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Economy

Crypto.com to Delist Tether’s USDT, Others January 31

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usdt

By Aduragbemi Omiyale

On January 31, 2025, the stablecoin of Tether, USDT, will be delisted from one of the world’s largest cryptocurrency exchanges, Crypto.com

Business Post gathered that eight other tokens would also be yanked off the platform by Friday, with deposits for the affected digital coins disabled after the delisting.

The other tokens are Crypto.com Staked ETH, Crypto.com Staked SOL, PayPal USD, Wrapped Bitcoin, PAX Gold, PAX Dollar, XSGD, and DAI.

The decision to remove these coins from its trading platform is to comply with the Markets in Crypto-Assets Regulations (MiCA).

On January 17, 2025, the European Securities and Markets Authority (ESMA) asked exchanges to drop non-compliant tokens, stressing the need for crypto asset service providers (CASPs) to align their services in compliance with the MiCA regulations.

However, holders of these affected coins will have until March 31 to convert their assets to MiCA-compliant alternatives.

If this is not done, the crypto exchange will automatically convert assets to MiCA-approved stablecoins or assets.

Tether’s USDT is one of the most popular stablecoins in the world but in recent times, it has started to lose its market share because of the regulatory uncertainty in Europe, particularly due to MiCA, going from about $150 billion to $139 billion.

The new regulations in the EU require 60 per cent of stablecoin reserves in the region to be in Euros, which Tether’s chief executive, Mr Paolo Ardoino, said threatens the future of stablecoins.

Economy

Newrest Asl, Two Others Lift NASD OTC Bourse by 0.21%

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Newrest ASL Nigeria

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.21 per cent on Tuesday, April 15, helped by three stocks on the trading platform.

During the session, the NASD Unlisted Security Index (NSI) jumped by 6.73 points to 3,271.02 points from the previous session’s 3,264.29 points and the market capitalisation increased by N3.94 billion to close at N1.915 trillion versus the N1.911 trillion it ended on Monday.

Trading data showed that there was a 68.7 per cent rise in the volume of securities transacted in the session as 736,215 units were quoted compared to the 436,357 units traded in the previous trading day, the value of transactions jumped by 20.5 per cent to N12.2 million from N10.1 million, while the number of deals fell by 49 per cent to 26 deals from 51 deals.

Yesterday, Newrest Asl Plc gained N3.45 to close at N37.97 per share compared with the preceding day’s N34.52 per share, FrieslandCampina Wamco Nigeria Plc went up by N1.82 to close at N37.45 per unit versus Monday’s price of N35.63 per unit, and Mass Telecom Innovation Plc expanded by 1 Kobo to trade at 41 Kobo per share against the 40 Kobo per share it ended a day earlier.

However, Central Securities Clearing System (CSCS) Plc lost 20 Kobo to finish at N20.70 per unit compared with the previous closing value of N20.90 per unit, and Geo-Fluids Plc dropped 20 Kobo to settle at N1.80 per share versus the previous day’s N2.00 per share.

Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, followed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units worth N24.2 million.

Okitipupa Plc remained the most active stock by value (year-to-date) with 153.6 million sold for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.7 million units valued at N568.1 million, and Impresit Bakolori Plc with 533.9 million units worth N520.9 million.

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Economy

Naira Appreciates to N1,601/$1 at Official Market, Remains N1,615/$1 at Black Market

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currency in circulation eNaira

By Adedapo Adesanya

The Naira appreciated against the US Dollar by 0.24 per cent or N3.85 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, April 15, closing at N1,601.40/$1 compared with the previous day’s N1,605.25/$1.

However, according to data from the Central Bank of Nigeria (CBN), the Naira depreciated against the Pound Sterling in the official market yesterday by N59.23 to sell for N2,115.26/£1 compared with Monday’s closing price of N2,056.03/£1 and tumbled against the Euro by N38.75 to trade at N1,808.89/€1, in contrast to the previous session’s N1,770.14/€1.

As for the black market, the Nigerian Naira maintained stability against the Dollar during the trading session at N1,615/$1.

The Nigerian currency closed mixed on Tuesday as Nigeria’s inflation data edged up to 24.23 per cent in March, according to the National Bureau of Statistics (NBS) on Tuesday.

It was the first time the Consumer Price Index (CPI) has risen since it was rebased in January. The new rate indicates an upward movement of 1.05 per cent from the 23.18 per cent reported in February 2025, signalling a return to levels (24.48 per cent) recorded in the beginning of the year after the CPI rebasing.

In the cryptocurrency market, there were major negative outcome as Nvidia, which plays a crucial role in mining cryptocurrencies, received a US ban restricting its H20 chip sales to China.

This adds to fears triggered by President Donald Trump’s trade war with China and other trading partners, leading to profit-taking.

Cardano (ADA) lost 5.5 per cent to trade at $0.6055, Solana (SOL) slumped by 4.2 per cent to $125.44, Ethereum (ETH) slid by 4.0 per cent to $1,570.96, and Ripple (XRP) dropped 3.9 per cent to $2.05.

In addition, Dogecoin (DOGE) depreciated by 3.8 per cent to $0.1535, Litecoin (LTC) went down by 2.7 per cent to $75.72, Bitcoin (BTC) fell by 2.4 per cent to $83,405.30, and Binance Coin (BNB) shrank by 1.3 per cent to $580.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.

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Economy

NGX Index Chalks up 0.03% Despite Weak Investor Sentiment

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NGX All-Share Index

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited bounced back to the green territory on Tuesday with a 0.03 per cent growth amid a bearish market sentiment.

Data showed that the bourse finished with 24 price gainers and 29 price losers, representing a negative market breadth index and weak investor sentiment.

This was due to the persistent cautious trading by the market participants because of the global trade war between the United States and China.

Business Post reports that the banking space was down yesterday by 0.11 per cent as a result of profit-taking activities by investors, though this did not affect the general outcome of Customs Street because of the gains recorded by the others.

The consumer goods index appreciated by 0.72 per cent, and the insurance counter improved by 0.15 per cent, while the energy, industrial goods and commodity sectors closed flat.

At the close of business, the All-Share Index (ASI) chalked up 30.40 points to settle at 104,560.02 points compared with the previous day’s 104,529.62 points and the market capitalisation grew by N19 billion to N65.704 trillion from N65.685 trillion.

Abbey Mortgage Bank gained 9.94 per cent to sell for N7.41, Unilever Nigeria appreciated by 9.65 per cent to N38.05, Learn Africa jumped by 8.33 per cent to N3.25, Secure Electronic Technology surged by 7.41 per cent to 58 Kobo, and Consolidated Hallmark advanced by 7.27 per cent to N2.95.

On the flip side, Northern Nigeria Flour Mills declined by 9.97 per cent to N79.00, The Initiates fell by 9.57 per cent to N4.25, Caverton descended by 9.06 per cent to N2.31, Guinea Insurance depreciated by 8.70 per cent to 63 Kobo, and NGX Group lost 8.56 per cent to quote at N31.50.

The activity log was mixed yesterday as the trading value went up by 3.81 per cent, while the trading volume and the number of deals went down by 13.87 per cent and 9.29 per cent apiece.

A total of 368.8 million shares valued at N10.9 billion were traded in 13,228 deals during the session versus the 428.2 million shares worth N10.5 billion transacted in 14,583 deals on Monday.

Fidelity Bank was the most active stock of the day with a turnover of 47.4 million units worth N867.0 million, Access Holdings traded 28.1 million units for N592.2 million, Zenith Bank sold 23.1 million units valued at N1.2 billion, UBA exchanged 22.0 million units worth N690.5 million, and FCMB transacted 20.8 million units valued at N185.1 million.

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