Connect with us

Economy

Naira Falls at I&E as Bears Wipe $1trn from Crypto Market

Published

on

Future of the Crypto Market

By Adedapo Adesanya

The Naira recorded a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market as it traded at N415.10/$1 compared with N414.73/$1 it was traded on Thursday.

It was observed that the Naira came under pressure during the trading session with the value of transactions rising by 56.2 per cent or $60.7 million at the market window to $168.62 million from the preceding day’s $107.92 million.

In the same vein, the local currency depreciated against the American currency at the interbank segment of the market yesterday by 5 kobo or 0.1 per cent to N411.95/$1 from the previous day’s N411.90/$1.

However, the local currency lost 60 kobo against the Pound Sterling to trade at N552.75/£1 in contrast to N553.35/£1 it closed on Thursday and against the Euro, it depreciated by N2.64 to N448.79/€1 from N446.15/€1.

In a related development, the crypto market bled yesterday, with the Federal Reserve intending to withdraw stimulus from the market, riskier assets in the world such as the assets have suffered from over $1 trillion lost in market capitalisation so far.

Russia also added to the fear that seems to be gripping cryptocurrencies as the country’s central bank issued a harsh report on cryptocurrencies, including a potential ban on mining and trading.

Bitcoin (BTC), the largest digital asset, lost more than 9 per cent on Friday and dropped below $36,000, its lowest level since July.

Since its peak in November, it has lost over 45 per cent of its value as it traded at the Naira equivalent of N20,376,819.45.

Other digital currencies have suffered just as much, if not more, with Dash (DASH) plunging 19.7 per cent to trade at N57,825.35, Litecoin (LTC) moved down by 15.9 per cent to trade at N61,392.61, while Binance Coin (BNB) recorded a 15.6 per cent to trade at N152,054.69.

Cardano (ADA) went south by 13.1 per cent to trade at N650, Ripple (XRP) fell by 13.0 per cent to trade at N350.32, Dogecoin (DOGE) declined by 11.3 per cent to sell at N84.80, Tron (TRX) depreciated by 5.9 per cent to N35.99, Ethereum (ETH) made a 5.0 per cent loss to sell at N1,699,900.00, while the US Dollar Tether (USDT) made a 0.2 per cent depreciation to sell for N575.01.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

FG Vows to Tackle Rising Cost of Imported Fish Feed, Post-harvest Losses, Others

Published

on

imported fish feed

By Modupe Gbadeyanka

Stakeholders in the aquaculture subsector in Nigeria have been promised adequate support through favourable policies and financial inclusion.

This promise was made by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, during a high-level consultative meeting with fisheries cooperative groups in Abuja on Wednesday.

Participants informed the Minister some of the challenges affecting the fishing business in the country, including overfishing, environmental degradation, lack of access to affordable finance, post-harvest losses, inadequate cold storage infrastructure, poor transportation and market linkages, low youth involvement, multiple taxation by local government authorities, and the rising cost of imported fish feed.

They appealed to the federal government to support them to end Nigeria’s dependence on fish importation so as to transform the sector into a powerhouse of food security, employment, and export competitiveness.

In his remarks, Mr Oyetola said the government would look into the demands, noting that efforts are being made to support women and youth in the fishing sector with start-up grants and other empowerment initiatives.

“We will scale up domestic fish production, reduce dependency on imports, and reposition the sector for sustainable growth,” he said, adding that, “Increasing youth participation in aquaculture is not only vital for food production but also a strategic solution to reducing unemployment. We are committed to ensuring that young people and women are not left behind in this transformation.”

According to him, discussions are ongoing with the World Bank to secure financial support for fish farmers and that the ministry will be collaborating with the Nigerian Agricultural Insurance Corporation (NAIC) to ensure affordable and accessible insurance coverage for fish farmers across the country.

“We are also in talks with the Federal Ministry of Water Resources to replicate the successful aquaculture model at the Oyan Dam in other parts of the country,” he added, pointing to integrated planning and inter-ministerial cooperation as key pillars of the strategy.

“This meeting is not the end — it is the beginning of a sustained and transformative dialogue,” the Minister assured.

The meeting, convened by the Federal Ministry of Marine and Blue Economy, brought together leaders and members of major fisheries and aquaculture associations, including the Fisheries Cooperative Federation of Nigeria (FCFN), Tilapia Aquaculture Developers Association of Nigeria (TADAN), Catfish Farmers Association of Nigeria (CAFAN), Women in Fish Farming and Aquaculture, and the Practicing Farmers Association of Nigeria.

Continue Reading

Economy

Otedola’s 40% Acquisition Triggers Strong Appetite for First HoldCo Shares

Published

on

first holdco

By Aduragbemi Omiyale

Shares of First HoldCo Plc are currently being on high demand at the Nigerian Exchange (NGX) Limited after information got out that serial entrepreneur, Mr Femi Otedola, is now in control of about 40 per cent of the financial services provider.

On Wednesday, the company was the busiest equity on Customs Street, selling 10.5 billion units valued at N324.5 billion.

The off-market block trading was executed through negotiated deals as the transactions were privately arranged between parties and then reported to the bourse.

It was learned that 17 separate deals took place involving First Securities Ltd as the buyer with CardinalStone Securities Limited, Meristem Stockbrokers Limited, Renaissance Capital (Rencap) Securities Limited, Regency Asset Management Limited, United Capital Securities Limited, Stanbic IBTC Stockbrokers Limited, and First Securities Limited also as sellers in some deals.

According to reports, the former chairman of First HoldCo, Mr Oba Otudeko, gave up more than 20 per cent of his stake in the organisation to his rival, Mr Otedola, who increased his shareholding from 15 per cent to 40 per cent, putting him in almost total control of the firm, which operates the flagship First Bank of Nigeria Limited.

It was gathered that Mr Otedola bought the 5 per cent equity stake belonging to another long term shareholder; the Hassan-Odukales, after voluntarily quitting the company.

Business Post observed that on Thursday, investors are jostling to take position in the company because of the latest acquisitions by Mr Otedola, who they believe could bring stability to the fold.

At the time of filing this report at midday trading, shares of FirstHoldCo were up by 9.94 per cent to N35.40 per unit from the N32.20 per unit they closed at midweek.

Continue Reading

Economy

CBN Begins 301st MPC Meeting for July 21 as Analysts Eye Rate Cuts

Published

on

Cardoso MPC meeting

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has announced that its 301st Monetary Policy Committee (MPC) meeting is scheduled to take place on Monday, July 21 and Tuesday, July 22, 2025.

The MPC meeting, which will be held at the MPC Meeting Room located within the CBN Headquarters in Abuja, is one to watch as inflation eased again last month.

At the last meeting in May, which coincided with the 300th session, the team retained the Monetary Policy Rate (MPR) at 27.50 per cent, the second consecutive hold in 2025.

This second pause in rates came after six consecutive hikes recorded in 2024

The CBN also retained the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent, and that of Merchant Banks at 16.00 per cent, while keeping the Liquidity Ratio unchanged at 30.00 per cent.

The MPC based the decision on improvements in macroeconomic indicators at the time.

Now, analysts say the MPC may consider cutting interest rates since inflation has slowed for yet another month in June 2025.

On Wednesday, the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate moderated for the third consecutive month to 22.22 per cent in June 2025 from 22.97 per cent in May 2025. It was 23.71 per cent in April 2025, down from 24.23 per cent in the prior month.

According to the latest Consumer Price Index report released by the bureau, the year-on-year figure reflects a 0.75 percentage point decline from the previous month and a significant 11.97 percentage point drop when compared to June 2024, which recorded an inflation rate of 34.19 per cent.

The food inflation rate stood at 21.97 per cent year-on-year in June, a sharp drop from 40.87 per cent recorded in June 2024. This significant fall is attributed largely to the base year effect.

On a month-on-month basis, food inflation rose to 3.25 per cent in June, up from 2.19 per cent in May, driven by price increases in staples such as tomatoes, pepper, dried green peas, crayfish, shrimps, meat, plantain flour, and ground pepper.

The decision next week will hinge on the ability of the county to navigate economic challenges including inflationary pressures, foreign exchange volatility, and the global economic outlook.

Despite these, many quarters including the World Bank and the International Monetary Fund (IMF) have lauded reforms introduced by the federal government aimed at boosting local production and reducing demand for forex, noting that such moves would help dampen inflationary pass-through.

Continue Reading

Trending