Economy

Naira Gains at Interbank, I&E Segments as Dollar Demand Eases

Published

7 years ago

05/11/2019

By Adedapo Adesanya

Transactions closed on Monday, November 4, 2019 at foreign exchange (forex) market with the Naira appreciating against the US Dollar at both the Investors and Exporters (I&E) and Interbank segments of the market.

The local currency saw a 20 Kobo gain against the Dollar at the investors window yesterday to trade at N362.55/$1. This is in contrast to N362.75/$1 the Naira was exchanged at the same segment last Friday.

It was observed that the appreciation in value recorded by the domestic currency was influenced by the ease in the demand for the greenback at the market on Monday.

This was reflected in the value of trades printed at the I&E segment during the trading session as captured by FMDQ, the platform responsible for tracking forex transactions.

Business Post gathered that the market turnover dropped on Monday by 77.9 percent or $87.89 million as investors exchanged a total of $24.99 million compared with $112. 88 million exchanged at the previous session.

At the interbank segment of the Central Bank of Nigeria (CBN) on Monday, the domestic currency achieved a growth of 5 Kobo equivalent to 0.02 percent against the Dollar to exchange at N306.95/$1 compared with N307/$1 from the previously quoted price.

A look at the Naira’s performance at the parallel market showed that it remained flat against the three major quoted currencies tracked at the market; the US Dollar, the Euro, and the British Pound Sterling.

At the close of business on Monday, the Naira traded at N360 to the Dollar at the black market, while it remained at N400 to the Euro at the same window, and N463 against the British Pound.

With just over five weeks until the United Kingdom heads to the polls on December 12, investors are quite skeptical of the likely outcome and this could be considered to be the main reason the British currency has been performing below expectations following a strong performance last month.

Economy

NASD Exchange Rises 1%

Published

2 hours ago

07/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Four securities buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 1.00 per cent on Wednesday, May 6.

During the session, 11 Plc soared by N19.10 to sell at N210.10 per unit compared with the previous day’s N191.00 per unit, FrieslandCampina Wamco Nigeria Plc gained N9.90 to close at N116.80 per share versus N106.90 per share, Food Concepts Plc rose by 23 Kobo to N2.59 per unit from N2.36 per unit, and IPWA Plc increased by 3 Kobo to trade at N7.3o per share compared with the preceding day’s N7.27 per share.

As a result, the market capitalisation went up by N24.32 billion to N2.454 trillion from N2.429 trillion, and the NASD Unlisted Security Index (NSI) grew by 40.64 points to 4,101.58 points from 4,060.94 points.

It was observed that at midweek, there were two price decliners led by Okitipupa Plc, which shrank by N5.00 to finish at N300.00 per unit compared with the previous day’s N305.00 per unit, and Central Securities Clearing System (CSCS) Plc dipped by N1.14 to N76.00 per share from N77.14 per share.

The volume of securities traded by investors fell by 9.5 per cent to 506,651 units from the 679,768 units recorded a day earlier, and the number of deals slid by 15.9 per cent to 37 deals from 44 deals, while the value of securities went up by 25.5 per cent to N44.8 million from the N30.9 million recorded on Tuesday.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 60.3 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

Naira Rallies to N1,357/$1 at NAFEX, Remains N1,380/$1 at Parallel Market

Published

2 hours ago

07/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira maintained stability against the United States Dollar in the parallel market segment of the foreign exchange (FX) market on Wednesday at N1,380/$1, according to data obtained by Business Post.

However, at the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback by N9.22 or 0.67 per cent to quote at N1,357.34/$1 versus Tuesday’s closing value of N1,366.56/$1.

Equally, the local currency gained N5.58 against the Pound Sterling in the same market window at midweek to close at N1,847.20/£1 compared with the previous day’s N1,852.78/£1, and against the Euro, it was strengthened by N3.74 to N1,595.00/€1 from N1,598.74/€1.

In the same vein, the Nigerian Naira improved its rate against the US Dollar at the GTBank forex counter yesterday by N9 to sell at N1,375/$1, in contrast to the preceding session’s N1,384/$1.

Market activity improved notably, with total deals rising to 287 on Wednesday, a 25 per cent increase from 262 recorded on Tuesday. FX turnover climbed by 59.22 per cent or $157.88 million to $424.46 million from $266.58 million posted the previous day.

Activity in the interbank segment also strengthened. The number of deals rose by 62.6 per cent to 161 on Wednesday from 99 on Tuesday, while turnover surged by 120.95 per cent to $158.18 million from $71.59 million.

The improved liquidity conditions saw Nigeria’s external reserves continue their downward trend, declining to $48.33 billion as of May 5, 2026, according to data from the apex bank.

The Naira could face mild pressure from maturing securities, particularly the large volume of Open Market Operations (OMO) maturities exceeding N7 trillion. However, inflows from autonomous sources are expected to provide some cushion against potential volatility, analysts at the FMDA said.

Meanwhile, the cryptocurrency market was mixed as global stock markets ripped to fresh records on US-Iran ceasefire hopes, with reports indicating the two countries are working on a proposal to end the nearly 10-week conflict.

Binance Coin (BNB) gained 1.9 per cent to sell for $646.39, Solana (SOL) appreciated by 1.4 per cent to $88.55, Cardano (ADA) rose by 1.0 per cent to $0.2661, and TRON (TRX) increased by 0.3 per cent to $0.3447.

On the flip side, Dogecoin (DOGE) fell by 4.1 per cent to $0.1108, Ethereum (ETH) declined by 1.4 per cent to $2,329.51, Ripple (XRP) slipped by 1.7 per cent to $1.41, and Bitcoin (BTC) decreased by 0.3 per cent to $81,025.93, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

Economy

Airtel Africa, Others Lift Stock Market by 0.41%

Published

4 hours ago

07/05/2026

Dipo Olowookere

By Dipo Olowookere

The bulls returned to the Nigerian Exchange (NGX) Limited on Wednesday, helping the platform to close in green territory by 0.41 per cent.

Bargain-hunting activity by investors lifted the stock market at midweek, with all but one sector pointing northwards.

The banking counter appreciated by 0.78 per cent, the insurance sector grew by 0.62 per cent, the consumer goods industry improved by 0.26 per cent, and the industrial goods index expanded by 0.05 per cent, while the energy segment lost 0.01 per cent.

When the closing gong was struck to close trading activity, the All-Share Index (ASI) was up by 979.36 points to 242,729.51 points from 241,750.15 points, and the market capitalisation increased by N629 billion to N155.781 trillion from the previous day’s N155.152 trillion.

Airtel Africa gained 10.00 per cent to close at N3,323.40, CAP appreciated by 9.99 per cent to N193.20, Zichis expanded by 9.97 per cent to N27.58, RT Briscoe advanced by 9.95 per cent to N14.15, and FTN Cocoa rose by 9.92 per cent to N7.31.

Conversely, SUNU Assurances lost 10.00 per cent to trade at N4.05, Guinness Nigeria slipped by 9.99 per cent to N402.60, Caverton depreciated by 8.33 per cent to N5.50, Fortis Global Insurance shrank by 7.69 per cent to N1.08, and May and Baker decreased by 6.82 per cent to N32.00.

Investor sentiment was strong after the bourse finished with 46 appreciating equities and 24 depreciating equities, indicating a positive market breadth index.

CWG was the most active stock with a turnover of 421.7 million units worth N8.9 billion, Access Holdings transacted 85.4 million units valued at N2.1 billion, Chams traded 83.4 million units worth N267.0 million, Secure Electronic Technology sold 59.8 million units valued at N59.5 million, and Zenith Bank exchanged 56.0 million units for N7.2 billion.

In all, a total of 1.4 billion shares valued at N59.4 billion were bought and sold by investors in 85,804 deals at midweek versus the 1.3 billion shares worth N75.2 billion transacted in 102,665 deals a day earlier, representing an increase in the trading volume by 7.69 per cent, and a decline in the trading value and number of deals by 21.01 per cent, and 16.42 per cent, respectively.