Economy
Apprehension as Naira Weakens Further to N1,308/$1 at Official Market
By Adedapo Adesanya
Apprehension increased on Wednesday in the Nigerian Autonomous Foreign Exchange Market (NAFEM) as the Naira continued to erase some of its gains after it fell further by 0.6 per cent or N8.7 against the US Dollar to exchange at N1,308.52/$1 versus the preceding day’s value of N1,300.15/$1.
Also, the Naira suffered a loss against the Pound Sterling, N47.93, in the official market at midweek to sell at N1,590.25/£1 compared with Tuesday’s price of N1,542.32/£1, and against the Euro, it weakened by N34.88 to trade at N1,367.23/€1 versus the N1,332.35/€1 it closed a day earlier.
The loss was recorded amid efforts by the Central Bank of Nigeria (CBN) to inflate the supply of FX in the system, with the turnover for the session growing by 47.8 per cent or $63.89 million to $197.54 million from the $133.65 million published in the last trading session.
The market has deteriorated for the fourth straight day despite recent policy moves by the CBN to prop up the ecosystem. The latest move came as the central bank offered to sell Dollars to 1,588 accredited Bureaux De Change (BDC) operators in the country at a rate of N1,021/$1, according to a statement on its website.
In the black market, the local currency declined on Wednesday against the Dollar by N25 to trade at N1,300/$1 compared with Tuesday’s closing value of N1,275/$1.
The cryptocurrency market recorded a largely weak outcome as Bitcoin’s (BTC) price dipped to $64000 amid a major sell-off and negative funding rate post-halving, facing volatility with $9.4 billion in crypto options expiring soon.
As BTC struggles to maintain its upward momentum, the cryptocurrency market is witnessing a significant sell-off, with over 40 million long positions being liquidated. This massive sell-off has increased anxiety among investors and analysts, leading to a deeper look into the reasons for Bitcoin’s current price drop. By press time, the price of BTC was trading at $64,301.87, a decrease of 3.5 per cent.
The biggest loser was Solana (SOL) as it slumped by 6.5 per cent to trade at $147.86. Dogecoin (DOGE) depreciated by 6.0 per cent to $0.1516, Cardano (ADA) decreased by 5.9 per cent to $0.4765, Ripple (XRP) dropped by 3.7 per cent to trade at $0.5277, Litecoin (LTC) slumped by 3.2 per cent to sell at $83.82 and the Ethereum (ETH) slipped by 2.7 per cent to $3,163.82.
However, Binance Coin (BNB) went up by 0.4 per cent to trade at $148.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00, respectively.
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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