Economy
Afreximbank Raises $750m Eurobond to Benefit African Borrowers

By Dipo Olowookere
In order to give great benefit to African borrowers, the African Export-Import Bank (Afreximbank) has successfully closed a $750 million note under its Euro Medium Term Note programme.
Beneficiaries will by this development enjoy the positive effects of the reduction in the Afreximbank’s cost of funds.
According to the bank’s Executive Vice President in charge of Finance, Administration and Banking Services, Mr Denys Denya, “The level of subscription and diversification of investors, coupled with the highly competitive pricing achieved, is testimony to the continued investor confidence in Afreximbank.”
He added that the strong feedback from the road shows confirm investor confidence in Afreximbank’s credit profile and strategy, notably, their satisfaction with its successful equity capital raising efforts.
He commended the Afreximbank Treasury team for putting together the deal which was executed within a short window and priced lower than all previous 5 year issues.
The achieved spread of 220 bps over m/s for the seven-year issue is 100.5 bps lower than the 2019s, which were priced at m/s plus 320.5 bps, and 80 bps lower than the 2024s, priced at m/s plus 300 bps, both being five-year issues.
It was gathered that Afreximbank closed the seven-year Regulation S (Reg S) only notes on June 13, priced at a spread of 220 bps over mid-swaps (m/s) and a coupon of 4.125 per cent, with Mitsubishi UFJ Securities International plc as the sole coordinator and joint lead manager/book runner. (Reg S are bonds or stocks that may not be offered, sold or delivered within the United States.)
Barclays Bank plc., HSBC Bank plc., Commerzbank and Standard Chartered Bank were joint lead managers and book runners.
This deal tenor represents the longest that Afreximbank has ever achieved in the Eurobond market and will help the Bank to extend the average tenor of its liability book in support of its new five-year strategic plan dubbed Impact 2021.
The order book reached $2.7 billion before being scaled back to $2.2 billion after the initial pricing thoughts were revised from m/s plus 250 basis points (bps), down to m/s plus 220 bps.
In the end, 39 per cent of the allocation went to continental Europe, 28 per cent to the United Kingdom, 19 per cent to Asia, and 7 per cent each to the Middle East and Africa and the United States offshore.
Prior to pricing the transaction, Afreximbank met with more than 60 investors during comprehensive roadshows held across Asia, continental Europe and the United Kingdom.
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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