Economy
Naira Gains 0.2% at Official Market Amid 23.7% Fall in FX Transactions
By Adedapo Adesanya
The Naira appreciated against the United States Dollar by 0.2 per cent or N3.21 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 12 to close at N1,570.99/$1 compared with the preceding session’s value of N1,574.20/$1.
Last week, the local currency gained against the greenback in all the trading sessions, the first time it recorded such a feat in a while.
This was buoyed by efforts of the Central Bank of Nigeria (CBN) to stabilise the market with a series of auctions to official dealers and Bureau de Change (BDCs).
However, at Monday’s session, there was a decline in the supply of FX, leading to a shortfall in turnover by 23.7 per cent or $76.67 million to $246.44 million from the $323.11 million quoted last Friday, according to data from the FMDQ Securities Exchange.
Also, the Nigerian Naira improved its value against the Pound Sterling at the spot market yesterday by N6.47 to wrap the session at N2,004.29/£1 versus last Friday’s rate of N2,010.76/£1 and gained N11.78 against the Euro to finish at N1,714.49/€1 versus N1,726.27/€1.
But in the parallel market, the Naira depreciated against the US Dollar on Monday by N5 to sell for N1,595/$1 compared with the preceding trading session’s N1,590/$1.
In the cryptocurrency market, the bulls took charge, with Ethereum (ETH) rising by 4.7 per cent to $2,684.83 as traders took advantage of Ethereum’s median gas price hitting a 5-year low.
Ethereum’s median gas fees fell to 1.9 gigawei (gwei), which is a denomination worth one-billionth of one ETH on August 10. It is the lowest level since mid-2019 and a nearly 98% drop from its 83.1 gwei year-to-date high in March.
Dogecoin (DOGE) rose yesterday by 4.5 per cent to $0.1061, Litecoin (LTC) jumped by 2.1 per cent to $60.96, and Ripple (XRP) recorded a 1.9 per cent growth to trade at $0.5659.
Further, Binance Coin (BNB) expanded by 1.4 per cent to $514.03, Cardano (ADA) appreciated by 0.9 per cent to $0.3345, Bitcoin (BTC) increased by 0.5 per cent to $59,017.02, and Solana (SOL) recorded a 0.2 per cent rise to $143.58, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) traded flat at $1.00 each.
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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