Economy
CBN Injects $16b Into Forex Market to Boost Naira
By Dipo Olowookere
A total of $5.9 billion has been released by the Central Bank of Nigeria (CBN) in nine months as intervention into the foreign exchange (forex) market.
According to the Managing Director of Afrinvest Securities, Mr Ayodeji Ebo, the amount is what the apex bank has released in its weekly intervention, which started in April 2017.
Mr Ebo said the figure was an improvement compared to the $9.6 billion spent in during same period of 2016.
Speaking in Lagos at the Finance Correspondents Association of Nigeria (FICAN) Economic Outlook themed ‘Nigeria Economy and Financial Market Outlook: 2017 Review and 2018 Outlook’, the financial expert said the Investors’ & Exporters’ Forex Window has recorded over $27.8 billion in turnover and brought about transparency and stability in the market.
He added that current account stabilised in surplus position, expanding to $9.6 billion annualised in nine months, from $2.7 billion in fiscal year 2016.
He said the foreign investors will be happy to see the interest rate remain at 14 per cent, even as the stability in the market has helped the foreign investors know that the economy is stable.
“Foreign portfolio investments provide liquidity and confidence to the market. And keeping the interest rate at 14 per cent will help keep them coming,” he said.
Speaking on loans to small and medium enterprises, he said delay and outright non-payment of borrowed funds by SMEs is making it difficult for key lenders within the sector, including Bank of Industry to grant further credits to operators.
He said it is only when loans are repaid on timely basis that the lender has more capacity to lend to their borrowers.
He said that inflation rate is still higher than Monetary Policy Rate, which makes it easier for investors to go for fixed income securities like Treasury Bills, Bonds and other instruments that help investors create lasting wealth.
Mr Ebo said the year 2018 remains an opportunity for investors to make money in both equities and fixed income securities, but advised investors to time their entry and exit accurately in order not to lose their funds.
According to him, there is strong correlation between oil price rise and equities performance, adding that investors always look out for profitable businesses and those with great prospects.
Speaking on the stability in the forex market, he said rate convergence has already been achieved by the CBN, adding that with low exchange rate margin, speculators have virtually abandoned the market.
“Foreign investors also consider the margin between both official and parallel market level. When there is little or no volatility in the market, that gives foreign investors’ confidence. The naira gained 35 percent year-on-year against the dollar to close at N363 to dollar by year-end in the parallel market,” he said.
He said the Economic Recovery and Growth Plan (ERGP) of the Federal Government was built on five pillars, stabilize the microeconomic environment, achieve agriculture and food security, improve transportation infrastructure, ensure energy sufficiency in power and petroleum products and drive industrialization, focusing on small and medium enterprises.
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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