Economy
Naira Gains 0.13% Amid Rush for Dollar at I&E Window
By Adedapo Adesanya
Despite a large demand for the dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, July 2, 2020, the Naira was able to close stronger.
Business post reports that the local currency appreciated by 50 kobo or 0.13 percent against the US Dollar during the day to sell at N386/$1 in contrast to N386.50/$1 it sold on Wednesday.
According to data on the FMDQ Securities Exchange, the demand for the greenback spiked by 1,876.4 percent or $194.58 million as transactions worth $204.95 million occurred at the market segment compared with Wednesday’s $10.37 million.
This high demand could be attributed to the current projection made by Fitch that Nigeria was facing foreign currency liquidity pressures, a major source of worry.
On Wednesday, Fitch also warned that banks in the country may experience forex challenges this year because of low inflows as a result of the COVID-19.
Meanwhile, at the parallel market, the Naira gained N1 against the US Dollar to trade at N461/$1 in contrast to the previous day’s N462/$1. The domestic currency also appreciated against the Euro by N3 to sell at N502/€1 versus N505/€1. However, the local currency closed flat against the Pound to trade at N560/£1.
At the Bureaux De Change (BDC) segment of the forex market, it was gathered from the Association of Bureau De Changers Operators of Nigeria (ABCON) that in Lagos, the Naira depreciated against the Dollar by 50 kobo to trade at N458/$1 compared with Wednesday’s rate of N457.50/$1.
However, against the Pound, the local currency close flat at N567/£1, but gained 50 kobo on the Euro to trade at N502/€1 versus N502.50/€1.
At the Abuja BDC market, the domestic currency dropped N4 against the Dollar to sell at N459/$1 in contrast to the previous day’s N455/$1. Against the Pound, the Naira gained N5 to close at N550/£1 compared with N555/£1 and against the Euro, it appreciated by N10 to close at N500/€1 versus N510/€1.
But in Port Harcourt, the local currency depreciated by N1.50 against the US Dollar to close at N457 as against N455.50/$1 of the previous session and lost N5 against the Euro to trade at N495/€1 versus N490/€1, but closed flat against the Pound at N550/£1.
At the Kano market, the Nigerian currency remained static against the Dollar, Pound and the Euro at N456/$1, N540/£1 and N490/€1 respectively.
At the interbank segment, the value of the Naira to the Dollar remained unchanged at N361/$1 yesterday.
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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