Economy
Naira Crumbles to N1,554.57/$1 at Official FX Market
By Adedapo Adesanya
It was a bad day for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, June 16 as its value shrank against the United States Dollar at the close of transactions.
The Nigerian currency lost 0.18 per cent or N2.72 on the greenback during the trading session to close at N1,554.57/$1 compared with the N1,551.85/$1 it was traded last Friday.
The local currency also weakened against the Pound Sterling in the official market yesterday by N1.16 to sell for N2,101.46/£1 compared with the preceding day’s N2,100.30/£1 and lost N3.66 to finish at N1,791.92/€1, in contrast to the preceding session’s N1,788.26/€1.
However, the domestic currency appreciated against the Dollar in the black market segment yesterday by N20 to trade at N1,590/$1 compared with the preceding session’s rate of N1,610/$1.
The Naira, over the recent weeks, had been stable due to sustained investor confidence and market optimism boosted by offshore FX inflows as well as boosting local production, easing forex pressure, and strengthening non-oil exports.
However, recent global jitters particularly the Israel-Iran attacks have spooked investors even as oil prices have seen over 7 per cent boost in the last week.
Support is expected to come as Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025, according to the National Bureau of Statistics (NBS), showing a decline from April’s 23.71 per cent, marking a 0.74 per cent reduction.
In the cryptocurrency market, the bears took control due to profit-taking, though Ripple (XRP) moved in a different direction, rising by 2.6 per cent to close at $2.23.
Daily active addresses has jumped nearly 700 per cent in just one week. According to data from Santiment, the number of daily interacting XRP addresses has soared to 295,000, up from a three-month average of around 40,000.
Together with this surge, the number of whale wallets containing 1 million or more XRP has also reached an all-time high as there are now 2,700 wallets with at least 1 million XRP in it- worth approximately $2.25 million per wallet.
It is the largest figure in the 12-year history of XRP, which demonstrates the increasing level of confidence among big investors.
In addition, Binance Coin (BNB) increased by 0.7 per cent to $658.84, and Bitcoin (BTC) went up by 0.3 per cent to $106,973.78.
On the flip side, Dogecoin (DOGE) slumped by 1.9 per cent to $0.1738, Solana (SOL) fell by 1.9 per cent to $153.58, Cardano (ADA) slid by 1.6 per cent to $0.6334, Ethereum (ETH) declined by 1.4 per cent to $2,580.71, and Litecoin (LTC) crashed by 1.0 per cent to $86.42, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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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