Economy
Naira Sells N1,499/$1 at Official Market, N1,500/$1 at Black Market
By Adedapo Adesanya
The Naira appreciated against the United States Dollar by 0.19 per cent or N2.95 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday to close at N1,499.00/$1, in contrast to the preceding day’s rate of N1,501.95/$1.
However, the local currency weakened against the British Pound Sterling by N3.75 in the official market during the trading session to settle at N1,898.47/£1 versus the previous day’s N1,894.72/£1, and against the Euro, it lost N2.76 to quote at N1,572.87/€1, in contrast to the preceding session’s value of N1,570.11/€1.
In the black market, the Nigerian Naira maintained stability against the Dollar yesterday at N1,500/$1, according to data obtained by Business Post.
The Naira recovery comes amid scare from a drop in the country’s foreign reserves which has lost over $2 billion in the last month, as the Central Bank of Nigeria (CBN) continued to prop up the market.
The fall indicates that currency may be volatile in coming weeks after maintaining stability in the past weeks.
The CBN has also helped the Naira by clearing a backlog of orders to sell Naira for foreign currency and boosting Dollar supply to the bureau de change (BDC) operators.
Meanwhile, in the cryptocurrency market, there were large declines after President Donald Trump said Thursday that he plans to impose tariffs on Canada and Mexico, starting March 4, alongside doubling the 10 per cent universal tariff charged on imports from China.
Market analysts noted that with US tariffs regaining centrality, it will drive the Dollar sustainably higher, putting pressure on assets like crypto.
The Dollar index, which tracks the greenback’s value against major currencies, rose as renewed concerns about U.S. tariffs boosted demand for the US Dollar.
Bitcoin (BTC) declined by 7.6 per cent to $79,585.90.
Since President Trump’s inauguration on January 20, when BTC hit an all-time high of $109,000, the asset has dropped nearly 26 per cent.
Despite the recent volatility over recent days, institutions still remain bullish on BTC.
Cardano (ADA) declined by 11.1 per cent to settle at $0.5935, Dogecoin (DOGE) depreciated by 10.9 per cent to $0.1861, Ethereum (ETH) slid by 9.9 per cent to $2,116.10, and Ripple (XRP) lost 9.3 per cent to finish at $2.01.
Further, Solana (SOL) slumped by 8.9 per cent to trade at $128.66, Litecoin (LTC) depreciated by 8.5 per cent to $117.52, and Binance Coin (BNB) fell by 7.3 per cent to $571.78, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed lower by 0.14 per cent on the first trading day of the new week, Monday, May 19.
The bourse was under a selling pressure, which took out 4.37 points from the NASD Unlisted Security Index (NSI), leaving it at 3,150.49 points compared with the previous session’s 3,154.86 points.
In the same vein, the market capitalisation of the alternative stock exchange lost N2.56 billion to close at N1.844 trillion, in contrast to the N1.847 trillion it ended last Friday.
Business Post reports that FrieslandCampina Wamco Nigeria Plc depreciated by N1.00 to sell for N40.00 per unit versus the preceding session’s price of N41.00 per unit, and Geo-Fluids Plc went down by 23 Kobo to settle at N2.31 per share compared with last Friday’s rate of N2.54 per share.
On the flip side, AG Mortgage Bank Plc increased during the session by 5 Kobo to sell for 63 Kobo per unit versus the previous trading day’s 58 Kobo per unit.
The volume of securities transacted in the session jumped by 16,446.2 per cent to 42.0 million units from the 253,960 units traded in the previous trading day, the value of transactions rose by 1,264.5 per cent to N210.6 million from N15.4 million, and the number of deals fell by 75 per cent to nine deals from 36 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.7 million units valued at N471.3 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.
Also, Okitipupa Plc was the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 21.8 million units sold for N837.9 million, and Impresit Bakolori Plc with 536.9 million units worth N524.7 million.
By Aduragbemi Omiyale
Consumers of Premium Motor Spirit (PMS), otherwise known as petrol, in Nigeria have been assured price stability amid the unstable prices of crude oil in the global market.
This assurance was given by the Dangote Petroleum Refinery and Petrochemicals, which sells the crude oil derivative in the country.
In recent times, the private oil refiner has reduced the PMS pump price to make the product accessible to motorists and other users.
The company, in a release signed its Group Chief Branding and Communications Officer, Mr Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.
The decision, the firm stated, underscores its dedication to providing affordable, reliable, and high-quality petroleum products without compromising operational efficiency and sustainability.
“Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally-produced goods and services.
“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians.
“We are immensely grateful to President Tinubu for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” the organisation said.
The company assured all stakeholders—consumers, partners, and the government—of its continuous dedication to operational excellence and national service.
“Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work,” it noted.
By Adedapo Adesanya
The Naira appreciated against the United States Dollar in the parallel and official markets on Monday as the financial markets anticipate the decision of the Monetary Policy Committee (MPC) on Tuesday.
The MPC of the Central Bank of Nigeria (CBN) is expected to keep the key interest rate of 27.50 per cent for a second straight meeting as inflation continues to cool.
In the black market yesterday, the Nigerian currency improved its value against the Dollar by N5 to settle at N1,620/$1 compared with the preceding session’s rate of N1,625/$1.
In the same vein, the local currency gained 63 Kobo or 0.04 per cent on the American currency in the Nigerian Autonomous Foreign Exchange Market (NAFEX) during the session to trade at N1,598.94/$1, in contrast to last Friday’s value of N1,599.57/$1.
However, the Naira depreciated against the Pound Sterling in the spot market by N13.87 to close at N2,137.29/£1 versus the previous trading day’s N2,123.42/£1 and lost N10.99 against the Euro to finish at N1,799.00/€1 versus N1,788.01/€1.
Meanwhile, the cryptocurrency market was bullish on Monday as investors looked past Moody’s downgrade of the US’ credit rating last Friday, extending the markets’ rally from last week on the US-China’s temporary trade truce.
The 90-day tariff pause has given market participants a clear, short-term positive signal that’s supportive for risk assets including crypto.
Moody’s lowered the US credit rating down one notch to Aa1 from Aaa, bringing the agency in line with peers.
The firm cited financing challenges tied to the federal government’s growing budget deficit and the ramifications of rolling over existing U.S. debts in a period of high borrowing costs.
The debt downgrade pressured bond prices and sent yields higher at a time when the economy is already awaiting the full impact of President Donald Trump’s unfolding tariff policy, but it didn’t stop the direction of crypto prices.
Ethereum (ETH) jumped by 6.8 per cent to $2,550.21, Solana (SOL) grew by 3.8 per cent to $168.81, Dogecoin (DOGE) increased by 3.6 per cent to $0.2253, Bitcoin (BTC) grew by 2.9 per cent to $106,006.35, Cardano (ADA) rose by 2.6 per cent to $0.7413, Litecoin (LTC) improved by 2.2 per cent to $97.53, Binance Coin (BNB) gained 1.9 per cent to sell for $650.85, and Ripple (XRP) appreciated by 1.2 per cent to $2.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00, respectively.
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