Economy
Naira Loses N3 at Black Market on Forex Mop Up
By Adedapo Adesanya
The Naira depreciated by N3 against the United States Dollar at the parallel market on Tuesday, selling at N363/$1 after trading at N360/$1 on Monday.
In recent times, there have been rumours that the local currency would eventually be devalued due to the global economic crisis caused by the outbreak of coronavirus also known as COVID-19. This had led to some people mopping up forex in preparation of the unknown.
At the black market, the Nigerian currency also lost N3 against the British Pound Sterling on Tuesday, trading at N475/£1 compared with N472/£1 it recorded on Monday.
Against the Euro, the local currency also depreciated, this time by N5, to sell at N403/€1 in contrast to N398/€1 it was transacted at the previous session.
At the Bureaux De Change (BDC) segment of the foreign exchange market yesterday, data from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Naira lost 40 kobo in Lagos against the greenback to close at N358.40/$1 compared with N358.10/$1 it traded previously. The domestic currency also depreciated by N2 against the British currency to N473/£1 from N471/€1, but gained N2 against the Euro to close at N403/€1 versus N405/€1 it was on Monday.
At the Abuja BDC market, the local currency depreciated by N1 against the greenback to trade at N359/$1 after closing at N358/$1 previously. It significantly gained N19 against the Pound to sell at N471/£1 compared with N490/£1 recorded on Monday and against the Euro, the domestic currency appreciated by N26 to close at N369/£1 in contrast to N395/£1 it previously traded.
After weeks of stability at the Kano market, the Naira declined by N1.50 against the Dollar to close at N359.50/$1 in contrast to the previous N358/$1. However, it improved by N2 against the Pound to close at N470/£1 versus N472/£1 on Monday, and depreciated by N4 on the Euro to close at N399/€1 compared with N395/€1 it was sold at the last trading day.
At the Port Harcourt BDC market, the Naira sustained its stability against the Dollar, Pound and the Euro at N358/$1, N475/£1 and N397/€1 respectively.
The official exchange rate of the Naira against the Dollar at the Central Bank of Nigeria (CBN) also referred to as the interbank segment depreciated by 5 kobo or 0.02 percent on Tuesday, trading at N307/$1 compared with N306.95/$1 it was sold on Monday.
At the Investors and Exporters (I&E) segment of the forex market yesterday, the local currency lost 4 kobo against the American currency to sell at N366.75/$1 in contrast to N366.71/$1 it was exchanged at the previous session.
Data harvested by Business Post showed that the Naira came under pressure as a result increase in the demand for forex by customers, leading to the 150 percent or $298.52 million rise in the turnover yesterday.
Transactions worth $498.13 million were achieved on Tuesday compared with $199.61 million recorded at the previous session.
By Dipo Olowookere
The absence of a positive trigger left Nigerian stocks 0.38 per cent deeper in the bears’ territory on Friday, as investors embarked on cautious trading.
Two of the five major sectors tracked by Business Post finished in red on the last trading session of this week, with the industrial goods down by 2.44 per cent, and the energy down by 0.26 per cent due to profit-taking.
However, bargain-hunting raised the insurance sector by 1.52 per cent, the banking index increased by 0.79 per cent, and the consumer goods sector expanded by 0.28 per cent.
When the closing gong was struck yesterday, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited crashed by 741.04 points to 192,826.77 points from 193,567.81 points, and the market capitalisation lost N476 billion to close at N123.763 trillion compared with the previous day’s N124.239 trillion.
According to data from Customs Street, Mecure gave up 9.97 per cent to trade at N75.85, Meyer depreciated by 9.90 per cent to N18.65, DAAR Communications crumbled by 9.83 per cent to N2.11, Champion Breweries staggered by 6.49 per cent to N18.00, and Dangote Cement crashed by 6.09 per cent to N779.00.
Conversely, Sovereign Trust Insurance gained 9.95 per cent to settle at N2.21, RT Briscoe improved by 9.93 per cent to N12.51, NGX Group expanded by 9.78 per cent to N124.00, Ellah Lakes surged by 9.70 per cent to N13.00, and Omatek chalked up 9.70 per cent to sell for N2.60.
A total of 44 shares finished on the gainers’ chart during the session, while 25 shares ended on the losers’ table, representing a positive market breadth index and strong investor sentiment.
The activity chart showed that 823.8 million stocks valued at N34.8 billion exchanged hands in 63,759 deals during the session versus the 868.5 million stocks worth N31.5 billion traded in 69,310 deals on Thursday.
This indicated that the value of transactions increased by 10.48 per cent, the volume of trades declined by 5.15 per cent, and the number of deals dipped by 8.01 per cent.
The busiest equity on Friday was Fortis Global Insurance, which sold 146.6 million units for N137.3 million, Zenith Bank transacted 79.4 million units valued at N7.1 billion, Japaul exchanged 57.2 million units worth N225.1 million, Jaiz Bank traded 49.5 million units valued at N589.3 million, and Access Holdings exchanged 44.8 million units worth N1.2 billion.
By Adedapo Adesanya
Nigeria’s economy, measured by gross domestic product (GDP), grew by 4.07 per cent (year-on-year) in real terms in the fourth quarter (Q4) of 2025.
The National Bureau of Statistics (NBS) announced the development in its latest GDP report for Q4 2025 on Friday.
The latest figure represents an improvement over the 3.76 per cent growth recorded in the corresponding period of 2024, signalling sustained recovery across key sectors of the economy. The growth rate was faster than the third quarter’s 3.98 per cent.
The report confirmed that Nigeria’s oil sector grew 6.79 per cent year-on-year and the non-oil part of the economy expanded by 3.99 per cent.
Nigeria’s average daily oil production stood at 1.58 million barrels per day in the final three months of 2025. That was lower than the third quarter’s output of 1.64 million barrels per day but higher than the 1.54 million barrels per day in the fourth quarter of 2024.
Breakdown of the data showed that the agriculture sector grew by 4.00 per cent in the fourth quarter of 2025. This marks a significant increase compared to the 2.54 per cent growth recorded in the same quarter of 2024, reflecting improved output and resilience in the sector.
The industry sector also recorded a stronger performance during the period under review. It grew by 3.88 per cent year-on-year, up from 2.49 per cent posted in the fourth quarter of 2024. The improvement suggests enhanced activity in manufacturing, construction, and related industrial sub-sectors.
The services sector maintained its position as a major growth driver, expanding by 4.15 per cent in Q4 2025. However, this was slightly lower than the 4.75 per cent growth recorded in the corresponding quarter of the previous year.
Overall, the 4.07 per cent GDP growth in the final quarter of 2025 underscores broad-based expansion across agriculture, industry, and services, despite a marginal moderation in services growth.
The Q4 performance provides further evidence of strengthening economic momentum, with improvements recorded in both agriculture and industry compared to the previous year.
By Modupe Gbadeyanka
For the second time, Flour Mills of Nigeria Plc is sponsoring the Paris International Agricultural Show (PIAS) as part of its strategies to fortify its ties with France.
The 2026 PIAS kicked off on February 21 and will end on March 1, with about 607,503 visitors, nearly 4,000 animals, and over 1,000 exhibitors in attendance last year, and this year’s programme has already shown signs of being bigger and better.
The theme for this year’s event is Generations Solution. It is to foster knowledge transfer from younger generations and structure processes through which knowledge can be harnessed to drive technological advancement within the global agricultural sector.
In his address on the inaugural day of the Nigerian Pavilion on February 23, the Managing Director for FMN Agro and Director of Strategic Engagement/Stakeholder Relations, Mr Sadiq Usman, said, “At FMN, our mission is Feeding and Enriching Lives Every Day.
“This is a mandate we have fulfilled through decades of economic shifts, rooted in a culture of deep resilience and constant innovation. We support this pavilion because FMN recognises that the next frontier of global Agribusiness lies in high-level technical exchange.
“We thank the France-Nigeria Business Council (FNBC), the organisers of the PIAS, and our fellow members of the Nigerian Pavilion – Dangote, BUA, Zenith, Access, and our partners at Creativo El Matador and Soilless Farm Lab— we are exceedingly pleased to work to showcase the true face of Nigerian commerce.”
Speaking on the invaluable nature of the relationship between Nigeria and France, and the FMN’s commitment to process and product innovation, Mr John G. Coumantaros, stated, “The France – Nigeria relationship is a valuable partnership built on a shared value agenda that fosters remarkable Intercontinental trade growth.
“Also, as an organisation with over six decades of transformational footprint in Nigeria and progressively across the African Continent, FMN has been unwaveringly committed to product and process innovation.
“Therefore, our continuous partnership with France for the success of the Paris International Agricultural Show further buttresses the thriving relationship between both countries.”
PIAS is one of the most widely attended agricultural shows, with thousands of people from across the world in attendance.
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