Economy
Naira Further Falls to N1.355/$1 at Official FX Market
By Adedapo Adesanya
The woes of the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) further continued on Tuesday, February 24.
During the session, the domestic currency weakened against the United States Dollar by N6.13 or 0.45 per cent to N1,355.37/$1 from the N1,349.24/$1 it was traded in the previous trading day.
The local currency also moved southwards on Tuesday in the same market window against the Pound Sterling after it lost N6.39 to trade at N1,828.26/£1 versus Monday’s closing price of N1,821.87/£1, and against the Euro, it depreciated by N4.94 to close at N1,596.36/€1, in contrast to the preceding session’s N1,591.42/€1.
Similarly, the Naira crashed against the US Dollar at the GTBank FX counter yesterday by N4 to settle at N1,361/$1 versus the N1,357/$1 it was exchanged a day earlier, and at the parallel market, it remained unchanged at N1,365/$1.
The fall of the Naira coincided with the Central Bank of Nigeria (CBN) buying US Dollars from the market to slow down the rapid rise of the nation’s legal tender. Latest information showed that last week, the apex bank bought about $189.80 million to reduce excess Dollar supply and control how fast the Naira was gaining value.
The rationale was to keep foreign investors from pulling their money out of Nigeria’s fixed-income market. If they sell their investments, it could increase demand for US Dollars and lead to more Dollar outflow from the economy.
Meanwhile, Mr Yemi Cardoso, the Governor of the CBN, said Nigeria’s gross external reserves have risen to $50.45 billion – the highest level in 13 years, while speaking after the 304th meeting of the monetary policy committee (MPC) of the CBN held on February 23 and 24.
The committee also reduced interest rates by 50 basis points to 26.50 per cent from 27 per cent after inflation eased in January 2026.
As for the cryptocurrency market, losses on concerns by embattled software businesses that artificial intelligence (AI) tools will destroy their business models continued and overturned some rallies on Tuesday.
Binance Coin (BNB) lost 2.1 per cent to sell for $585.41, Cardano (ADA) dropped 1.8 per cent to trade at $0.2595, Dogecoin (DOGE) went down by 1.5 per cent to $0.0920, Bitcoin (BTC) shrank by 1.2 per cent to $64,098.80, Litecoin (LTC) slipped 1.1 per cent to $51.31, Ripple (XRP) slumped 0.6 per cent to $1.35, and Ethereum (ETH) declined by 0.4 per cent to $1,857.75.
However, Solana (SOL) appreciated by 0.2 per cent to sell at $78.95. while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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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