Economy
Mobile Transactions in Nigeria Rise 384% to N1.4tr in Seven Months
By Adedapo Adesanya
The value of financial transactions carried out via mobile transactions amounted to N1.4 trillion from January to July 2020 as more Nigerians had to use the medium due to the limitations brought about by the coronavirus pandemic.
The figure indicated a 384 per cent rise compared to N289 billion recorded in the same period of 2019.
According to the e-payment data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), the amount transferred through mobile platforms in the last seven months has surpassed the total value of mobile transfers recorded in the 12 months of 2019, which stood at N828 billion.
NIBSS revealed that the volume of the mobile interscheme transactions also rose by 485 per cent from 10.9 million recorded between January and July 2019 to 63.8 million in the same period of 2020.
In a breakdown of the seven months figures, the financial body disclosed that the sum of N133.2 billion was transferred via mobile in January this year.
In February, transactions worth N148.3 billion were carried out, while in March, a total of N169.8 billion was recorded as mobile transfers.
In April, a total of N172 billion was transferred over mobile, while the figure stood at 230.2 billion in May.
The steady rise continued well into June and July as they rose to N245.9 billion and N275 billion respectively. This means July has recorded the highest transactional value so far.
The NIBSS data showed that electronic payments through the various platforms made available by banks and facilitated by system sustained their gains in the period under review. For instance, transactions over Point of Sales (PoS) rose by 41 per cent as the value of transactions on the platform across the country stood at N2.4 trillion in the seven months, compared with N1.7 trillion recorded in the same period of last year.
The NIBSS data showed that in January 2020, N313.4 billion worth of transactions were carried out over the PoS, an amount which is 41 per cent higher than the N222.9 billion recorded in January 2019.
In February 2020, the value grew by 69 per cent from N193.4 billion in 2019 to N326.0 billion. In March 2020, N368.9 billion worth of transactions were conducted, an amount which is 70 per cent higher than the N217.5 billion recorded in 2019.
By April, the value of transaction declined slightly to N272 billion, this was, however, higher than the N246 billion recorded in April 2019 by 11 per cent.
This changed in May as transactions worth N358 billion was recorded, a 39 per cent growth over N257.7 billion recorded in the same period last year.
The value of PoS transactions in June stood at N364.7 billion, which was 48 per cent higher than N245.9 billion recorded in June 2019. In July, the value jumped to N416.7 billion, a 49 per cent growth over N279.5 billion recorded in the same period last year.
In terms of volume of transactions, the e-payment platform also recorded 46.9 per cent increase as the volume of the PoS transactions for the seven months stood at 332 million compared with 226 million recorded in the same period of last year.
Analysis of the monthly volume showed that in January, the total volume of PoS payments was 41.30 million; 46.07 million in February and 52.25 million in March 2020. In April, the volume dropped to 40.8 million while it increased to 48.3 million in May. By June, the transaction volume rose to 49.4 million, while 53.9 million was recorded in July.
Out of a total of 548,592 terminals registered by Nigerian banks, only 360,534 had been actively deployed for use as of July, NIBSS data showed. This indicated that 188,058 PoS terminals were inactive.
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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