Economy
Dollar Weakens to N361 at Interbank Window
By Dipo Olowookere
The exchange rate of the Naira to the Dollar at the foreign exchange market in Nigeria closed in mixed directions at the various segments on Tuesday.
While it deteriorated at interbank segment of the market, it appreciated at the parallel market, Investors and Exporters’ (I&E) and the Bureaux De Change (BDC) windows.
Business Post reports that the Naira/Dollar exchange rate closed N1 lower in favour of the American currency at the Central Bank of Nigeria (CBN) window yesterday, trading at N361/$1 in contrast to N360/$1 it was sold on Monday.
However, the local currency appreciated by 0.06 percent or 22 kobo against the Dollar at the I&E segment to sell at N380.53/$1 compared with N380.75/$1 it went for the previous session.
This followed the 8.68 percent or $5.34 million decline in the value of transactions recorded at the market segment on Tuesday. Trades valued at $56.20 million occurred at the investors’ window during the session as against the previous day’s $61.54 million.
The global coronavirus pandemic has reduced the request for forex by customers. As at Wednesday morning, the total number of COVID-19 cases in Nigeria has risen to 46.
At the black market, The Nigerian currency appreciated by N3 against the Dollar to N400/$1 from N403/$1 and traded flat against the Pound Sterling and the Euro at N485/£1 and N415/€1.
At the BDC market in Lagos, traders sold the Dollar at N400 on Tuesday compared with N403 on Monday. The Pound was exchanged at N493 versus N485 at the last session and traded the Euro at N413 in contrast to N415.
At the Abuja BDC market, the Naira depreciated by N9 against the United States Dollar to N397/$1 from N388/$1 and traded flat against the British currency at N475/£1, but lost N1 on the Euro by N1 to sell at N413/€1 as against N412/€1 it was sold on Monday.
In Kano, operators sold the Dollar at N395 yesterday as against N388 it went for the previous day and lost N5 against the Pound to N480 from N475 and also fell by N5 to N417 from N412.
At the Port Harcourt BDC market, the local currency traded flat against the Dollar, Pound Sterling and Euro at N390/$, N484/£1 and N414/€1 respectively.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
