Economy
Effective Fiscal, Monetary Policies Will Revamp Nigerian Economy—Standard Chartered Bank
By Adedapo Adesanya
Standard Chartered Bank (SCB) Nigeria, through its forum, has said that Nigeria needs to balance effective fiscal and monetary policies to awaken its ailing economy.
This was the crux of the matter at the company’s recently hosted Global Research Briefing which sought to identify the key concerns for the Nigerian financial market, pool solutions from a cross-section of financial and oil sector experts, and chart a course in a bid to reverse the negative situation.
This is coming as the world continues to contend with the effects of the COVID-19 pandemic.
Held in Lagos, the event provided a conducive environment for market leaders to dialogue on an array of key economic issues ranging from the expected implementation of foreign exchange and monetary policy reforms to interventions needed to address the challenges in the oil and gas sector.
In his welcome remarks, the CEO of Standard Chartered Bank Nigeria, Mr Lamin Manjang, noted that the session came at a time of great uncertainty and volatility both globally and locally, marked by the spectre of high inflation and slow growth.
“We have seen a very aggressive tightening of monetary policy across almost all central banks in the world. In Nigeria, we have seen the same phenomenon of high inflation. But it’s not all doom and gloom. We have been through similar challenges in the past, and we eventually came out of it,” he stated.
During her keynote presentation, SCB’s Regional Head of Research, Africa and the Middle East, Ms Razia Kahn, highlighted the need for greater reassurance on FX and other policy reforms for Nigeria to attract foreign investor participation.
“In terms of the policy response, Nigeria has perhaps been more tested than many other economies. A lot of the transmission of the different pressures into the great slowdown has been exacerbated by the policy decisions in Nigeria. Still, Nigeria stands apart from many of its African counterparts simply because it is seen as an economy that has scale,” she explained.
Addressing the challenges within the petroleum industry, Ms Khan moderated an Oil and Gas panel session which included Mr Leke Ogunlewe, former Head of Global Banking/Corporate and Institutional Banking, SCB; Mr Chikezie Nwosu, MD/CEO, Waltersmith Petroman Oil Limited; and Mr Femi Ogunbi, Treasurer, ExxonMobil.
Speaking on challenges brought on by the implementation of the Petroleum Industry Act, Mr Ogunlewe noted that there were concerns regarding the regulation of the significant investments of oil & gas companies in social initiatives, particularly as they relate to their host communities.
“We now have a regulator that monitors these organizations in a way that is unfavourable to the communities. I’m curious to see how that will work out because I know from experience that several oil & gas companies spend much more than the PIA stipulates,” he stated.
In his remarks, Mr Ogunbi underscored the need for the market forces of demand and supply to play a greater role in Nigeria’s oil & gas policies. According to him, Nigeria needs more enablers and respect for market forces in virtually every sector.
Discussing the need to attract Foreign Direct Investment, the Financial Markets panel included Mr Ayodeji Adelagun, Head, Financial Markets, Standard Chartered Bank Nigeria; Ms Elizabeth Oguegbu, Head of Financial Markets Sales, Standard Chartered Bank Nigeria; Mr David Alao, CEO, Leadway Asset Management Company; and Ms Tumi Sekoni, MD, FMDQ Exchange.
During the discussion, Mr Alao noted that serious FX reforms are necessary for the international investing public to regain confidence in Nigeria, just as Ms Sekoni called attention to the likelihood of FX reforms being deferred till after the coming elections.
Speaking at the session, Mr Olukorede Adenowo, Executive Director, Corporate Commercial and Institutional Banking, said, “As a global bank with a rich network of experience and expertise in Africa and the Middle East, we are in a unique position to support the massive shift of capital towards sustainable finance, which has become a priority for stakeholders, investors and clients, alike. The people and businesses we serve are the engines of trade and innovation and are central to the transition to a fair, sustainable future.
“The Global Research Briefing provided an opportunity for us to share insights into the challenges within the country and, more so, the tremendous opportunities that exist as well as providing solutions that governments can take to make their markets more attractive for investment.
“We are determined to support our clients with identifying such opportunities and developing significant sustainable finance solutions to grow their businesses. This will ensure that we can deliver on our aspiration to be the Bank that’s continuously driving commerce and prosperity for our clients and the economies we operate in.’’
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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