Naira Appreciates at P2P, Depreciates at I&E, Parallel Market

Image

By Adedapo Adesanya

The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) but weakened at the Investors and Exporters (I&E) and the parallel market windows of the foreign exchange (FX) market on Friday, April 28.

In the P2P wing of the market, currency traders exchanged the Naira to the Dollar at N749/$1 during the session versus N750/$1 a day earlier, indicating that the local currency appreciated by N1 in 24 hours.

But it was a different story in the black market, where the domestic currency depreciated against its American colleague by N2 to sell at N739/$1 compared with Thursday’s exchange rate of N737/$1.

It was the same scenario in the official market, where the Nigerian Naira lost 87 Kobo or 0.22 per cent against the greenback on Friday to trade at N463.00/$1, in contrast to the previous day’s N462.13/$1.

In the interbank segment, the Naira gained 72 Kobo against the Pound Sterling yesterday to finish at N574.06/£1 compared with the preceding session’s N574.78/£1 and against the Euro, it improved by N1.26 to N507.79/€1 from N509.11/€1.

In the cryptocurrency market, Bitcoin (BTC) slid below the $29,500 mark as crypto markets reacted to the release of the US Personal Consumption Expenditure (PCE) Price Index, which came in even at market expectations.

The Core PCE Price Index nosedived to 4.6 per cent year-on-year and climbed 0.3 per cent month-on-month.

BTC, which is the most valued crypto, dropped 1.3 per cent on Friday to sell at $29,362.26, Ethereum (ETH) saw its hope of moving closer to $1,900 hit a snag after it shed 1.4 per cent to $1,897.98, Binance Coin (BNB) fell by 3.2 per cent to $324.81, Cardano (ADA) dropped by 1.6 per cent to trade at $0.4056, and Litecoin (LTC) went down by 0.5 per cent to $89.75.

However, Solana (SOL) appreciated by 3.2 per cent to $23.19, Ripple (XRP) recorded a 2.4 per cent gain to trade at $0.4791, and Dogecoin (DOGE) improved by 0.3 per cent to $0.0805, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.

Share
Related Stories
Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

More Stories
Image
26-April-2021

Nigeria Bans Importation of Refined Sugar, Derivatives

By Aduragbemi Omiyale The importation of refined sugar and its derivatives into Nigeria from the Free Trade Zones (FTZs) has been prohibited. This action was taken by the Nigerian government to protect the sugar industry, which is governed by the Nigerian Sugar Master Plan (NSMP). Already, the Minister of Industry, Trade and Investment, Mr Niyi Adebayo, has issued a circular to the Nigerian Ports Authority (NPA) to ensure strict compliance with this directive. Also, the NPA has issued a directive to terminal operators of the Lagos Port Complex (LPC), Apapa, Lagos not to allow the importation of refined sugar and

Image
05-November-2020

Stock Exchange Delists Entire Shares of Law Union

By Dipo Olowookere The entire 4,296,330,500 outstanding ordinary shares of Law Union and Rock Insurance Plc have been delisted from the trading platform of the Nigerian Stock Exchange (NSE). Business Post confirmed from a notice issued by the exchange that the action was taken today, Thursday, November 5, 2020. The removal of the stocks of the insurance company followed the completion of the transfer of the equities to the new owners of the underwriting firm, Kanuri LUR Limited. Recall that Verod Capital agreed to purchase the entire issued share capital of the company through its investment vehicle, Kanuri LUR Limited.

Image
18-January-2017

CBN Bars Banks from Bitcoin, Other Virtual Currencies

By Modupe Gbadeyanka Financial institutions operating in Nigeria have been warned and directed not to “use, hold, trade and/ or transact in anyway in virtual currencies.” This order was given by the Central Bank of Nigeria (CBN) in a circular titled ‘Circular to Banks and Other Financial Institutions on Virtual Currency Operations in Nigeria’ and signed by the Director, Financial Policy and Regulation Department, Mr Kevin Amugo. In the circular, the apex bank admitted that the emergence of Virtual Currencies (VCs) has attracted investments in payments infrastructure that provides new methods for transmitting value over the internet, but emphasised that

Image
25-July-2020

Brent Sheds 0.12% as US-China Tensions Outweigh Positive Data

By Adedapo Adesanya Oil futures were mixed on Friday with support coming from European economic data but the gains were limited as tensions between the United States and China escalated further. The international benchmark, Brent crude, dropped 5 cents or 0.12 per cent to sell at $43.27 per barrel while on the other hand, the US West Texas Intermediate (WTI) crude gained 18 cents or 0.44 per cent to settle at $41.25 per barrel. China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to a US demand earlier this week that China

Image
19-October-2022

NASD OTC Bourse Closes Flat Amid Low Trading Activity

By Adedapo Adesanya Amid a decline in trading value and volume on Tuesday, the NASD Over-the-Counter (OTC) Securities Exchange closed flat, with the key performance indicators remaining unchanged at the close of transactions. The value of trades dropped 98.7 per cent during the session to N1.3 million from the preceding day’s N100.9 million, while the volume of stocks exchanged by investors went down by 98.8 per cent to 9,322 units from the 767,614 units published on Monday. During the session, market participants executed three deals, 66.7 per cent lower than the nine deals carried on the first trading day of the

Image
11-March-2018

NAICOM Takes Over UNIC Insurance, Plans Forensic Audit

By Dipo Olowookere The regulatory agency for insurance business in Nigeria, the National Insurance Commission (NAICOM), has taken over operations at UNIC Insurance Plc. This followed the sacking of management of the insurer and the constitution of a four-man interim board to pilot the affairs of UNIC Insurance for the next six months. The takeover of the firm, which happened on Thursday, according to NAICOM, is to ensure safety of policyholders’ investment as well as sanitise the insurance industry. The interim board is chaired by NAICOM’s former Director of Finance and Accounts, Mr Samuel Ordu, while Mr Theophilus Eke will

Image
30-March-2021

DPR Sacks Directors over Marginal Fields Controversy

By Adedapo Adesanya The controversies that followed the just-concluded bid round of 57 marginal fields has reportedly caused the sacking of all the deputy directors of the Department of Petroleum Resources (DPR). According to Nigerian NewsDirect, the sack of the directors was initiated over the disputes that railed the selection of winners and matching of companies exclusively done by the Director of the agency, Mr Sarki Auwalu. According to the report, the round had gone contrary to the global oil industry practice of public opening of bids. There were claims that the current management chose to send electronic mails to

Image
03-October-2018

Wema Picks Johnson Lebile as Secretary/Legal Adviser

By Dipo Olowookere Mr Johnson Lebile has been chosen to become the next Secretary/Legal Adviser of Wema Bank Plc with effective from Tuesday, October 2, 2018. This was disclosed by the financial institution in a notice to the Nigerian Stock Exchange (NSE) yesterday. According to Wema Bank, the position became vacant following the redeployment of the incumbent to head the Lagos Business Group after nine years of excellent stewardship. Prior to this appointment, Mr Lebile was the Head of Legal Services Department of Wema Bank Plc, a role he held since 2009. The new scribe is a thoroughbred professional with

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in