Economy
Naira Gains 18%, Trades N815/$1 at NAFEM
By Adedapo Adesanya
The Nigerian currency appreciated against its United States counterpart on Tuesday, October 31 after plunging to its lowest level in the Nigerian Autonomous Foreign Exchange Market (NAFEM) a day earlier.
At the official market yesterday, the value of the Naira to the Dollar improved by 18 per cent or N178.50 to close at N815.32/$1 compared with the previous day’s rate of N993.82/$1.
The local currency gained weight during the trading session despite the supply of foreign exchange (forex) declining by $13.58 million or 15.4 per cent to $74.73 million from the $88.31 million transacted on Monday, according to data harvested from the FMDQ Securities Exchange.
The country has been faced with difficulty in supplying the much-needed FX and multiple promises have not yielded results.
The latest is from the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, who said the government was targeting an exchange rate of N650 to the Dollar by December.
The tax expert predicted that the true value of the Naira would be reflected next month, adding that the government will be introducing new foreign exchange rules (already part of the recommendations his committee made to President Bola Tinubu), including a crackdown on illegal currency trading, to help the naira reach a “fair price” of N650-750 to the Dollar by year-end.
Mr Oyedele also revealed that the government plans to clear a backlog of Dollar demand, bolster the Naira forward market, and set transparent rules for the official market.
He added that the government also wants to expand the official market to include all legitimate transactions while snuffing out the illicit “black market” for foreign currency.
This information may have helped to calm nerves in the black market on Tuesday, as the value of the Naira firmed up by N10 to close at N1,170/$1 compared with the previous day’s N1,180/$1.
Also, the local currency appreciated against the American currency in the Peer-to-Peer (P2P) section of the FX market by N34 to finish at N1,141/$1, in contrast to Monday’s N1,175/$1.
In the official market segment, the Naira closed flat against the Pound Sterling and the Euro during the session at N1,104.56/£1 and N965.25/€1, respectively.
In the cryptocurrency market, Solana (SOL) made the biggest gain by adding 5.8 per cent to its value to sell at $38.22, as Ripple (XRP) rose by 2.9 per cent to trade at $0.5901, and Bitcoin (BTC) improved by 0.4 per cent to close at $34,408.18, with Ethereum (ETH) going up by 0.3 per cent to sell at $1,802.62.
On the flip side, Cardano (ADA) slumped by 4.5 per cent to $0.2872, Dogecoin (DOGE) shed 3.2 per cent to sell at $0.067, Litecoin (LTC) declined by 1.8 per cent to $67.81, and Binance Coin (BNB) dropped 1.1 per cent to finish at $224.62, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The Governor of Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said interventions by the lender quelled Nigeria’s inflation from hitting a 42 per cent high.
Speaking at the 2025 Monetary Policy Forum with the theme Managing the Disinflation Process in Abuja, he said without the decisive policy interventions undertaken by the bank to reign in rising prices, inflation could have reached 42.81 per cent by December 2024.
Nigeria’s inflation rate rose for the fourth straight month to 34.8 per cent in December 2024, up from 34.6 per cent in the prior month.
Mr Cardoso also noted that the liquidity injections associated with unorthodox monetary policies, particularly since the COVID-19 pandemic, had created a significant overhang.
He added that while these measures were intended to cushion immediate shocks, they did not translate into commensurate productivity growth, fueling inflationary pressures, and heightened foreign exchange volatility.
The apex bank chief also said excess Naira liquidity in the system had amplified demand-driven inflation, further exacerbated by supply-side constraints stemming from structural deficits.
The CBN governor also said recent reforms in the nation’s Foreign Exchange (FX) segment have continued to attract foreign investors into the economy, vowing that the monetary authority will do everything possible to ensure that current inflows continue.
Mr Cardoso noted that cautious optimism was emerging globally around potential improvements in capital flows to emerging markets, as advanced economies transition toward monetary easing.
He noted that Nigeria’s ability to sustain these inflows will depend on investor confidence in domestic reforms, particularly those ensuring macroeconomic stability and delivering positive real returns on investment.
“However, we must remain committed to bold, coordinated policy measures to consolidate our progress” he said, adding that for inflation to be defeated, it required serious collaboration between the fiscal and monetary side.
The CBN governor said these dynamics underscored the importance of a disciplined and coordinated approach to monetary policy to restore stability.
By Aduragbemi Omiyale
About 633 million litres of premium motor spirit (PMS), otherwise known as petrol, and automated gas oil (AGO), also known as diesel, were imported into Nigeria in January 2025 to ensure consumers get the products to purchase.
The fuel was brought into the country this month by the Nigerian National Petroleum Company (NNPC) Limited and some oil marketers.
The country imported these products despite local production from the Dangote Refinery and the Port Harcourt Refinery operated by the federal government through the NNPC.
A breakdown showed that about 458 million litres of petrol entered the country and 174 million litres of diesel were imported in one month.
A report by Punch said the NNPCL brought in the highest volume totalling 158,740 metric tonnes of petrol, and going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the oil firm brought in about 212.87 million litres of petrol between January 1 and 29, 2025.
The national oil firm also imported 62,866 MT of diesel into the country within the same period. The amount represents a total of 120.1m litres when converted to litres.
The situation described by oil and gas experts as baffling and shocking, is against the backdrop of the widely publicised operational commencement of the 210,000 barrels per day Port Harcourt refinery and the 125,000 barrels per day Warri refinery by the NNPCL, making a combined capacity of 335,000 barrels per day.
The document stated that the first consignment, which arrived on Friday, January 10, carried 15,000 metric tonnes of petrol, equivalent to 20.12 million litres, and docked at the Calabar port.
Another vessel received by the NNPCL on January 16, 2025, berthed at the Calabar port with a load of 15,000 metric tonnes.
At the Lagos ports, vessels conveying products were received on January 13, 22 and 27 carrying a total of 128,740 metric tonnes, amounting to 172.64m litres.
For diesel, the national oil firm was the recipient of three vessels that berthed at the Lagos ports on January 9 and 16, carrying a total of 62,866 metric tonnes representing 74.81m litres
Similarly, major marketers such as Bovas, A.A. Rano, Matrix, Raj, and AYM Shafa have continued their importation activities, collectively bringing in a total of 246.02 million litres of petrol and 99.96m of diesel.
Other marketers include Chipet Oil, MenJ, WosbasB, Shorelink, Prudent, and Prado.
These marketers landed their products at the Lagos, Port Harcourt and Warri ports for onward distribution and delivery to its filling stations.
Matrix was the highest volume importer and brought in 126.89m litres of fuel.
Reacting, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, stated that Port Harcourt is still operating at a skeletal level despite commencing operations two months ago.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange headed southwards by 0.02 per cent on Thursday, January 30 despite recording three price gainers led by Okitipupa Plc, which gained N6.38 to trade at N70.13 per share versus the preceding day’s N63.75 per share.
Further, First Trust Microfinance Plc appreciated by 4 Kobo to finish at 47 Kobo per unit compared with Wednesday’s closing price of 43 Kobo per unit, and FrieslandCampina Wamco Nigeria Plc jumped by 26 Kobo to N38.94 per share from midweek’s N38.68 per share.
However, the 16 Kobo loss suffered by Food Concepts Plc, which ended the session at N1.44 per share versus the previous trading day’s N1.60 per share, left the platform in the hands of the bears.
Consequently, N370 million was chucked off the market capitalisation of the bourse to remain relatively unchanged at N1.769 trillion as the NASD Unlisted Security Index (NSI) declined by 0.65 points to close at 3,123.05 points, in contrast to the 3,123.70 points it ended a day earlier.
The volume of securities traded at the bourse during the session went down by 88.9 per cent to 1.7 million units from the 14.9 million units recorded on Wednesday, but the value of shares transacted by investors increased by 46.3 per cent to N44.1 million from N30.1 million, and the number of deals expanded by 10.7 per cent to 31 deals from 28 deals.
Impresit Bakolori Plc ended the day as the most active stock by value (year-to-date) with 406.5 million units worth N386.1 million, followed by FrieslandCampina Wamco Nigeria Plc with 4.3 million units valued at N170.4 million, and Geo-Fluids Plc with 9.1 million units sold for N44.3 million.
Impresit Bakolori Plc was also the most active stock by volume (year-to-date) with 406.5 million units worth N386.1 million, trailed by Industrial and General Insurance (IGI) Plc with 26.3 million units sold for N6.3 million, and Geo-Fluids Plc with 9.2 million units valued at N44.3 million.
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