Economy
FX Crisis: Nigeria Moves to Revive Naira-Yuan Currency Swap Deal
By Adedapo Adesanya
Nigeria has moved to revive the Bilateral Currency Swap Agreement (BCSA) signed between Nigeria and China, to ease pressure in the foreign exchange market.
The House of Representatives on Wednesday resolved to liaise with the Central Bank of Nigeria (CBN) to speed up the implementation of the currency swap deal.
This resolution followed a motion moved by Mr Jafaru Leko, a Bauchi state representative during plenary, after the agreement not much has been heard on the financial instrument.
The CBN commenced the take-off of the scheme through the Special Secondary Market Intervention Sales (SMIS) retail dedicated to the payment of renminbi-denominated Letters of Credit (LCs) for raw materials, machinery and agriculture only.
In his motion, Mr Leko called for the outright adoption of the Yuan as one of the major currencies for Nigeria’s foreign reserve, stressing that monetary authorities must consider the Chinese Yuan as an alternative trading currency in the face of the decline of the Naira against the US dollar and major currencies.
Mr Leko called for the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside others, calling on the apex bank to explore the appropriate mechanisms, policies, and partnerships required for the implementation of the shift to Yuan.
“Global economic landscape is evolving and international trade dynamics are shifting, with China assuming a leading role in global trade.
“People’s Republic of China has a stable and globally recognised currency, the Chinese Yuan (CNY), which is gaining recognition in international trade,” Mr Leko said.
To buttress his point, the lawmaker said, “Adopting the Chinese Yuan as an additional foreign exchange reserve currency might mitigate the adverse effects of Naira depreciation.”
He added that, “It would enhance Nigeria’s trade and economic ties with China, a crucial trading partner.”
However, the Deputy Speaker, Mr Ben Kalu, who presided over the session, said there was no need for the House to call for a new policy, instead, the government should revive the currency swap scheme.
Subsequently, Mr Sada Soli from Katsina moved an amendment to urge the speeding up of the 2018 current swap agreement.
The motion was passed as amended when Mr Kalu put it to vote.
The Committees on Banking Regulations, Banking and Other Ancillary Institutions were mandated to interface with the CBN on the policy and report to the House within four weeks.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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.
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