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.
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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