Economy
London Stock Exchange Admits Finablr Shares
London Stock Exchange (LSE) has welcomed Finablr Plc, a global payments and foreign exchange company, to open London’s markets for trading and to celebrate the listing of the company’s shares on the Premium Segment of the Main Market of London Stock Exchange.
Finablr is a global platform for Payments and Foreign Exchange solutions underpinned by modern proprietary technology.
With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr group companies provide a broad array of tailored and trusted financial solutions for consumers and businesses.
The company is primed for growth as it benefits from structural drivers, such as the globalisation of commerce driven by migration and mobility, cross-border trade, growth of e-commerce and the creation of connected communities.
Through category-renowned brands, including UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto and Swych, Finablr sits at the centre of these intersecting trends, with an ability to serve both the end consumer and global corporates.
Finablr is present across the entire payments and foreign exchange value chain, from origination to processing to last-mile distribution.
An integrated platform is at the heart of the company’s proposition, supporting its omni-channel strategy with best-in-class operating capabilities and connectivity to global payment networks. This allows the company to develop a deep understanding of its customers’ requirements and deliver a range of solutions tailored to their lifestyle and business needs.
In 2018, the company managed over 150 million transactions, shifting the equivalent of $115 billion in volumes for its customers. Finablr has a broad global reach spanning over 170 countries and has relationships with more than 100 regulators.
The truly global reach of the company, sophistication of its technology and the economies of scale of its platform have made Finablr a partner of choice for leading global banks, financial institutions, retailers, mobile wallet providers and payment and technology companies.
Dr B R Shetty, Founder and Chairman of Finablr said: “Today marks a momentous milestone for Finablr and the beginning of an exciting new era to support the ever-evolving needs of a global customer and I would like to take this opportunity to thank our global patrons for their trust and faith in our commitment.”
Dr Shetty, Finablr’s largest shareholder and acknowledged by investors for star-studded track record of all round value creation, had bought UK-based Travelex in 2015 $1.1 billion.
The Finablr, as a group, has a global presence in over 170 countries, managed $114.5 billion in annual volumes for its clients in 2018. The group, comprises of UAE Exchange, Travelex Holdings and Xpress Money, among others, has been seeking to raise $200 from the IPO.
Promoth Manghat, Group Chief Executive Officer of Finablr said: “We are delighted that Finablr has joined the London Stock Exchange’s Premium Market, providing a new platform to grow over the coming years.
“We are very confident about the long-term prospects of the payments and foreign exchange solutions and the overarching presence of technology in such transactions and remain committed to generating the greatest value for our all our shareholders.”
Amidst unstable global macro and micro market situations bringing uncertainty in the broader socio-economic conditions, a rational price revision to 175 pence per share, down from an initially anticipated range above 200 pence, gave Finablr an implied market value of about $1.59 billion, said the bookrunner.
Books were covered at full value of the deal worth 192.5 million shares, thereby making the share offering to raise about £337 million. The deal size shall include a revised base deal size of 175 million shares and 17.5 million of over-allotment option shares.
The group claims to have built on the strength of their technology platform to provide best in class payments experiences to consumers and businesses. The group further claims that they are very well positioned to capture the future opportunities.
Dr. B R Shetty concluded with his words, “We have grown with a principle theme of Customer Service as our Currency and our endeavor would always be to serve the last person in the queue with equal zeal and care.”
Barclays, Goldman Sachs and J.P. Morgan Cazenove acted as Joint Global Co-ordinators and Joint Bookrunners, with EFG-Hermes, BofA Merrill Lynch and Numis also acting as Joint Bookrunners to the listing. Evercore acted as financial adviser to Finablr.
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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