Naira Gains at P2P, Black Market, Falls at I&E

Image

By Adedapo Adesanya

It was a mixed bag for the Naira at the Peer-2-Peer (P2P), black market and the Investors and Exporters (I&E) arms of the foreign exchange (FX) market on Friday, April 14.

Data indicated that the domestic currency closed stronger against the greenback in the first two market segments but was weakened in the third market window.

In the P2P category of the forex market, the value of the local currency was fortified against its American counterpart yesterday by N2 as it finished at N748/$1 compared with the previous day’s value of N750/$1.

Also, in the parallel market, the exchange rate of the Nigerian Naira to the United States Dollar closed at N740/$1 compared with Thursday’s exchange rate of N742/$1.

But in the official market, the local currency lost N1.17 or 0.25 per cent against the US Dollar on the last trading session of the week to close at N464.00/$1 versus Thursday’s exchange rate of N462.83/$1.

Data from FMDQ Securities Exchange showed that the FX turnover for the session stood at $62.16 million, 52.7 per cent or $69.17 million lower than the $131.33 million posted a day earlier.

In the interbank segment, the exchange rate of the Naira to the Pound Sterling and the Euro remained unchanged on Friday at N571.92/£1 and N503.57/€1, respectively.

In the cryptocurrency market, Bitcoin (BTC) lost 1.2 per cent to quote at $30,426.90, Ethereum (ETH) depreciated by 1.4 per cent to sell at $2,088.25, Solana (SOL) shed 4.4 per cent to finish at $24.18, Ripple (XRP) recorded a 3.7 per cent slide to trade at $0.52, and Litecoin (LTC) went down by 2.7 per cent to settle at $95.72.

Further, Dogecoin (DOGE) made a 1.9 per cent depreciation to sell at $0.089, Binance Coin (BNB) lost 1.8 per cent to trade at $329.09, and Cardano (ADA) dipped by 0.4 per cent to quote at $0.4407, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.

Share
Related Stories
Image
26-September-2023

Traders Union Has Shared Useful Tips On How To Become A Full-Time Trader In 2023

Forex trading is an exciting and money-making venture, whether you do it as a hobby or a full-time job. In this article, Traders Union (TU) experts will talk about becoming a full-time trader and its advantages and disadvantages. They will also explain how much you can earn. Main steps to become a full-time trader So how to become a full-time trader? There are different options. TU’s analysts will explain each one: Forex prop company Pros: Access to funding: you can get funding from the company to increase your capital. Zero risk: your risk is low because the company provides the

Image
27-September-2023

IPMAN Laments Secret Return of Fuel Subsidy Payments

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

More Stories
Image
14-September-2023

Nigerians Suffer Power Blackout as National Grid Collapses

By Adedapo Adesanya The majority of Nigeria has been plunged into blackout as power supply dropped by 93.5 per cent to 273 megawatts (MW) on Thursday, September 14, following what is reportedly a complete system collapse of the national electricity grid. According to data from Nigeria Electricity System Operator, the semi-autonomous arm of the Transmission Company of Nigeria (TCN), transmission stations, including Afam VI, Dadinkowa, Ibom Power, Jebba, Olorunsogo generated 0.70MW, 0.00MW, 32.90MW, 240MW and zero respectively. For context, the country recorded 4,182MW on Monday, September 11, and it dropped on Tuesday (September 12) by 59 per cent to 1,705

Image
20-October-2016

Wema Bank To Finance Ogun Refinery

By Modupe Gbadeyanka Arrangements have been completed to build the second largest refinery in sub-Saharan Africa in Ogun State, which will also be the largest petroleum product depot in Nigeria and Wema Bank is providing the financial backing for this project. Business Post learnt that the refinery and tank farm, when fully completed, will generate over 2,000 jobs. Wema Bank is partnering with the Ogun State Government and three other companies to carry out this laudable project. The other firms, apart from Wema Bank Plc, are Petrolex Oil and Gas, Hyundai and Ajayi Legal Partner. They recently signed a deal

Image
18-May-2023

Public Affairs Experts Task Tinubu on Policy Directions to Lift Economy

By Modupe Gbadeyanka Barring any last-minute change, Mr Bola Tinubu will be inaugurated as the President of Nigeria on May 29, 2023, taking over from Mr Muhammadu Buhari, after he was declared winner of the February 25, 2023, presidential election conducted by the Independent National Electoral Commission (INEC). He will inherit a battered economy and would be expected to get the ground running to endear himself to some Nigerians, who are not happy with his emergence. As Mr Tinubu prepares for his next job, some public affairs experts and economists have warned him about policy loopholes that can derail the

Image
24-August-2023

Davido, Tiwa Savage, Others Lighten Giants of Africa Festival

By Modupe Gbadeyanka Fun seekers at the BK Arena in Kigali, Kenya, on Saturday, August 19, 2023, will not forget in a hurry the excitement they felt seeing their favourite African music stars perform in their presence. Several musicians from 16 countries converged on the venue to put smiles on the faces of their fans at an event hosted by Spotify in partnership with Giants of Africa for the inaugural Giants of Africa Festival. It was in celebration of the non-profit’s 20-year anniversary, and the week-long festival did not fall beyond expectations. The event used music and basketball to educate

Image
13-September-2021

Tacit Exchange: The Number One Gift Card Trading Platform in Nigeria

Gift card trading in Nigeria has become very rampant in the past few years. Still, traders find it tasking to decipher the best platforms in this niche. The definition of the best in anything is requisite to some characteristics exhibited by the said entity. This post brings you the number one gift card trading platform in Nigeria, where great gift card traders sell their cards at the sweetest rates. Tacit Exchange takes pride in the long years of providing traders with the opportunity to maximize profit on their gift cards and deliver funds in split seconds after providing the necessary details. Gift

Image
24-August-2019

Power Sector Responsible for N100bn Bad Debts

By Adedapo Adesanya  With the rising concerns over the implementation of the new electricity tariffs across the country, a report has shown that the Nigerian power sector is responsible for over N100 billion non-performing loans in the country. According to the data obtained from the National Bureau of Statistics (NBS), the power sector ranks among the sectors with the largest non-performing loans in the banking sector. As at the end of April 2019, the total loan portfolio by domestic and foreign components was put at N15.4 trillion, while the Non-Performing Loans (NPLs) stood at N1.67 trillion. Non-performing loans constitute one

Image
13-December-2019

Oando, NLNG Sign 20-Year Gas Supply Contract

By Modupe Gbadeyanka Gas supply agreements that would up to last 20 years have been signed between Oando Plc and Nigeria Liquefied Natural Gas Ltd (NLNG). A statement issued by the indigenous energy group listed on both the Nigerian and Johannesburg stock exchanges disclosed that it sealed a renewal of gas supply deal for the existing Trains 1-3 for a term of 10 years and a gas supply for the impending Train 7 for a term of 20 years. It was stated that the contracts were signed by the upstream subsidiary of the company, Oando Energy Resources, with the Group

Image
11-August-2016

5 Tech Gadgets You Can Hardly Do Without

Adeniyi Ogunfowoke The evolvement of technology over the decades has made it compulsory to use them. These technologies which come in various forms, sizes and shapes simplify human functions and activities thus making them indispensable. Most people are addicted to some of these gadgets to the point of the gadgets becoming an appendage. Jumia Travel, Africa’s No 1 hotel booking portal identifies five (5) gadgets you can hardly do without. Whilst some of these devices are fun to use, others are functionally for safety precautions. Music Player Whether you carry a personal music player or listen to music straight off

Ad
Ad
Recent Stories
Image
27-September-2023

Afreximbank to Use Oil Traders to Fund $3bn Nigerian Crude Swap Loan

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

Image
27-September-2023

Osimhen Snubs Teammates After Napoli TikTok Video

By Bliss Okperan Nigerian goal-poacher, who plies his football trade in Italy, Victor Osimhen, has expressed his frustration over the way his club, Napoli, treated his penalty miss over the weekend. The Italian club won a penalty in a match with Bologna on Sunday, but the striker could not put the ball in the back of the net, leaving his team with a goalless draw. On Tuesday, Napoli posted a video on its verified TikTok page. It was believed that the post was to mock the miss, sparking outrage from some fans, especially from Nigeria, the footballer’s home country. On

Image
27-September-2023

Nigeria Loses Bid to Co-host AFCON 2027

By Adedapo Adesanya Nigeria and its neighbour, Benin Republic, will not jointly host the 2027 Africa Cup of Nations (AFCON) as the Confederation of African Football (CAF) has favoured the trio of Kenya, Uganda and Tanzania for the continental football tournament. The apex football governing body in Africa on Wednesday also announced Morocco as the host of the biennial competition in 2025. Morocco last hosted the AFCON in 1988 and was chosen in 2015 but asked for the tournament to be postponed because of the Ebola virus, although CAF later decided to strip the North African nation of the hosting

Image
27-September-2023

Eid-El-Maulud: Tinubu, Obi, CAN, Others Rejoice With Muslims

By Bliss Okperan President Bola Tinubu has joined other persons and organisations to rejoice with Muslims all over the globe, particularly in Nigeria, over the birthday celebration of Prophet Mohammed. The federal government declared Wednesday, September 27, 2023, a public holiday for Eid-El-Maulud, and the President, as well as his opponent in the 2023 presidential election, Mr Peter Obi of the Labour Party (LP), has joined to celebrate the day. In a statement from the State House in Abuja, Mr Tinubu urged Muslims to use the day “for deep introspection and fervent prayers,” stressing they should “make deliberate efforts to

Image
27-September-2023

Teacher’s Day Celebration: Tackling Fundamental of National Educational System

By Blaise Udunze Every day is for the Teachers! The moment we start giving preferences to the profession and the people as the most important members of our society, the moment there will be the emergence of true instructors and educators who are ready to instil the requisite knowledge for nation-building. Alas! The society is in quagmire and stagnated in this part of the world. Over the years, the least attention has been given to the whole of the educational sector- the citadel of learning. The Citadel houses the army of teachers. Today, can it be said to be a

Image
27-September-2023

Election Tribunal: Sokoto Governor to Know Fate Saturday

By Bliss Okperan The Sokoto State Election Petition Tribunal will on Saturday, September 30, 2023, deliver a judgement on the petition filed by the candidate of the Peoples Democratic Party (PDP) in the governorship election in the state, Mr Sa’idu Umar. Mr Umar challenged the victory of the Governor of Sokoto State, Mr Ahmed Aliyu, who contested the poll under the platform of the All Progressives Congress (APC). He said Mr Aliyu was not qualified to partake in the poll and also alleged electoral fraud during the March 18 governorship election. In a press release, the court stated that, “Take

Image
27-September-2023

Reps Seeks Completion of Okpai–Kwale Transmission Line Project

By Adedapo Adesanya The House of Representatives has urged the Federal Ministry of Power and the Transmission Company of Nigeria (TCN) to urgently provide funds for the completion of the Okpai–Kwale Transmission Line Project in Delta State. At the plenary on Tuesday, the lower chamber of the parliament mandated its Committee on Power to ensure that bottlenecks mitigating against the completion of the project are effectively addressed and the project is completed in due time. This followed a motion moved by Mr Nnamdi Ezechi, the lawmaker representing Ndokwa/UKwuani Federal Constituency in the National Assembly on the floor of the green

Image
27-September-2023

Nigeria Needs FX Unification, Subsidy Removal for Economic Stability—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

Image
27-September-2023

Risevest Buys 100% Stake in Chaka

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

Image
27-September-2023

IPMAN Laments Secret Return of Fuel Subsidy Payments

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as