Economy
FG to Register Fresh Union for University Lecturers
By Modupe Gbadeyanka
The Academic Staff Union of Universities (ASUU) may no longer be the only major union for lecturers in Nigeria as the federal government has commenced the process of registering a rival group.
The Minister of Labour and Employment, Mr Chris Ngige, said in Abuja on Thursday that the government was permitted under the law to embark on such.
For almost 10 months, members of ASUU have refused to return to classes because of the issues they have with the central government, especially on funding the education sector and the appropriate platform for the payment of their salaries.
Yesterday, some lecturers opposed to ASUU under the aegis of Congress of University Academics (CONUA) were at the Minister’s office, who commended them for supporting the government.
During the visit led by the National Coordinator of CONUA, Mr Niyi Sunmonu, the Minister noted that the decision of ASUU to stay away from work has negatively affected the sector, especially the students, who are already getting frustrated for staying at home for long.
Mr Ngige said he has asked the necessary agencies to work on the registration of the new association, noting that he should get an update next month.
“We are receiving you in audience formally today in this ministry. We have the right to receive associations of persons that are workers, whether we have registered them or not, just as you have the right to apply for registration which is the lawful thing to do.
“We have the right to receive and hold meetings with you. The journey to have you registered has just started.
“You have done the right thing by applying and this ministry has also done the right thing by processing your registration.
“The review of your application for registration is ongoing. I have put up a committee to look into that review. I will ask the committee to wind up its work.
“We are giving them four weeks from today to turn in their report to the ministry.
“Part of our job here is to register unions; it is also part of our job to make sure that unions that are not functional are helped,” the Minister informed the rival group.
In his remarks, Mr Sunmonu assured the Minister CONUA always constructively engage the government if finally registered, noting that the group was determined to have a seamless and uninterrupted academic calendar in the university system.
“The government cannot see what we see and we will not see what the government sees, but when we have our mind made up in a constructive manner, we will come to a reasonable agreement to further progress our universities and for the advancement of the nation,” he said.
He stressed that “ASUU no longer represents our interest and aspirations. CONUA fits to be described as a group of people who are independent academics and who have decided to come together to form a union committed to the advancement of education in Nigeria,” adding that “CONUA members are not members of ASUU and we are not ready to be part of ASUU due to irreconcilable differences and modes of operation.”
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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