Economy
Naira Gains at NAFEX as Govt Tries Unorthodox Means to Stabilise FX Market
By Adedapo Adesanya
The Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, February 20 as the government and the Central Bank of Nigeria (CBN) applied unorthodox measures to arrest the free fall of the local currency.
In the official market yesterday, the Nigerian Naira gained 2.9 per cent or N47.3 on the Dollar to close at N1,551.24/$1, in contrast to the previous day’s N1,598.54/$1.
However, the domestic currency lost N92.60 against the British Pound Sterling during the session to quote at N2,023.64/£1 compared with the preceding day’s N1,931.04/£1 and against the Euro, it declined by N77.24 to settle at N1,729.36/€1 versus Monday’s closing rate of N1,652.12/€1.
It was observed that the supply of foreign exchange (FX) into the spot market increased yesterday, with the turnover at $117.32 million, 76.61 per cent or $50.89 million lower than the $66.43 million achieved a day earlier.
On Tuesday, the Nigerian government formed a joint task force made up of the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU), to combat forex speculation and tackle the issues affecting the country’s economic stability.
This approach is the latest being applied after numerous policies instituted by the Olayemi Cardoso-led CBN saw no lasting solution to the FX issue.
Before this, the EFCC operatives scuttled the operations of street traders in the nation’s capital, Abuja on Monday, affecting the value of the local currency in the black market yesterday.
It depreciated against the greenback during the trading day by N95 to close at N1,815/$1, in contrast to the preceding day’s value of N1,720/$1.
In the Peer-to-Peer (P2P) segment, the local currency also tumbled by N95 against the US Dollar to sell at N1,802/$1 compared with the N1,707/$1 it was quoted at the preceding session.
In the cryptocurrency market, momentum continued for the Ethereum (ETH) as it neared the $3,000 mark yesterday after a report from broker firm Bernstein said it is probably the only digital asset other than Bitcoin (BTC) likely to get spot exchange-traded fund (ETF) approval from the US Securities Exchange Commission (SEC).
The token gained 2.8 per cent to sell at $2,996.79, as BTC appreciated by 1.4 per cent to $52,141.52, and Binance Coin (BNB) jumped by 0.5 per cent to settle at $353.63.
However, Dogecoin (DOGE) dropped 4.1 per cent to $0.0855, Litecoin (LTC) went down by 2.1 per cent to $69.19, Solana (SOL) declined by 1.8 per cent to $107.60, Cardano (ADA) slid by 1.7 per cent to trade at $0.6121, and Ripple (XRP) slipped by 0.01 per cent to $0.5573, while the US Dollar Tether (USDT) and the 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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