 billion.
Further support also came as the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate decelerated to 15.10 per cent in January, down from the 15.15 per cent recorded in December 2025. The January 2026 print showed a decrease of 0.05 per cent compared to the December 2025 Headline inflation rate while on an annualised basis, it was 12.51 per cent lower than the rate recorded in January 2025 (27.61 per cent).
This development strengthens the case for a rate cut when the Monetary Policy Committee (MPC) meets next week.
In the cryptocurrency market, the tokens tracked ended in green as traders remained cautious despite US interest rate data raising odds of rate cuts by the Federal Reserve in June after a report that showed inflation rose less than expected in January.
The backdrop of the weak US consumer price index data released last week that kept hopes of the US central bank rate cuts alive.
The CPI growth slowed to 2.4 per cent year-on-year in January from 2.7 per cent in December, the official data showed, reinforcing expectations for at least two 25 basis point rate cuts.
Cardano (ADA) added 2.8 per cent to trade at $0.2861, Litecoin (LTC) improved by 2.2 per cent to $55.09, Solana (SOL) appreciated by 1.9 per cent to $86.42, Binance Coin (BNB) jumped 1.8 per cent to $623.25, Ripple (XRP) grew by 1.5 per cent to $1.47, and Ethereum (ETH) soared by 0.9 per cent to $1,977.54.
On the flip side, Dogecoin (DOGE) depleted by 1.9 per cent to $0.0999, and Bitcoin went down by 0.2 per cent to $68,300.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
By Dipo Olowookere
The daily stock trading hours on the floor of the Nigerian Exchange (NGX) have been expanded by an hour to 4.00 pm after extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date.
A statement from the bourse on Friday said the extension was approved by the Securities and Exchange Commission (SEC).
Before now, trading activity on Customs Street resumed from 9.30 am to 2:30 pm, but from Monday, April 27, 2026, the resumption time would be 9.00 am, and the closing gong would be struck by 4.00 pm from Monday to Friday.
It was explained that this action was taken “to deepen market liquidity, enhance price discovery, and broaden investor access.”
The NGX has witnessed renewed investor interest due to increased awareness of equities lately, especially as the nation and the global community await the much-anticipated listing of Dangote Refinery shares later in the year, all things being equal.
The statement also noted that this extended trading window would provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market.
The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.
It further stated that this reform reflects strong regulatory collaboration and underscores the SEC’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.
With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.
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