Economy
Mara, NITDA to Train 500,000 Civil Servants on Blockchain Skills
By Adedapo Adesanya
Mara, a blockchain-based technology firm, has announced an initiative to train 500,000 government employees on the intricacies of blockchain technology in partnership with the National Information Technology Development Agency (NITDA) and Circle, the creator of USDC and Euro Coin.
Mara is driving this initiative through its foundation, Mara Foundation. The collaboration seeks to equip Nigeria’s workforce with the skills and knowledge necessary to energize the workforce, drive innovation and foster economic growth in the digital age.
The first training session of the civil servants took place in Abuja on June 1, 2023, and marked a significant milestone in this collaborative effort.
Managers from the NITDA participated in the session, which focused on the role of blockchain technology in building Nigeria’s digital economy. Various topics were covered, including The Role of the Blockchain Industry in Strengthening Nigeria’s Digital Economy” and “Policymaking and Regulations for the Blockchain Industry.
The objective of the training was to bridge knowledge and capacity gaps within NITDA, enabling a deeper understanding of the potential benefits of blockchain technology and its policy implementation in Nigeria’s digital economy.
The session emphasized the importance of blockchain in enhancing efficiency, transparency, and security while underscoring NITDA’s pivotal role in regulating and promoting its adoption.
Mrs Aishatu Yahaya Umar, Deputy Manager of the Software Unit in the IT Infrastructure Solutions Department at NITDA, expressed gratitude for the training session.
She commended Mara for sharing valuable knowledge that will empower NITDA to explore the potential of blockchain in organizational processes, projects, and regulatory frameworks. Ms Umar acknowledged Mara’s dedication and collaborative efforts with the government and other stakeholders to drive blockchain technology in Nigeria.
According to her, “Mara, as one of the blockchain stakeholders in Nigeria, through this initiative has proven to be a great supporter of driving the Nigeria digital economy agenda, and we at NITDA are excited to be partners and beneficiaries of their laudable initiatives. We are convinced that by collaborating with government and other stakeholders within the space, the full adoption of blockchain technology in Nigeria is not far-fetched.”
On his part, Mr Chi Nnadi, Co-founder and CEO of Mara, highlighted the organisation’s commitment to closely working with the Nigerian government to increase blockchain adoption across the country and the broader African continent.
Mr Nnadi emphasised that empowering Nigeria’s workforce with the skills and knowledge required in the digital age would stimulate innovation and economic growth.
Recognizing blockchain’s transformative potential in various sectors, he emphasized the importance of equipping government workers with this technology to build a more effective and inclusive government system and establish better regulations.
He stated, “Blockchain has the potential to revolutionize various sectors in Africa, and by equipping government workers with this transformative technology, we are laying the foundation for a more effective and inclusive government system, better regulations and improved economy.”
The collaboration between Mara Foundation, NITDA, and Circle aims to create a solid foundation for the widespread adoption of blockchain technology in Nigeria. By training 500,000 government employees, the initiative seeks to propel Nigeria into a leading position in the digital economy and inspire other African nations to follow suit.
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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