Local Currency Gains N1.04 Against Dollar at Spot Market

Image

By Adedapo Adesanya

It was a winning opening day for the Naira as it gained N1.04 or 0.25 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Monday, December 13.

At the spot market yesterday, the local currency was traded at N414.06/$1 compared with N415.10/$1 it was transacted last Friday.

During the session, the turnover increased by 43.8 per cent or $37.01 million as forex worth $121.45 million was traded compared with the $84.44 million executed at the previous trading day.

However, at the interbank segment of the market, the Naira recorded a marginal loss of one kobo against the US Dollar yesterday to trade at N411.76/$1 in contrast to N411.75/$1 it traded at the last trading session.

The domestic currency also depreciated by 50 kobo against the British Pound Sterling to trade at N543.56/£1 compared to the previous N543.06/£1 and depreciated by one kobo against the Euro to quote at N464.09/€1 in contrast to N464.08/€1.

Meanwhile, of the 10 cryptocurrencies tracked by Business Post on Monday, nine closed bearish amid concerns about the Omicron virus impact on economic recovery.

It took the worst turn as the Dollar increased in value against major currencies, further putting pressure on the crypto market, ahead of some key central bank decisions throughout the week, including the Federal Reserve Bank.

Ethereum (ETH) plunged by 11.9 per cent to sell at N1,930,003.03, Cardano (ADA) declined by 7.1 per cent to sell at N754.77, Litecoin (LTC) took a 6.7 per cent hit to trade at N82,593.65, while Binance Coin (BNB) lost 6.1 per cent to trade at N214,980.02.

In addition, Bitcoin (BTC) made a 5.1 per cent loss to sell at N26,900,630.65, Dogecoin (DOGE) dropped 5.0 per cent to finish at N93.24, Ripple (XRP) depreciated by 4.2 per cent to N465.03, Tron (TRX) fell by 3.6 per cent to sell at N51.35, while Dash (DASH) declined by 3.6 per cent to trade at N75,665.10.

However, the United States Dollar Tether (USDT) appreciated by 0.1 per cent to sell at N573.55.

Share
Related Stories
Image
14-March-2024

Binance and Nigerian Law Enforcement: Partnership to Foster Responsible Growth

For Binance, complying with the applicable laws and regulations in the countries where we operate is a top priority. We proactively engage with regulators and law enforcement whenever we can contribute insight, intelligence, or expertise to help protect users, identify and prosecute criminals, or stop or prevent unlawful activity. This is the definition of collaborative security in the crypto space that we have pledged to strengthen. In light of recent news, we would like to share some facts and numbers that demonstrate that we take our commitment to promoting the responsible growth of crypto in Nigeria very seriously. Even though

Image
15-March-2024

Nigeria’s Inflation for February 2024 Jumps 31.70%

By Aduragbemi Omiyale The inflation rate in Nigeria increased by 31.70 per cent in February 2024, the National Bureau of Statistics (NBS) said in a report on Friday. This is 1.80 per cent higher than the 29.90 per cent recorded in January 2024, the agency’s Consumer Price Index (CPI) for February 2024 released this afternoon noted. The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living. In the report on Friday, the NBS said on a year-on-year basis, the headline inflation rate was 9.79 per cent higher than the

Image
18-March-2024

Court Orders Binance to Give EFCC Access to Nigerians’ Trading Data

By Adedapo Adesanya A Federal High Court in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform. Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Mr Ekele Iheanacho, on Monday. “The applicant’s application dated and filed on February 29, 2024, is hereby granted as prayed,” the court held today. It also held, “That an order of this court is hereby made directing the operators of Binance to provide the

Image
15-March-2024

Brent Rises to $85 as IEA Predicts Tighter Supply Market

By Adedapo Adesanya Brent crude appreciated by $1.39 or 1.7 per cent on Thursday to sell at $85.42 per barrel, its highest level in four months, as the International Energy Agency (IEA) predicted a tighter market in 2024 and raised its view on oil demand growth this year. This also helped the US West Texas Intermediate (WTI) crude to go up by $1.54, or 1.9 per cent to $81.26 per barrel, though the agency warned that the global economic slowdown acts as an additional headwind to oil use. The IEA raised its view on 2024 oil demand growth for the

More Stories
Image
05-August-2018

Kano Deputy Governor Hafiz Abubakar Resigns

By Dipo Olowookere The Deputy Governor of Kano State, Mr Hafiz Abubakar, has resigned from office and has also decamped from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP). Mr Abubaker announced his resignation on Sunday in a letter addressed to Governor of the state, Mr Abdullahi Ganduje. In his letter, the Deputy Governor said his decision to quit the state executive council was necessary due to disrespect of his office and unjust treatment by the Governor. Mr Abubakar noted that he would have loved to remain in office until the end of their tenure, but chose

Image
24-December-2019

Africa Still Strategic Partner for Russia—Amarasinghe

After the first Russia-Africa Summit held in Sochi, Russia and Africa have opened a new chapter in their relationship. Russia and Africa, during the summit, pledged to take significant steps in raising, both at a bilateral level and in various multilateral formats, cooperation in many spheres. Since the collapse of the Soviet era, Russia has played a low key-diplomacy there, now that is set to change. For nearly those three decades, many foreign players have been attracted to Africa, primarily, because Africa is steadily striding along the road of socioeconomic and technological progress, and is playing an increasing role in

Image
15-June-2021

Kano Approves Siting of AKK Gas Pipeline Project in Tamburawa

By Adedapo Adesanya The Kano State Government has approved Tamburawa in Dawakin Kudu Local Government Area, along Zaria Road as a planning location for the siting of the proposed gas industrial layout under the Nigeria National Petroleum Corporation (NNPC’s) Ajaokuta-Kaduna-Kano (APP) pipeline project. This was disclosed by the state Commissioner for Information, Mr Muhammad Garba, after the State Executive Council meeting. He explained that the approval was given to the state government NNPC-AKK Gas Pipeline Project Delivery and Gas Industrialization Committee (KNSG-PDIC) to set up its planning location at Tamburawa adjacent to Challawa Water Works where the Kano/AKK Terminal Gas

Image
19-September-2016

Housing Key To Economic Growth—CBN

By Ebitonye Akpodigha Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has stressed the importance of the development of housing market in Nigeria to grow the economy and the Gross Domestic Product (GDP). Mr Emefiele made this known at the opening ceremony of the 32nd Annual Conference and General Meeting of the African Union for Housing Finance (AUHF) in Abuja. He said the non-availability of long term capital to boost mortgages is the major challenge crippling the country’s housing market, adding that the housing sector currently contributes less than one percent to the nation’s GDP while the housing

Image
11-April-2022

Jumia Gives 60% Discount in Easter Shopping Sale Campaign

By Aduragbemi Omiyale Online shoppers will enjoy up to 60 per cent discount on a number of products on the Jumia platform in the special Easter Shopping Sale Campaign, the company has said. “This is a special offer to our consumers in celebration of the Easter holidays,” the chief executive of Jumia Nigeria, Mr Massimiliano Spalazzi, was quoted as saying in a statement. He further said, “As part of our culture at Jumia, we are offering our consumers the best deals on products for their essential needs, family entertainment, fashion and beauty, gadgets and other household items they wish to

Image
12-October-2018

Baru Praises Oil Unions for Averting Industrial Action

By Modupe Gbadeyanka Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has commended the leaderships of the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) for their roles in the prompt resolution of the recently averted planed industrial action. The NNPC GMD made this disclosure at the 4th Quadrennial Delegates’ Conference of the National Union of Petroleum and Natural Gas Workers (NUPENG), NNPC Group Executive Council in Abuja. Mr Baru pointed out that both unions have demonstrated uncommon commitment to the vision of the

Image
14-November-2016

Nigeria Serious About Sustainable Tourism—Lai Mohammed

By Dipo Olowookere Minister of Information and Culture, Alhaji Lai Mohammed, said the Federal Government has demonstrated that it has the political will to drive sustainable tourism in the country. Speaking at a panel of African Ministers of Tourism, who met on the sidelines of the UN Conference on Climate Change in Marrakech, Morocco, on Thursday, the Minister said, however, that for tourism to be sustainable, it must first be put on a sound footing. “We have a rich diversity in our culture and tourism sector. We have so much that the world wants to see. We have stories that

Image
25-January-2019

T-Bills Yields Settle at 14.50% as CBN Mops up N410b

By Dipo Olowookere Another Open Market Operations (OMO) was conducted on Thursday by the Central Bank of Nigeria (CBN) to mop up excess liquidity from the system. During the exercise, the apex bank sold treasury bills worth N409.9 billion, enough to soak inflows of N380 billion OMO maturities yesterday. Business Post reports that reaction of investors to the significant OMO sale dropped the average yields down by 0.60 percent to 14.50 percent. Yields fell for most maturities tracked amid sustained bullish activity. The one-month yield fell by 0.55 percent to settle at 12.57 percent, the 3-month yield slumped by 0.15

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry