Economy
Naira Crashes to N1,565/$1 at Black Market, Sells N1,534 at Official Market
By Adedapo Adesanya
It was not good day for the Naira in the black market segment of the foreign exchange (FX) market on Thursday. August 7, as its value significantly weakened against the US Dollar at the close of business.
Data obtained by Business Post from forex traders showed that the local currency crashed against the greenback yesterday by N22, the highest single-day loss in a while, to sell for N1,565/$1 compared with the N1,543/$1 it was exchanged on Wednesday.
This significant loss was largely blamed on speculators, who bet that the customers may begin to demand for FX later this month and next month for end of the year travels and school fees payment.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is controlled by the Central Bank of Nigeria (CBN), the Nigerian Naira slightly closed stronger against the Dollar yesterday by 17 Kobo or 0.01 per cent to quote at N1,534.34/$1 compared with the preceding session’s N1,534.51/$1.
Also in the official market, the Nigerian currency lost N15.16 against the Pound Sterling during the trading day to trade at N2,059.03/£1 versus N2,043.87/£1 and depreciated against the Euro by N4.39 to finish at N1,787.56/€1, in contrast to the N1,783.17/€1 it was traded at midweek session.
Market analysts and traders have maintained that the Naira will appreciate further given persistent FX injections by the central bank backed by flows to unofficial currency market, which has helped to stabilised the Naira, and reduce exchange rates gap to minimal level that discourage speculative transactions.
“We expect the FX market to continue to trade within the $1,500 to $1,600 band, supported by sustained reserve accretion and positive sentiment from recent macroeconomic revisions. However, subdued FX inflows could limit further Naira gains, keeping market dynamics sensitive to shifts in investor participation,” analysts at Coronation Merchant Bank noted earlier this week.
As for the digital currency market, a win-like situation for Ripple (XRP) lifted the mood of investors as the US Securities and Exchange Commission’s 2020 lawsuit against Ripple Labs was officially declared over.
This came after the two parties informed the Second Circuit Court of Appeals that they were voluntarily dismissing their respective appeals of a 2023 ruling in the case.
The SEC filed an appeal in 2024 after a district judge’s ruling in 2023 said that Ripple was making XRP available to retail traders through exchanges, while Ripple cross-appealed to maintain its arguments in the case.
The development saw XRP record a 10.9 per cent appreciation to close at $3.31, as Dogecoin (DOGE) went up by 7.4 per cent to $0.2203, and Cardano (ADA) added 6.9 per cent to trade at $0.7892.
Further, Ethereum (ETH) gained 5.9 per cent to close at $3,904.72, Solana (SOL) appreciated by 3.6 per cent to $174.50, Binance Coin (BNB) rose by 2.4 per cent to $785.60, and Bitcoin (BTC) increased by 1.8 per cent to $116,584.53.
However, Litecoin (LTC) went down by 1.1 per cent to end at $119.86, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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.
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