Economy

CBN Insists Naira Not Devalued, Says Interbank Remains at N379/$1

Published

5 years ago

24/03/2021

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has clarified that Nigeria has not changed its foreign exchange policy from a managed float to a flexible regime.

This was disclosed by the Governor of the apex bank, Mr Godwin Emefiele, while addressing journalists in Abuja on Tuesday after a meeting of the Monetary Policy Committee (MPC).

On Monday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had said that the country will now start to use the Investors and Exporters (I&E) rate for the interbank segment, which is used for government transactions.

But Mr Emefiele, in his clarification, explained that the widespread reports concluding that the country had adopted a flexible foreign-exchange rate based on comments by Finance Minister Zainab Ahmed were wrong.

This means that the interbank rate would not be pegged at N410 to a Dollar, which is the I&E rate, but would remain at N379/$1 as indicated on the CBN website.

“The country is deemed not to be practising a multiple currency regime as long as rates vary or range around a band that is not more than 2 per cent below the nominal market rate,” Mr Emefiele said.

“In our case, the nominal market rate is NAFEX. If the Minister says that the rate for monetisation is anchored or benchmarked on NAFEX, the Minister has not talked about a flexible exchange rate,” he added.

Mr Emefiele also disclosed that it has stopped interventions at the I&E window since January [2021], adding that it has continued to monitor the market to determine whether or not to intervene.

The CBN also said it was working with the government and the finance ministry to achieve a stable foreign-exchange regime for the nation.

Transactions at FX market on Tuesday

Meanwhile, the Naira appreciated by 33 kobo or 0.08 per cent against the Dollar on Tuesday at the investors’ segment of the market to trade at N409.80/$1 in contrast to the previous N410.13/$1.

During the session, the market witnessed a spike in the value of transactions by 27.9 per cent or $7.23 million to $33.11 million from $25.88 million achieved on Monday.

However, at the parallel market, the Naira remained flat against the three major foreign currencies monitored by Business Post.

At the close of business, the domestic currency traded at flat against the Dollar at N486/$1, the Pound Sterling at N680/£1 and the Euro at N582/€1.

Bloodshed at the cryptocurrency market

At the digital currency market yesterday, transactions were bearish as prices plunged after heavy selloff by profit takers.

The Ripple (XRP) witnessed the highest drop as it lost 20.9 per cent of its value to trade at N267.01, wearing off from the gains made at the recent session after a judicial decision over whether it is a cryptocurrency or security swing its way.

Ethereum (ETH) made a 15.2 per cent loss to sell at N848,426.22; Bitcoin (BTC) slumped by 14.4 per cent to trade at 27,340,440.50; while the US Dollar Tether (USDT) declined by 16.3 per cent to sell at N502.

Also, the Tron (TRX) lost 15.5 per cent to sell at N31.05; the Dash (DASH) depreciated by 10.0 per cent to trade at N108,000; while the Litecoin (LTC) declined by 6.4 per cent to trade at N101, 998.

Economy

NASD OTC Exchange Rallies 0.23% as Nipco Leads Six Advancers

Published

9 minutes ago

27/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Six price gainers helped the NASD Over-the-Counter (OTC) Securities Exchange retain its stay in green territory after a 0.23 per cent appreciation on Thursday, February 26.

The price gainers were led by Nipco Plc, which added N25.00 to close at N278.00 per share compared with the previous day’s N253.00 per share, NASD Plc rose by N5.13 to N56.41 per unit versus N51.28 per unit, FrieslandCampina Wamco Nigeria Plc expanded by N2.24 to N102.44 per share from N100.00 per share, Afriland Properties Plc grew by 88 Kobo to N18.88 per unit from N18.00 per unit, 11 Plc increased by 35 Kobo to N277.00 per share from N276.65 per share, and Lagos Building Investment Company (LBIC) Plc gained 27 Kobo to close at N3.75 per unit versus N3.48 per unit.

On the flip side, Central Securities Clearing System (CSCS) Plc lost N1.75 to sell at N68.25 per share versus N70.00 per share, and Geo-Fluids Plc depreciated by 2 Kobo to N3.25 per unit from N3.27 per unit.

The weight of the advancers fortified the NASD Unlisted Security Index (NSI) by 9.21 points to 4,034.46 points from 4,025.25 points, and the market capitalisation soared by N5.51 billion to N2.413 trillion from Wednesday’s N2.408 trillion.

Yesterday, the transaction value jumped by 18.8 per cent to N102.8 million from N80.7 million, and the number of deals surged by 18,8 per cent to 38 deals from 32 deals, while the transaction volume went down by 84.9 per cent to 1.3 million units from 8.7 million units.

At the close of business, CSCS Plc was the most traded stock by value (year-to-date) with 34.2 million units worth N2.04 billion, followed by Okitipupa Plc with 6.3 million units sold for N1.1 billion, and Geo-Fluids Plc with 122.1 million units valued at N478.2 million.

Resourcery Plc remained as the most traded stock by volume (year-to-date) with 1.05 billion units exchanged for N408.7 million, trailed by Geo-Fluids Plc with 122.1 million worth N478.2 million, and CSCS Plc with 34.2 million units traded for N2.04 billion.

Economy

Naira Down Again at NAFEX, Trades N1,359/$1

Published

2 hours ago

27/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira further weakened against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the fourth straight session this week on Thursday, February 26.

At the official market yesterday, the Nigerian Naira lost N3.71 or 0.27 per cent to trade at N1,359.82/$1 compared with the previous session’s N1,356.11/$1.

In the same vein, the local currency depreciated against the Pound Sterling in the same market window on Thursday by N8.27 to close at N1,843.23/£1 versus Wednesday’s closing price of N1,834.96/£1, and against the Euro, it crashed by N8.30 to quote at N1,606.89/€1, in contrast to the midweek’s closing price of N1,598.59/€1.

But at the GTBank forex desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,367/$1, and also at the parallel market, it maintained stability at N1,365/$1.

The continuation of the decline of the Nigerian currency is attributed to a surge in foreign payments that have outpaced the available Dollars in the FX market.

In a move to address the ongoing shortfall at the official window, the Central Bank of Nigeria (CBN) intervened by selling $100 million to banks and dealers on Tuesday.

However, the FX support failed to reverse the trend, though analysts see no cause for alarm, given that the authority recently mopped up foreign currency to achieve balance and it is still within the expected trading range of N1,350 and N1,450/$1.

As for the cryptocurrency market, major tokens posted losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback, with Ripple (XRP) down by 2.7 per cent to $1.40, and Dogecoin (DOGE) down by 1.6 per cent to $0.0098.

Further, Litecoin (LTC) declined by 1.3 per cent to $55.87, Ethereum (ETH) slipped by 0.9 per cent to $2,036.89, Bitcoin (BTC) tumbled by 0.7 per cent to $67,708.21, Cardano (ADA) slumped by 0.6 per cent to $0.2924, and Solana (SOL) depreciated by 0.4 per cent to $87.22, while Binance Coin (BNB) gained 0.4 per cent to sell for $629.95, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.

Economy

Crude Oil Falls as Geopolitical Risk Around Iran Clouds Supply Outlook

Published

2 hours ago

27/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Crude oil settled lower on Thursday as investors tracked developments in talks between the United States and Iran over the latter’s nuclear programme, weighing potential supply concerns if hostilities escalate.

Brent crude futures lost 10 cents or 0.14 per cent to close at $70.75 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by 21 cents or 0.32 per cent to $65.21 a barrel.

The US and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after US President Donald Trump ordered a military build-up in the region.

Prices had gained earlier in the session after media reports indicated the talks had stalled over US insistence on zero enrichment of uranium by Iran, as well as a demand for the delivery of all 60 per cent-enriched uranium to the US.

However, prices then retreated after the two countries extended talks into next week, reducing the immediate strike potential.

Iran’s Foreign Minister, who confirmed talks will continue next week, said Thursday’s talks were the most serious exchanges with the US yet, saying Iran clearly laid out its demand for lifting sanctions and the process for relief.

His counterpart from Oman, who is handling the talks, said significant progress was made in Thursday’s talks. The Omani minister’s upbeat assessment followed indirect talks between Iranian Foreign Minister and US envoys Steve Witkoff and Jared Kushner in Geneva, with one session in the morning and the second in the afternoon.

He will also hold talks with US Vice President JD Vance and other US officials in Washington on Friday.

The Trump administration has insisted that Iran’s ballistic missile program and its support for armed groups in the region must be part of the negotiations.

The American President said on February 19 that Iran must make a deal in 10 to 15 days, warning that “really bad things” would otherwise happen.

On Tuesday, he briefly laid out his case for a possible attack on Iran in his State of the Union speech, underlining that while he preferred a diplomatic solution, he would not allow Iran to obtain a nuclear weapon.

Meanwhile, the US continues to amass forces in the Middle Eastern region, with the military saying it is prepared to execute orders given by the US President.