Economy
Despite CBN RT200 FX Programme, Forex Scarcity Worsens
By Dipo Olowookere
Over a year ago, the Central Bank of Nigeria (CBN) announced that it was coming up with an initiative designed to attract $200 billion inflow from non-oil exports over the next three to five years.
The initiative, the RT200 FX programme, was to ensure exporters channel their inflow through the official window and sell it through the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.
While speaking in November 2022 at the second edition of the RT200 Export Summit in Lagos, the governor of the CBN, Mr Godwin Emefiele, informed the audience that about $4.987 billion had been repatriated into the country by non-oil exporters, higher than the $3.190 billion achieved in 2021, noting that, “Of this amount, only $1.966 billion qualified for the rebate program, and $1.559 billion was sold at the I&E window or for own use.”
He stated that the central bank had met just 3 per cent of the RT200 FX target in nine months.
Business Post observed that this scheme, designed to boost FX supply in the country, has not solved the liquidity crisis in Nigeria, as many customers are unable to access forex.
Also, the external reserves of the nation have continued to deplete very fast despite a slight improvement in the prices of crude oil benchmarks in the global market.
Data obtained by this newspaper from the CBN showed that as of Monday, April 3, 2023, the amount left in the reserves stood at $35.415 billion, 0.64 per cent or $228 million lower than the $35.643 billion as of Monday, March 27, 2023.
It was observed that customers who approach banks for FX have been finding it difficult to get allocation because of a shortage in supply.
Also, withdrawing forex from domiciliary accounts has been cumbersome for many customers as banks are unable to honour their requests, and when asked to transfer to another domiciliary account, this is only honoured if the receiver operates such an account with the same bank.
“I went to withdraw from my domiciliary account last week, but I was told it was impossible because there was no cash available. When I requested to have the funds transferred to a forex trader, who uses another bank, I was informed it would not be possible except I get someone who operates a domiciliary account with my bank,” a customer of one of the tier-1 banks, who identified himself as Mr Kingsley Oche, told this reporter.
Similarly, commercial banks in the country have blocked the transfer of funds into cards from foreign payment platforms like PayPal.
Before now, Nigerians doing remote jobs get payments via PayPal and transfer their funds through prepaid and debit cards of Nigerian banks, but most of them have been unable to get their funds since December 2022 because of the FX crisis in the country.
“I am already frustrated by this forex issue in the country,” Mr Goke Akinsanya told this newspaper, noting that this situation has left him without much to spend.
Also, those who receive funds from International Money Transfer Operators (IMTOs) like Western Union have been having a slight challenge getting their money over-the-counter in Nigeria because of the forex scarcity.
However, there are indications that things might get better when the next administration takes charge of the control of the economy next month.
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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