Economy
Naira Appreciates to N1,383/$1 at Official Market
By Adedapo Adesanya
The Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N2.82 or 0.2 per cent to N1,383.88 /$1 on Thursday, March 26, from the N1,386.70/$1 it was traded a day earlier.
Also, the local currency improved its value against the Pound Sterling yesterday by N8.62 to trade at N1,847.76/£1 compared with the previous day’s N1,856.38/£1, and gained N8.66 on the Euro to sell at N1,597.14/€1 versus N1,605.80/€1.
However, the Naira lost N10 against the Dollar at the GTBank FX desk to quote at N1,401/$1 compared with the preceding session’s N1,391/$1, and in the parallel market, it depreciated by N5 to trade at N1,410/$1, in contrast to the N1,405/$1 it was traded on Wednesday.
The Central Bank of Nigeria (CBN) has scaled back its foreign exchange interventions since the Naira’s previous rebound, allowing market dynamics to play a more prominent role.
Moreover, the ongoing US-Israel conflict with Iran has intensified demand for the Dollar, propelling the greenback upward while other major currencies have experienced notable declines since the conflict erupted.
Despite strong expectations that instability in the Middle East would boost Nigeria’s foreign exchange income, the country’s gross external reserves have plunged for several consecutive days.
Meanwhile, the digital currency market was under pressure on Thursday due to geopolitical conflicts, as Ukraine’s strikes on Russian oil infrastructure have disrupted a key workaround to offset supply shocks from the Iran war. Elevated oil prices are reinforcing concerns about persistent inflation and the prospect of tighter monetary policy.
This is amplifying risks for financial markets, including cryptocurrencies.
Solana (SOL) depreciated by 3.4 per cent to $85.97, Cardano (ADA) slipped 3.1 per cent to $0.2536, Ethereum (ETH) dropped 2.9 per cent to $2,059.61, Bitcoin (BTC) fell by 2.0 per cent to $68,589.47, Ripple (XRP) crashed by 1.9 per cent to $1.35, Binance Coin (BNB) crumbled by 1.2 per cent to $627.56, and Dogecoin (DOGE) moderated by 0.8 per cent by $0.0919.
But TRON (TRX) gained 0.1 per cent to sell at $0.3149, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Modupe Gbadeyanka
The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.
Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.
On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.
These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.
Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.
Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.
The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”
It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
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