Economy
Naira/Dollar Exchange Rate Depreciates by 0.30% at I&E
By Adedapo Adesanya
The Naira depreciated by N1.10k or 0.30 percent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday, February 24, 2020.
This pushed the value of the local currency at the N365 territory during the trading session, closing at N365.36 to a Dollar from N364.26 per Dollar it appreciated to last Friday.
Business Post observed that the decline suffered by the domestic currency at the I$E FX window of the market came amid reduction in the value of transactions at the close of Monday’s session.
Data from the FMDQ, the platform which tracks activities of the market, showed that investors exchanged a total of $71.7 million compared with the previous session’s $480.39 million, representing a 85 percent or $408.7 million decline in the transaction value.
At the official window of the Central Bank of Nigeria (CBN) also known as the interbank segment, the local currency slightly appreciated by 0.02 percent or 5 kobo to N306.95/$1 from N307/$1 it previously traded.
At the parallel market, the domestic currency remained unchanged against the US Dollar as it closed on Monday at N360 per Dollar and also traded flat against the Euro at N392/€1, but gained N1 on the Pound Sterling to sell at N472/£1 versus N473/£1 it previously traded.
At the Bureaux De Change (BDCs) segment, operators exchanged the Naira against the Dollar at N358.30/$1 at the Abuja market in contrast to N358.70$1 it was sold last Friday, indicating a 40 kobo growth. It also gained 50 kobo on the Euro to sell at N393/€1 versus N393.50/€1 at the last last session, while it depreciated against the Pound by 50 kobo at the same market to N473.50/$1 from N473/$1.
At the Lagos BDC market, the Nigerian currency lost 40 kobo to quote at N358.40/$1 on Monday in contrast to to N358/$1 last Friday, while it appreciated by N2.50 against the Euro to close at N391/€1 compared with N393.50/€1 it traded last and improved by N1 gain on the British currency to N472/£1 from N473/£1 it last traded.
It was observed that yesterday, the Naira/USD rate remained unchanged at the Kano BDC market, closing at N358/$1. It also traded flat against the Pound and Euro at N472/£1 and N395/€1 respectively.
It was a similar scenario at the Port Harcourt market as BDC operators sold the Dollar, Pound Sterling and the Euro on Monday at N358/$1, N475/£1 and N397/€1 respectively, the same rate they all traded last Friday.
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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