19.2% Ease in FX Trades Bolsters Naira by 0.01% at I&E

Image

By Adedapo Adesanya

A 19.2 per cent moderation in the value of foreign exchange (forex) transactions recorded at the Investors and Exporters (I&E) window of the FX market helped the Naira with extra weight to push down the value of the Dollar by 0.01 per cent or 5 kobo on Friday, June 24.

According to data obtained by Business Post from the FMDQ Securities Exchange, the exchange rate of the Naira to the Dollar at the market window was N420.12/$1 in contrast to N420.17/$1 it closed on Thursday.

The value of FX trades at the window was $162.98 million, $38.83 million lower than the $201.81 million achieved in the preceding trading day.

At the Peer-to-Peer (P2P) segment, the local currency further appreciated against the American currency by 0.32 per cent or N2 to trade at N618/$1 compared with the N620/$1 it was traded a day earlier.

But at the interbank window of the market, the Naira depreciated against the British Pound Sterling by N1.96 to trade at N510.02/£1 versus the preceding session’s N508.06/£1 and slid by N1.04 against the Euro to close the day at N437.60/€1 compared with N436.56/€1 of the previous day.

Meanwhile, the recovery recorded by TerraClassicUSD (USTC) in the cryptocurrency market on Thursday appeared to be short-lived as it lost 11.5 per cent on Friday to trade at $0.0100.

It was the only digital coin of the 10 tokens tracked by this newspaper to shed weight yesterday as Solana (SOL) posted a 10.3 per cent growth to settle at $42.28.

Ethereum (ETH) went up by 7.4 per cent to sell at $1,236.08, Dogecoin (DOGE) appreciated by 6.2 per cent to trade at $0.0691, Binance Coin (BNB) jumped by 4.3 per cent after a deal with Cristiano Ronaldo to quote at $241.40, Bitcoin (BTC) recorded a 2.7 per cent rise to trade at $21,508.22, Cardano (ADA) jumped by 2.6 per cent to $0.5053, Litecoin (LTC) leapt by 0.6 per cent to $57.02, Ripple (XRP) recorded a 0.07 per cent rise to trade at $0.3718, while the US Dollar Tether (USDT) gained 0.01 per cent to sell for $0.9995.

Share
Related Stories
Image
15-March-2024

Naira Appreciates to N1,608/$1 at NAFEM, N1,605/$1 at Parallel Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday by 0.4 per cent or N6.96 to close at N1,608.98/$1 versus Wednesday’s closing rate of N1,615.94/$1. However, it performed badly against the British Pound Sterling during the session by N30.27 to trade at N2,066.33/£1 compared with the midweek’s value of N2,036.06/£1, and against the Euro, the Nigerian currency depreciated by N26.08 to settle at N1,766.62/€1 versus the N1,740.54/€1 it traded a day earlier. During the trading day, the value of foreign exchange (FX) transactions slightly went down by 2.1

Image
18-March-2024

Tinubu Raises NNPC Contract Approval Threshold to $10m

By Adedapo Adesanya President Bola Tinubu has raised the contract approval threshold for the Nigerian National Petroleum Company (NNPC) Limited to a minimum of $10 million or its equivalent in Naira. In an executive order issued in Abuja, the President also directed that the approval period for every of the contract stages should not exceed 15 days. The order also directed that the duration for third-party contracts awarded under the production sharing contract (PSC) or Joint Operating Agreement (JOA) be increased to five years from three years, with the option of an additional two years renewal, thereafter. President Tinubu lamented

Image
15-March-2024

Nigeria’s Inflation for February 2024 Jumps 31.70%

By Aduragbemi Omiyale The inflation rate in Nigeria increased by 31.70 per cent in February 2024, the National Bureau of Statistics (NBS) said in a report on Friday. This is 1.80 per cent higher than the 29.90 per cent recorded in January 2024, the agency’s Consumer Price Index (CPI) for February 2024 released this afternoon noted. The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living. In the report on Friday, the NBS said on a year-on-year basis, the headline inflation rate was 9.79 per cent higher than the

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

More Stories
Image
12-December-2016

FUTA Resumes For 2016/17 Academic Session

By Modupe Gbadeyanka The 2016/17 academic session of Federal University of Technology Akure (FUTA), Ondo State, has formally commenced today following the approval by Senate of the institution. A statement issued by the school’s spokesman, Mr Adegbenro Adebanjo, disclosed that online registration for all students of the university starts on Monday, December 12, 2016. However, Mr Adebanjo said students are expected to arrive on the campus on Tuesday, January 3, 2017, noting that the matriculation ceremony for new students will hold on Friday, January 27, 2017. He advised both old and fresh students to visit the institution’s website to complete

Image
08-August-2021

Senate Denies Planning to Create 20 New States

By Adedapo Adesanya The Nigerian Senate has distanced itself from claims that it has proposed the creation of 20 new states in the country. In a statement titled Senate Committee did not propose the creation of 20 New States by its spokesperson and Chairman, Senate Committee of Media and Public Affairs, Mr Ajibola Basiru, the upper legislative arm said it only approve the creation of any new state if there is compliance with the provisions of section 8 of the 1999 Constitution of the Federal Republic as amended. Among the provisions of the section are having a referendum by at

Image
15-May-2017

NEORIS Begins Strategic Global Expansion

By Dipo Olowookere NEORIS, a global business and IT consulting company, today announced a geographical expansion with the opening of two new Digital Laboratories in Prague, Czech Republic and Gurgaon, India. The strategic move further strengthens its Global Delivery Network to assist European and other large corporations around the globe. The new Digital Laboratories will focus on creating software products that deliver unparalleled user experiences to meet the growing demand of new mobile, web, and cloud-based capabilities. NEORIS was founded 16 years ago when an innovative technology solutions group was spun off from CEMEX’s (NYSE:CX) IT department. Since then, NEORIS

Image
07-April-2021

Banjo Emphasizes Role of Religious Leaders in Insurance Penetration

By Dipo Olowookere The Senior Manager, Brand, Media and Communications at African Alliance Insurance, Mr Bankole Banjo, has joined other insurance experts to advocate the development of products that will deepen insurance penetration in the country. According to him, insurance should not be tailored for the elites but also for the masses because “insurance is something that is literally part of life.” To achieve this, insurers must look for strategies to involve the traditional and religious leaders to break the cultural biases that had discouraged Nigerians from buying insurance policies. “We have to tackle the issue of cultural bias, make

Image
28-March-2022

10 Fidelity Bank Customers Smile Home With N10m

By Modupe Gbadeyanka No fewer than 10 customers of Fidelity Bank Plc have smiled home with N1 million in the fourth monthly draw of the bank’s savings loyalty promo. The campaign tagged Fidelity Bank Get Alerts in Millions Season 5 promo (GAIM 5) started in November 2021 and will close in July 2022. At the fourth draw held recently in Lagos, representatives of the National Lottery Regulatory Commission (NLRC), as well as customers and staff of Fidelity Bank Plc, were on the ground to witness it. Qualifying requirements for the scheme are maintaining an account balance of at least N2,000

Image
13-February-2024

Investors Gain N101bn from Shares as Trading Activities Slow

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a decline in trading activity on Monday as stocks struggled for investors’ attention over the recent development in the fixed-income market. Rates were hiked last week in the treasury bills market to 19 per cent, and this is already diverting attention to the ecosystem because of its low-risk advantage. Yesterday, the local equity market appreciated by 0.18 per cent as the bears and the bulls battled for control of the bourse. It was observed that the banking and industrial goods indices fell by 0.88 per cent and 0.07 per cent apiece

Image
06-June-2017

How to Save Money on Internet Expenses

By Adeniyi Ogunfowoke A good internet at home is essential whether you are a Netflix freak or you are just trying to keep up with your friends on social media. Unfortunately, every month your internet bill keeps rising that you want to stop subscribing. The fact is that you can reduce your usage and still get affordable internet service monthly. Jumia Travel, the leading online travel agency shares ways to can cut your internet bill. Get the best competitive price If you are frustrated with your high internet bills, you can take time out to research the cost of buying

Image
03-December-2018

Inflows from FAAC, Maturing T-Bills to Boost Liquidity, Ease Rates

By Dipo Olowookere In the money market this week, interbank rates are anticipated to moderate as a result of huge inflows hitting the market. Business Post reports that during the week, specifically on Thursday, treasury bills worth N684.84 billion will mature via the secondary market. This, along with the effect of the N788.14 billion federally collected revenue distributed by FAAC, is expected boost financial system liquidity and according to Cowry Asset analysts, both inflows will “result in a corresponding downward trend in NIBOR.” With these anticipated inflows, we at Business Post expect the Central Bank of Nigeria (CBN) to be

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry