Economy
Gorilix Outperforms Ripple (XRP) and Cardano (ADA)

When looking for cryptos that could change the future, we often hear about Ripple (XRP) and Cardano (ADA). While the popular tokens are considered game-changers by most, they are both being outperformed by the new kid on the block Gorilix (SILVA), a token from Gorilix Defi that aims to establish itself as a part of crypto portfolios worldwide as part of the companies mission to put financial power in the hands of its holders.
In 2021 Ripple launched the XRP Ledger (XRPL. Unlike Bitcoin or Ethereum, the XRPL uses a unique Federated Consensus mechanism as its method of validating transactions. Transactions are confirmed on the XRPL through a consensus protocol, in which designated independent servers called validators agree on the order and outcome of XRP transactions. All servers in the network process each transaction according to the same rules, and any transaction that follows the protocol is confirmed immediately. Despite this innovative way of functioning, XRPS performance has been lackluster in recent months. Dropping from $0.8975 per XRP to its current level of $0.31, less than 10% of its all-time high reached in 2017.
Cardano (ADA) was founded by Charles Hoskinson, one of the Ethereum co-founders, to create the Cardano blockchain platform to bring about positive global change. Despite the crypto’s ambitions, it has also seen its price fall dramatically this year from a high of $1.6028 down to its current level of $0.4287 per ADA token.
Gorilix (SILVA), by comparison, has fared much better going on to real its current peak price of $0.02618, up nearly 230% from its launch price of $0.008 just a month ago.
SILVA is the flagship token of the Gorilix Defi platform. A platform that boldly allows its customers to become their own DeFi banks and put their idle crypto holdings into use. With Gorilix, you will be able to lend, borrow and save. In lending and saving, customers can earn income from their holdings in the form of interest payments.
SILVA is an Ethereum-based ERC-20 token that enables community governance of the Gorilix DeFi protocol. SILVA will use Ethereum’s Virtual Machine to increase cross-chain compatibility with alternative blockchains such as Binance Smart Chain and the Polygon network.
If trends continue the way they are with powerhouses like XRP and ADA continuing to face tough times, then fledgling tokens such as SILVA could be looked at like a lifeboat during this time providing high growth returns amid the turbulent market.
SILVA is available exclusively via the Gorilix Defi website.
To buy your SILVA tokens or learn more about Gorilix DEFI, visit https://gorilix.io.
To register for the presale: https://cabinet.gorilix.io/sign-up
To join Gorilix on Telegram, Twitter & Instagram: https://linktr.ee/Gorilix
Economy
NASD Index Falls 0.15% as Two Price Losers Overpower Five Price Gainers

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.15 per cent on Tuesday, August 23 after two price losers overpowered five price gainers.
This brought down the market capitalisation of the bourse by N4.38 billion to N2.179 trillion from the N2.184 trillion it ended at the preceding session, as the NASD Unlisted Security Index (NSI) declined by 5.65 points to 3,643.45 points from the 3,649.10 points it closed on Monday.
According to data, Central Securities Clearing System (CSCS) Plc depreciated by N1.20 to close at N47.00 per share versus N48.20 per share and UBN Property Plc lost 6 Kobo to end at N2.03 per unit, in contrast to the preceding day’s N2.09 per unit.
On the flip side, Lagos Building Investment Company (LBIC) Plc gained 27 Kobo to end at N3.35 per share compared with the preceding session’s N3.08 per share, Afriland Properties Plc increased by 10 Kobo to close at N19.95 per unit versus N19.85 per unit, Food Concepts Plc rose by 6 Kobo to N3.85 per share from N3.79 per share, Acorn Petroleum Plc expanded by 2 Kobo to end at N1.32 per unit versus N1.30 per unit, and Industrial and General Insurance (IGI) Plc appreciated by 1 Kobo to 61 Kobo share from 60 Kobo per share.
During the trading session, the volume of securities traded went up by 57.1 per cent to 7.2 million units from 4.6 million units, and the value of securities went down by 29.8 per cent to N8.5 million from N12.1 million, while the number of deals closed flat at 49 deals.
Okitipupa Plc retained its position as the most traded stock by value on a year-to-date basis with 158.7 million units transacted for N5.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 44.2 million units valued at N1.9 billion.
Also, IGI Plc maintained its spot as the most traded stock by volume on a year-to-date basis with 1.2 billion units worth N402.9 million, trailed by Impresit Bakolori Plc with 536.9 million units sold for N524.8 million, and Air Liquide Plc with 507.2 million units valued at N4.2 billion.
Economy
Rise in Forex Demand Crashes Naira to N1,537/$1 at Official Market

By Adedapo Adesanya
The Naira came under foreign exchange (FX) pressure on Tuesday, August 26, as its value further weakened against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) at the close of transactions.
According to data obtained from the Central Bank of Nigeria (CBN), the Nigerian currency lost N1.11 or 0.07 per cent against the greenback yesterday to sell for N1,537.61/$1, in contrast to the N1,536.51/$1 it was traded on Monday.
However, the domestic currency appreciated against the Pound Sterling in the official market during the session by N1.47 to close at N2,074.24/£1 compared with the previous day’s N2,075.71/£1 and gained N4.45 against the Euro to close at N1,793.17/€1 versus Monday’s closing price of N1,797.62/€1.
In the parallel market, the Nigerian Naira depreciated against the Dollar yesterday by N2 to trade at N1,547/$1 compared with the preceding session’s rate of N1,545/$1.
There has been a rising demand for the US Dollar by eligible corporate FX users seeking foreign payments, pushing the central bank to inject FX into the system.
AIICO Capital Limited, in a note, said the interbank NFEM saw increased FX demand against a limited supply.
Meanwhile, Nigeria’s external reserves could rise to about $45 billion by the end of the year, according to market analysts. According to Cowry Assets Management, the momentum of reserve growth appears likely to continue, supported by steady offshore inflows and potential external borrowings planned by the government.
But, this is hinged on global risk conditions remaining broadly supportive and offshore flows not significantly disrupted. With the reserves position strengthening, the CBN will have greater flexibility to sustain its interventionist approach in the FX market.
As for the cryptocurrency market, it grew during the session as traders jumped back in after Monday’s sell-off. Traders seized lower prices as an opportunity to re-enter the market.
Analysts warn of overheated sentiment ahead of Friday’s PCE inflation data, a key signal for the US Federal Reserve next move.
Also, investors and traders remain widely optimistic due to expectations of monetary easing and increased institutional demand, with Solana (SOL) expanding by 7.4 per cent to $203.06.
Dogecoin (DOGE) appreciated by 4.5 per cent to $0.2205, Ethereum (ETH) rose by 3.7 per cent to $4,594.36, Cardano (ADA) increased by 2.9 per cent to $0.8642, Ripple (XRP) grew by 2.8 per cent to $3.00, Litecoin (LTC) jumped by 2.2 per cent to $113.48, Binance Coin (BNB) soared by 1.6 per cent to $859.24, and Bitcoin (BTC) advanced by 0.9 per cent to $111,273.21, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
Economy
Customs Street Firms by 0.23% Despite Profit-Taking in Insurance Sector

By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further appreciated by 0.23 per cent on Tuesday despite witnessing profit-taking in the insurance sector.
The index for shares under the underwriting arm of the domestic stock exchange was down by 0.18 per cent during the session due to selling pressure.
However, it did not affect the general outcome of Customs Street as the other sectors patched up the gap, though the commodity counter closed flat.
Yesterday, the banking space grew by 0.73 per cent, the consumer goods industry expanded by 0.48 per cent, the energy index also improved by 0.48 per cent, and the industrial goods sector rose by 0.09 per cent.
Consequently, the All-Share Index (ASI) went up by 321.59 points to 141,761.36 points from 141,439.77 points and the market capitalisation grew by N204 billion to N89.697 trillion from N89.493 trillion.
Business Post reports that investors bought and sold 605.0 million shares for N12.9 billion in 28,845 deals on Tuesday versus the 591.3 million shares valued at N11.7 billion traded in 33,342 deals on Monday, representing a fall in the number of deals by 13.45 per cent, and an improvement in the volume and value of transactions by 2.32 per cent and 10.26 per cent apiece.
The busiest stock yesterday was FCMB with a turnover of 89.3 million units valued at N980.8 million, Veritas Kapital transacted 68.5 million units for N154.2 million, AIICO Insurance exchanged 36.2 million units worth N152.5 million, Secure Electronic Technology sold 27.3 million units valued at N27.1 million, and Mutual Benefits traded 23.5 million units worth N105.0 million.
The biggest price gainer for the session was NCR Nigeria with a price appreciation of 10.00 per cent to settle at N11.55, SFS REIT gained 9.99 per cent to close at N301.55, Berger Paints increased its value by 9.06 per cent to N34.90, Beta Glass jumped by 8.16 per cent to N486.00, and Cadbury Nigeria soared by 8.04 per cent to N62.50.
Conversely, Legend Internet slipped by 10.00 per cent to suffer the heaviest loss, closing at N5.40, and was followed by Electronic Technology, which gave up 9.26 per cent to quote at 98 Kobo. Cutix shed 8.97 per cent to finish at N3.55, UAC Nigeria depreciated by 8.69 per cent to N73.00, and Deap Capital tumbled by 8.29 per cent to N1.66.
The market breadth index was negative yesterday after the bourse finished with 27 appreciating stocks and 33 depreciating stocks, implying a weak investor sentiment.
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