Economy
Naira Improves to N1,347/$1 at NAFEX on FX Liquidity, Inflation Data Boost
By Adedapo Adesanya
The Naira improved its value against the US Dollar by N7.64 or 0.56 per cent in the the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, February 16 to N1,347.78/$1, in contrast to the preceding session’s N1,355.42/$1.
In the same vein, the local currency appreciated against the Pound Sterling in the official market yesterday by N5.41 to sell for N1,839.18/£1 versus last Friday’s closing price of N1,844.59/£1, and gained N9.78 on the Euro to close at N1,598.06/€1 compared with the N1,607.93/€1 it was traded in the previous trading day.
However, at the GTBank forex counter, the Naira lost N2 against the greenback to quote at N1,367/$1 versus the preceding session’s closing value of N1,365/$1, and at the parallel market, it remained unchanged at N1,420/$1.
The currency’s gain was supported by improved FX supply levels after last week’s elevated demand pressures. Licensed Bureaux De Change (BDC) operators fully entered into the official segment taking away some of the delayed demand.
Their presence is expected to boost liquidity and flow while other supply sources including exporters , non-bank corporate, and other market participants pause stoked pressures on the exchange rate.
Latest update revealed that Nigeria’s gross external reserves stayed stronger, adding $135.76 million day-on-day, bringing the total reserves to $47.81 billion.
Further support also came as the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate decelerated to 15.10 per cent in January, down from the 15.15 per cent recorded in December 2025. The January 2026 print showed a decrease of 0.05 per cent compared to the December 2025 Headline inflation rate while on an annualised basis, it was 12.51 per cent lower than the rate recorded in January 2025 (27.61 per cent).
This development strengthens the case for a rate cut when the Monetary Policy Committee (MPC) meets next week.
In the cryptocurrency market, the tokens tracked ended in green as traders remained cautious despite US interest rate data raising odds of rate cuts by the Federal Reserve in June after a report that showed inflation rose less than expected in January.
The backdrop of the weak US consumer price index data released last week that kept hopes of the US central bank rate cuts alive.
The CPI growth slowed to 2.4 per cent year-on-year in January from 2.7 per cent in December, the official data showed, reinforcing expectations for at least two 25 basis point rate cuts.
Cardano (ADA) added 2.8 per cent to trade at $0.2861, Litecoin (LTC) improved by 2.2 per cent to $55.09, Solana (SOL) appreciated by 1.9 per cent to $86.42, Binance Coin (BNB) jumped 1.8 per cent to $623.25, Ripple (XRP) grew by 1.5 per cent to $1.47, and Ethereum (ETH) soared by 0.9 per cent to $1,977.54.
On the flip side, Dogecoin (DOGE) depleted by 1.9 per cent to $0.0999, and Bitcoin went down by 0.2 per cent to $68,300.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended rallied by 1.18 per cent on Friday, May 8, its fifth in a row for this week.
During the session, the market capitalisation increased by N28.96 billion to N2.488 trillion from N2.459 trillion, and the NASD Unlisted Security Index (NSI) jumped by 48.39 points to 4,158.77 points from the 4,110.38 points recorded a day earlier.
The growth witnessed yesterday was spurred by the gains recorded by six securities, led by 11 Plc, which chalked up N11.00 to sell at 221.10 per unit versus Thursday’s closing price of N210.10 per unit. FrislandCampina Wamco Nigeria Plc added N10.26 to close at N132.98 per share compared with the previous day’s N127.06 per share, and Central Securities Clearing System (CSCS) Plc rose by N2.82 to N75.90 per unit from N73.08 per unit.
In addition, Lighthouse Financial Services Plc appreciated by 7 Kobo to 86 Kobo per share from 81 Kobo per share, UBN Property Plc climbed higher by 5 Kobo to N2.25 per unit from N2.20 per unit, and First Trust Mortgage Bank Plc gained 2 Kobo to close at N2.32 per share, in contrast to the previous session’s N2.30 per share.
Conversely, Geo-Fluids Plc went down by 20 Kobo to N2.90 per unit from N3.10 per unit, and Afriland Properties Plc lost 5 Kobo to end at N16.95 per share versus N17.00 per share.
The volume of transactions for the session surged by 41.8 per cent to 528,891 units from 372,916 units, and the value grew by 11.4 per cent to N34.0 million from N30.4 million, while the number of deals slid by 7.4 per cent to 25 deals from 27 deals.
The most traded stock by volume on a year-to-date basis was Great Nigeria Insurance (GNI) Plc, with 3.4 billion units worth N8.4 billion. Resourcery Plc occupied the second spot after trading 1.1 billion units valued at N415.7 million, and the third position was occupied by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
The most traded stock by value on a year-to-date basis was GNI Plc with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.5 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
By Dipo Olowookere
The local stock exchange reversed the previous day’s loss, with a 2.10 per cent surge on Friday as a result of demand for large-cap equities like Dangote Cement, First Holdco and others.
It was observed that apart from the insurance counter, which shed 0.37 per cent, every other sector closed higher yesterday.
The industrial goods index expanded by 7.26 per cent, the banking segment increased by 3.35 per cent, the consumer goods industry rose by 0.21 per cent, and the energy sector soared by 0.14 per cent.
Consequently, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited improved by 5,041.22 points to 244,775.83 points from 239,734.61 points, and the market capitalisation added N3.235 trillion to settle at N157.094 trillion compared with the preceding session’s N153.859 trillion.
The quintet of Neimeth, Cadbury Nigeria, LivingTrust Mortgage Bank, Mecure, and Dangote Cement led the advancers’ table on Friday, with 10.00 per cent growth each to quote at N9.90, N72.60, N3.52, N72.60, and N1,088.00, respectively.
On the flip side, the duo of UAC Nigeria and Industrial and Medical Gases lost 10.00 per cent each to sell for N171.00 and N42.30, respectively, as Eterna declined by 9.93 per cent to N33.55, Learn Africa slipped by 9.89 per cent to N8.20, and Deap Capital tripped by 9.69 per cent to N5.50.
The most active stock for the day was VFD Group, with a turnover of 102.9 million units valued at N1.1 billion. FCMB transacted 99.4 million units worth N1.1 billion, UBA traded 94.5 million units for N3.8 billion, Access Holdings exchanged 85.4 million units worth N2.0 billion, and Zenith Bank sold 46.5 million units valued at N5.8 billion.
At the close of trades, market participants traded 1.1 billion units worth N55.0 billion in 69,996 deals, in contrast to the 1.8 billion units valued at N72.2 billion transacted in 81,131 deals a day earlier, showing a crash in the trading volume, value, and number of deals by 38.89 per cent, 23.82 per cent, and 13.73 per cent, respectively.
By Adedapo Adesanya
The Naira fell against the US Dollar by N5.54 or 0.41 per cent to N1,361.39/$1 from N1,355.85/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, May 8.
The domestic currency also depreciated against the Pound Sterling in the official market during the session by N8.50 to trade at N1,853.68/£1 compared with the previous day’s N1,845.18/£1, and against the Euro, it lost N9.37 to sell for N1,602.63/€1 versus N1,593.26/€1.
However, at the GTBank FX desk, the Nigerian Naira appreciated against the US Dollar yesterday by N3 to quote at N1,372/$1 compared with Thursday’s closing value of N1,375/$1, and at the parallel market, it traded flat at N1,380/$1.
Despite the volatile outcome of the local currency, it remained within the expected trading range, reflecting sustained FX stabilisation efforts by the Central Bank of Nigeria (CBN), supported by improved liquidity, stronger autonomous inflows, and better price discovery.
Traders point to further gains for the Naira into the coming week, thanks to Dollar supply from foreign investors, exporters and oil companies, while demand is moderate. Nigerian yields are still attractive for foreign investors, serving as a basis for more (FX) flows coming to Nigeria.
Meanwhile, the country’s external reserves dropped by 3.4 per cent to $48.32 billion, from a 2009 high of $50.02 billion recorded on March 11.
In the cryptocurrency market, prices rallied after worries eased, following fresh US airstrikes in Iran that initially sparked a surge in oil prices and a broader risk-off move across crypto markets.
Bitcoin (BTC) added 0.8 per cent to sell at $80,212.54, Solana (SOL) gained 6.5 per cent to sell at $93.76, Cardano (ADA) appreciated by 5.1 per cent to $0.2749, Dogecoin (DOGE) grew by 3.7 per cent to $0.1102, and Ripple (XRP) rose by 3.1 per cent to $1.42.
Further, Binance Coin (BNB) jumped 2.3 per cent to $650.16, Ethereum (ETH) expanded by 1.6 per cent to $2,315.48, and TRON (TRX) increased by 0.1 per cent to $0.3515, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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