Economy
Naira Dips to N1,405/$1 at Black Market as FX Demand Pressure Mounts
By Adedapo Adesanya
The value of the Nigerian Naira further depreciated against the United States Dollar in the black market segments of the currency market on Thursday by N15, closing at N1,405/$1 compared with the previous day’s value of N1,390/$1.
Information gathered by Business Post showed that the domestic currency was under pressure yesterday as a result of a renewed spike in the demand for the American currency as political activities gear up for next year’s general elections.
Also, at the GTBank forex counter, the local currency weakened against the greenback during the session by N13 to trade at N1,398/$1 compared with Wednesday’s closing price of N1,385/$1.
Similarly, the Naira lost 36 Kobo or 0.03 per cent against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday to finish at N1,387.45/$1 versus the N1,387.09/$1 it was transacted at midweek.
However, it appreciated against the Pound Sterling in the same market window by N2.72 to N1,852.38/£1 from N1,855.10/£1 and gained N5.41 on the Euro to settle at N1,609.86/€1 versus N1,615.27/€1.
The successive depreciation of the Naira suggests foreign payments continue to grow faster than total US Dollar volume.
This may trigger intervention from the Central Bank of Nigeria (CBN).
Nigeria is projected to be one of the beneficiaries of the current oil price windfall, following Brent crude trading above $85 per barrel, according to experts.
As for the cryptocurrency market, assets were in negative territory ahead of the key jobs report for February in the US, as traders rapidly cut bets on any more Federal Reserve rate cuts in the first half of 2026.
Some analysts noted that the US central bank will keep rates steady not only at this month’s meeting but in April as well.
Dogecoin (DOGE) went down by 5.4 per cent to $0.0928, Ethereum (ETH) dipped by 2.5 per cent to $2,080.46, Solana (SOL) depreciated by 2.4 per cent to $89.12, Cardano (ADA) also slumped 2.4 per cent to $0.2692, and Bitcoin (BTC) lost 2.1 per cent to sell for $71,229.83.
Further, Litecoin (LTC) declined by 1.9 per cent to close at $55.64, Ripple (XRP) shrank by 1.7 per cent to sell at $1.40, and Binance Coin (BNB) slipped 1.3 per cent to $648.77, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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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