Economy
NECA, CPPE Laud CBN’s 0.50% Interest Rate Cut
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) and the Centre for the Promotion of Private Enterprise (CPPE) have separately commended the Central Bank of Nigeria (CBN) for reducing the Monetary Policy Rate (MPR) from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting.
In reaction, NECA Director-General, Mr Adewale-Smatt Oyerinde, praised the decision in a statement, noting that the 50 basis-point cut is “a cautious but noteworthy signal” that authorities were responding to sustained pressures on businesses.
He said the marginal reduction might not immediately lower lending rates, but reflected “a gradual shift toward supporting growth without undermining price stability”.
According to him, the overall stance remained tight, with the Cash Reserve Ratio retained at 45 per cent and the liquidity ratio at 30 per cent.
He added that the asymmetric corridor around the MPR was also maintained, reinforcing a cautious monetary approach.
“With a substantial portion of deposits still sterilised, banks’ capacity to expand credit to the real sector may remain constrained in the near term,” he said.
Mr Oyerinde described the move as “a careful balancing act” aimed at moderating inflation without worsening pressures on businesses.
He noted that firms continued to grapple with high operating costs, exchange rate volatility and weakened consumer demand.
“Inflation, particularly in food, energy and transportation, remains a significant challenge to employers and households,” he said.
He stressed that the modest easing must be supported by coordinated fiscal and structural reforms to address supply-side constraints.
Such reforms, he said, should improve infrastructure and enhance productivity across key sectors of the economy.
Mr Oyerinde urged financial institutions to ensure the MPR reduction was gradually reflected in lending conditions for manufacturers and SMEs.
He affirmed that although the MPC had not fully relaxed its tightening stance, the rate cut signalled cautious optimism.
“Sustained improvements in inflation, exchange rate stability and investor confidence will determine scope for further easing that supports growth and employment,” he said.
On its part, the CPPE said the decision reflected improving macroeconomic fundamentals and a cautious shift from aggressive tightening.
The organisation noted that sustained disinflation, stronger external reserves, an improved trade balance and relative exchange-rate stability had created room for monetary easing.
It said the rate cut could boost investor confidence and support private-sector growth, but cautioned that weak monetary transmission might limit its impact on lending rates.
The CPPE identified high cash reserve requirements, elevated lending rates, government borrowing and structural banking costs as major constraints to effective transmission.
The group also stressed the need for fiscal consolidation, citing high public debt, persistent deficits and rising debt-service obligations as risks to macroeconomic stability.
According to the chief executive of CPPE, Mr Muda Yusuf, effective policy coordination and stronger transmission mechanisms were critical to unlocking investment and sustaining growth, lauding the CBN for what he described as a measured and data-driven policy adjustment.
The CPPE boss noted that the easing reflected strengthening macroeconomic performance, declining inflation, growing reserves, improved trade balance and enhanced foreign exchange stability.
Mr Yusuf added that for the benefits of monetary easing to be fully realised, authorities must strengthen transmission to ensure lower lending rates for the real sector and advance credible fiscal consolidation to safeguard stability.
He said that if supported by structural reforms and disciplined fiscal management, the current policy direction could unlock a stronger investment cycle and more durable economic growth.
By Adedapo Adesanya
The first trading session of the week at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note, with a 0.22 per cent gain on Monday, April 13.
This expansion was buoyed by the gains recorded by two securities, which offset the losses posted by three other securities.
FrieslandCampina Wamco Nigeria Plc appreciated by N7.83 to trade at N99.89 per share compared with the previous N92.00 per share, and Industrial and General Insurance (IGI) Plc advanced by 5 Kobo to sell at 62 Kobo per unit versus last Friday’s 57 Kobo per unit.
On the flip side, 11 Plc declined yesterday by N21.30 to N201.00 per share from N222.30 per share, Central Securities Clearing System (CSCS) lost 46 Kobo to trade at N63.04 per unit compared with the preceding session’s price of N63.50 per unit, and UBN Property Plc decreased by 20 Kobo to N1,98 per share from N2.18 per share.
At the close of transactions, the market capitalisation of the platform went up by N5.01 billion to N2.320 trillion from N2.315 trillion, and the NASD Unlisted Security Index (NSI) grew by 8.38 points to 3,878.83 points from 3,870.45 points.
During the session, there was a 1,267.4 per cent jump in the volume of securities traded by investors to 2.6 million units from 188,593 units. The value of securities rose by 21.2 per cent to N31.2 million from N25.7 million, and the number of deals increased by 42.31 per cent to 37 deals from 26 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 57.6 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.6 million units traded at N1.8 billion.
GNI Plc also finished the day as 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 transacted for N1.2 billion.
By Aduragbemi Omiyale
In March 2026, Nigeria became a net exporter of premium motor spirit (PMS), otherwise known as petrol, with Dangote Petroleum Refinery and Petrochemicals exporting 44,000 barrels per day (b/d) of the product.
This allowed the country to earn fresh foreign exchange (FX) to help boost the value of the Nigerian Naira in the currency market, which, in turn, will strengthen the economy.
In a statement on Monday, Dangote Refinery said it exported gasoline to East Africa for the first time, delivering a 317,000‑barrel cargo to Mozambique. The shipment reflects growing regional demand as East African buyers diversify supply sources away from the Middle East Gulf amid ongoing supply disruptions. A further gasoline cargo from the refinery is scheduled for delivery to Beira, Mozambique, in April.
Before now, Nigeria relied heavily on imported refined petroleum products from across the world, but this seems to be changing, especially at this time, the globe is experiencing supply disruptions due to the blockage of the Strait of Hormuz.
The March export milestone underscores Nigeria’s accelerating progress toward self-sufficiency in refined petroleum products and strengthens its ambition to become a competitive supplier in the global downstream energy market.
Data from market intelligence firm Kpler showed that Nigeria’s gasoline imports fell sharply to 41,000 b/d in March, the lowest level ever recorded. At the same time, crude oil supply to the Dangote facility climbed to approximately 565,000 b/d, the second-highest intake since the 650,000 b/d-capacity refinery began operations in late 2023. The figures point to strong processing rates and rising product yields across the complex.
By Adedapo Adesanya
The Naira opened the week positively against the Dollar on Monday, April 13, as it gained 70 Kobo to trade at N1,356.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) compared with the previous value of N1,356.89/$1.
The domestic currency also appreciated against the Pound Sterling in the official market yesterday by N3.67 to close at N1,825.15/£1 versus last Friday’s quoted rate of N1,828.82/£1, and improved against the Euro by N4.89 to settle at N1,587.69/€1, in contrast to the preceding session’s N1,592.58/€1.
Similarly, the Nigerian Naira appreciated against the greenback at the GTBank FX desk by N3 to N1,373/$1 from N1,376/$1, and at the parallel market, it maintained stability at N1,385/$1.
Meanwhile, interbank turnover surged to N114.887 million across 141 deals, up from N71.156 million on Friday, as per information on the Central Bank of Nigeria (CBN) website.
FX inflows into the NAFEM window moderated significantly, declining to $571.80 million from $1.06 billion in the previous week, according to Coronation Merchant Bank’s research report, indicating relatively tighter FX supply conditions.
The CBN had pledged to stabilise the Naira and boost sales of high-yield short-term debt to attract inflows of Dollars.
In the cryptocurrency market, risk assets shrugged off the failed weekend negotiations between the US and Iran and the US blockade of the Strait of Hormuz. The move came alongside surging stocks and oil’s decline to back under $100 per barrel, largely due to the US not reaching an agreement with Iran in Pakistan after the US’s nearly six-week-long war campaign against Iran.
Ethereum (ETH) grew by 8.1 per cent to $2,362.57, Solana (SOL) surged by 4.9 per cent to $85.75, Bitcoin (BTC) appreciated by 4.9 per cent to $74,321.71, Ripple (XRP) expanded by 3.0 per cent to $1.36, and Binance Coin (BNB) rose by 2.8 per cent to $612.83.
Further, Dogecoin (DOGE) added 2.3 per cent to close at $0.0930, Cardano (ADA) climbed 2.2 per cent to trade at $0.2427, and TRON (TRX) increased by 0.2 per cent to $0.3207, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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