By Adedapo Adesanya

The positive performance of the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) was extended on Thursday, May 7.

During the trading day, the Nigerian currency further improved against the greenback by N1.49 or 0.11 per cent to N1,355.85/$1 from the previous day’s N1,357.34/$1.

It was a similar situation for the Naira against the Pound Sterling in the official market. It gained N2.02 to trade at N1,845.18/£1 versus Wednesday’s closing rate of N1,847.20/£1, and against the Euro, it appreciated by N1.74 to sell for N1,593.26/€1, in contrast to midweek’s rate of N1,595.00/€1.

But at the black market, the domestic currency traded flat at N1,380/$1, and at the GTBank FX desk, it remained unchanged at N1,375/$1.

The local currency has gained weight in the past trading sessions as a result of improved forex liquidity, especially from foreign portfolio investors, exporters ‌and oil companies, amid moderate demand. Nigerian yields are still attractive for foreign investors, serving as a basis for more (FX) flows coming to Nigeria.

While continued confidence in the FX reforms by the Central Bank of Nigeria (CBN) and improved liquidity conditions continue to support the Naira, the external reserves have been on a downward trend. Available data showed that it dropped $7.73 million, from $48.33 billion to $48.32 billion, as of May 6, 2026.

As for the cryptocurrency market, prices were largely pointing south due to renewed US-Iran tensions, but it remains higher on the week alongside mostly resilient global risk assets.

Funding rates for Bitcoin (BTC) futures have been negative for 67 straight days, creating a powerful setup for a potential short squeeze, with the digital coin losing 1.7 per cent to sell at $79,667.70.

Further, Dogecoin (DOGE) fell by 4.2 per cent to $0.1062, Ethereum (ETH) declined by 2.2 per cent to $2,279.71, Ripple (XRP) slipped by 1.8 per cent to $1.38, Cardano (ADA) depreciated by 1.7 per cent to $0.2619, Binance Coin (BNB) slid by 1.1 per cent to $639.32, and Solana (SOL) went down by 0.4 per cent to $88.22.

However, TRON (TRX) increased its value by 0.9 per cent to $0.3449, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

By Aduragbemi Omiyale

The sale of FGN savings bond for May 2026 will close today, Friday, May 8, Business Post reports.

The exercise commenced on Monday, with the Debt Management Office (DMO) offering the debt instrument in two maturities of two years and three years.

According to the circular from the DMO, the shorter paper is being offered at a coupon of 13.525 per cent, while the longer note is 14.525 per cent. The interest on the investment is paid to investors every quarter.

The retail bond is sold at a unit price of N1,000, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

The FGN savings bond is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of the country.

It qualifies as securities in which trustees can invest under the Trustee Investment Act, and is tax-free as it also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds.

After the exercise, the bonds are taken to the Nigerian Exchange (NGX) Limited for listing, allowing investors who want to liquidate the paper before maturity to sell to others at the secondary market.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited again succumbed to profit-taking on Thursday, shedding 1.23 per cent at the close of transactions.

The plummeting of the bourse happened despite strong investor sentiment, as there were 40 price advancers and 32 price laggards, indicating a positive market breadth index.

The loss was driven by the poor performance put up by the industrial goods and banking sectors, which closed lower by 5.45 per cent and 1.11 per cent, respectively.

They overpowered the gains recorded by the three other key sectors of Customs Street. The insurance appreciated by 1.51 per cent, the energy industry improved by 0.39 per cent, and the consumer goods counter advanced by 0.10 per cent.

At the close of business, the All-Share Index (ASI) contracted by 2,994.90 points to 239,734.61 points from 242,729.51 points, and the market capitalisation retreated by N1.922 trillion to N153.859 trillion from N155.781 trillion.

University Press crashed by 10.00 per cent to N4.50, Red Star Express slipped by 9.59 per cent to N25.45, SAHCO depreciated by 8.63 per cent to N130.75, C&I Leasing dropped 8.50 per cent to trade at N7.00, and Consolidated Hallmark shed 7.54 per cent to quote at N6.01.

Conversely, CAP appreciated by 9.99 per cent to N212.50, FTN Cocoa grew by 9.99 per cent to N8.04, Zichis gained 9.97 per cent to close at N30.33, Meyer soared by 9.97 per cent to N17.10, and Berger Paints increased by 9.97 per cent to N98.75.

Market participants bought and sold 1.8 billion stocks for N72.2 billion in 81,131 deals yesterday compared with the 1.4 billion stocks worth N59.4 billion traded in 85,804 deals on Wednesday, showing a drop in the number of deals by 5.45 per cent, and a surge in the trading volume and value by 28.57 per cent and 21.55 per cent, respectively.

NEM Insurance was the busiest equity on Thursday with a turnover of 360.6 million units valued at N7.9 billion, Fortis Global Insurance exchanged 214.7 million units worth N229.8 million, VFD Group traded 141.5 million units for N1.5 billion, Access Holdings sold 140.4 million units worth N3.4 billion, and FCMB transacted 119.6 million units valued at N1.4 billion.