Economy
Dwindling Naira: Reps Advise CBN to Change Strategy
By Dipo Olowookere
The House of Representatives has advised the Central Bank of Nigeria (CBN) to consider changing its strategy in dealing with the dwindling Naira in the foreign exchange (FX) market.
This was part of the resolutions of the lower chamber of the parliament on Tuesday at a plenary presided over by the Deputy Speaker, Mr Benjamin Kalu.
One of the lawmakers, Mr Ismaila Haruna Dabo, had moved a motion on the need for the CBN to address the impact of the failing naira against the dollar and other currencies on the Nigerian economy.
In his contribution, Mr Afolabi Moruf expressed worry over the rate at which the value of the domestic currency was weakening against the US Dollar in the forex market, particularly in the parallel market window, calling for an urgent change of approach.
He said it would be wrong to do the same thing and expect a different result, charging the monetary authorities to have a “holistic change of approach to dealing with” the issue and “ensure an improvement in the production and manufacturing sector instead of thinking of the CBN just to adjust current economic policies which may provide only temporary solutions, if at all.”
In his contribution, Mr Ademorin Kuye said part of the problem was substituting the Naira with the Dollar as a legal tender in Nigeria, calling for halting the practice of charging Nigerians for goods and services in Dollars.
The mover of the motion, Mr Dabo, said he brought the issue to the attention of his colleagues because he was worried about the reduction in investment in the country because of the weak local currency, which he said deters foreign investors from investing in Nigeria, fearing potential currency losses, which is capable of stunting economic growth and hindering the creation of new job opportunities for unemployed Nigerian youth.
According to him, a weaker and depreciating Naira could increase Nigeria’s external debt servicing costs, potentially reducing government spending on critical sectors like healthcare and education.
After the debate on the floor of the green chamber of the National Assembly, the House urged the CBN to implement monetary policy adjustments to stabilise the Naira, address speculative activities in the forex market, and increase the withdrawal limit of the Naira to reduce the pressure on Dollars and other foreign currencies.
The House of Reps also advised the federal government to formulate policies and structural reforms to reduce corruption and promote economic diversification within the nation’s economy, charging the government to promote exportation and reduce importation by enhancing foreign investors’ confidence in its fiscal and monetary policies.
While tasking its Committees on Banking Regulations and National Security and Intelligence to interface with the CBN on initiating compliance strategies, it called for investigating the use of US Dollars and other foreign currencies as legal tender for domestic transactions in Nigeria.
Business Post reports that the Naira further depreciated against the Dollar in the black market on Thursday by N15 to sell at N1,045 compared with the previous day’s rate of N1,030/$1.
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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