Economy
Naira Remains at N500/$1 as CBN Works to Crack Black Market
By Adedapo Adesanya
The Naira traded flat against the American currency on Monday at N500/$1 at the black market segment of the foreign exchange market.
The local currency depreciated to the new lows in over two years on Saturday after it lost N5 from the previous session’s N495/$1 at the same market window as earlier reported on Monday by Business Post.
However, during Monday’s trading day, the Naira depreciated against the Pound Sterling by N5 to close at N650/£1 versus N645/£1 it ended on Saturday and also lost N5 against the Euro to settle at N585/€1 as against N580/€1.
The woes of the Nigerian currency at the parallel market started last week when the Central Bank of Nigeria (CBN) tried to downplay the market as a veritable source of forex.
In order to ensure the wide gap between the official exchange rate and the black market rate are narrowed significantly, the apex bank has come up with new ideas.
First, it was devaluing the Naira at the other markets as it said from the period of Monday, November 30 through December 14, some rates are applicable to certain segments.
It mandated the Bureaux De Change (BDC) operators to sell at the rate of N392/$1 with a volume of sales for each market set at $10,000 per BDC.
International Money Transfer Operators (IMTSOs) are to sell to banks at N388/$1; Banks to CBN at N399/$1; and CBN to BDCs at N390/$1.
Also, the central bank said beneficiaries of diaspora remittances can now get such inflows in cash or transferred into their domiciliary accounts.
Meanwhile, the local currency closed flat at the Investors and Exporters (I&E) window against the Dollar, selling at N390.25/$1 on Monday.
This occurred as the turnover for the day reduced by 65.03 per cent or $65.37 million to $35.15 million from $100.52 million quoted last Friday.
A look at the cryptocurrency market showed that Litecoin emerged the day’s highest gainer as it pulled a 7.9 per cent appreciation to sell at N42,493.92 while Ethereum (ETH) followed as it rose by 4.6 per cent to sell for N296,578.01, with Bitcoin appreciating by 4.1 per cent sell at N9,390,999.99.
Ripple (RPX) rose by 4.6 per cent to trade at N320.37, Tron (TRX) made a 4.3 per cent gain to trade at N15.92, while Dash (DASH) appreciated by 2.5 per cent to N55,350.03.
The only token that ended the day in the negative territory was the US Dollar Tether, which lost 0.3 per cent to trade at N492.00.
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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