Naira Sells N806.73/$1 at Official Market Amid 92.9% Jump in Forex Supply

Image

By Adedapo Adesanya

The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange.

This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier.

This also trickled down to the parallel market, which witnessed less pressure from customers, helping the local currency firm up by N5 against the greenback during the trading session to close at N1,165/$1 compared with the preceding day’s rate of N1,170/$1.

However, in the Peer-to-Peer (P2P) window of the FX market, the domestic currency depreciated against its American counterpart yesterday by N4 to trade at N1,162/$1, in contrast to Monday’s closing price of N1,158/$1.

It was the same story for the Nigerian currency in the spot market against the Pound Sterling as it shed N171.93 to quote at N1,203.50/£1 versus the previous day’s N1,031.57/£1 and against the Euro, it weakened by N146.37 to settle at N1,031.30/€1 versus N884.93/€1.

As for the digital currency market, it was all red for the key tokens monitored by Business Post on Tuesday, with Bitcoin (BTC) losing 0.5 per cent to sell at $41,698.17, and Solana (SOL) going down by 7.5 per cent to trade at $59.96.

Further, Ripple (XRP) depreciated by 2.4 per cent to $0.6183, Litecoin (LTC) went down by 2.1 per cent to $72.47, Cardano (ADA) shrank by 1.4 per cent to $0.4029, Binance Coin (BNB) fell by 1.1 per cent to trade at $231.63, Ethereum (ETH) tripped by 1.0 per cent to finish at $2,228.93, and Dogecoin (DOGE) depreciated by 0.8 per cent to sell at $0.0896, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

Share
Related Stories
Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

Oil Prices Slide on Global Demand Worries

By Adedapo Adesanya Oil prices settled lower on Tuesday, with worries about global demand offsetting price support from the Israel-Hamas conflict, causing the Brent futures to lose $1.22 or 1.5 per cent to sell at $82.34 a barrel, as the US West Texas Intermediate (WTI) crude shed $1.30 or 1.4 per cent to trade at $77.04 a barrel. The crude oil market was lower following the quiet trading over the Presidents’ Day holiday in the US and as demand concerns offset ongoing Middle Eastern geopolitical tensions. Shipping has been impacted by escalating attacks on shipping lanes in the Red Sea

More Stories
Image
31-December-2023

Delta Governor Picks Iwemdi Nwaham as SSA on Political Affairs

The Governor of Delta State, Mr Sheriff Oborevwori, has appointed Mr Iwemdi Nwaham as his Senior Special Assistant (SSA) on Political Affairs. This was confirmed in a letter dated Friday, December 22, 2023, signed by the Secretary to the State Government (SSG), Mr Kingsley Emu. It was disclosed that the appointment of Mr Nwaham for the position took immediate effect and would be expected to use his experience in the pollical terrain to help the Governor with his political strategies. Mr Nwaham is a quietly influential founding member of the All Progressive Congress (APC) in the state before leading some

Image
13-June-2018

Nigerian Breweries to Reward Best Journalist with N2m

By Dipo Olowookere Nigerian Breweries Plc has restated its commitment to excellence in the practice of journalism as the 10th edition of the Nigerian Breweries Golden Pen Awards opened with a promise to honour journalists who abide by the fine ethics of the profession. Corporate Affairs Adviser of the leading brewer in the country, Mr Kufre Ekanem, at a media parley on Wednesday in Lagos, disclosed that for this 10th edition of the award, the Nigerian Breweries Golden Pen Reporter of the Year will smile home with a cash prize of N2 million plus a gift item; the first runner

Image
03-March-2020

NASCON Targets More Earnings from New Lagos Factory

By Dipo Olowookere The management of NASCON Allied Industries Plc, a company under Dangote Group, has expressed optimism that the new plant in Lagos will result into more revenue for the company. Recently, the company held talks with the host community in Apapa, where residents were assured that the new multi-billion naira factory will boost economic activities in the area and employment opportunities. Managing Director of NASCON, Mr Paul Farrer, who was represented by the Chief Financial Officer, Mrs Aderemi Saka, urged the community to see the new plant as a partner in progress and ensure that the relationship is

Image
11-December-2019

Flour Mills Sells N5bn Commercial Papers to Improve Margins

By Modupe Gbadeyanka In order to get funds to execute some of its short-term operations that could improve profitability and margins, the management and board of Flour Mills of Nigeria Plc have concluded to sell commercial papers worth N5 billion to interested investors in the local debt market. Business Post gathered that the flour milling company is offering the notes, which are part of the N100 billion CP programme, at a discount rate of 8.88 percent, with an effective yield of 9.50 percent. It was learned that application for the exercise is expected to close on Thursday, December 12, 2019,

Image
31-October-2019

Verve Begins Operations in Ghana, Partners GhIPSS

Leading payments technology and card business in Africa, Verve, has partnered with the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) to launch acceptance in Ghana. This initiative by Verve international also signals acceptance across several other African countries. On the back of this strategic partnership between GhIPSS and Verve International which took place at Accra Marriot Hotel, on Friday October 25, 2019, Verve Card users (both Verve Global & Verve Classic) can now transact across all channels throughout Ghana.  This acceptance of Verve card is available in a total of 22 Africa countries, including; Ghana, Kenya, Uganda, Tanzania, Nigeria,

Image
13-January-2017

South West APC Leaders Meet in Ibadan

By Dipo Olowookere Ogun State Governor, Mr Ibikunle Amosun, on Thursday, joined other leaders and stakeholders of the ruling All Progressives Congress (APC), in the South West geo-political zone for a crucial meeting at the Government House, Agodi, Ibadan, Oyo State. Addressing journalists after the closed door meeting, which lasted for over four hours, former Governor of Ogun State and one of the leaders of the party, Mr Olusegun Osoba disclosed that “in the South West zone of APC, there is unity of purpose.” While revealing that the leadership of the party is one, Mr Osoba disclosed that South West

Image
09-March-2023

NASD OTC Bourse Ends Midweek Session 0.04% Higher

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed 0.04 per cent higher on Wednesday, March 8 as a result of an improvement in investor sentiment. During the session, the share price of Geo-Fluids Plc appreciated by 8 Kobo or 6.45 per cent to settle at N1.32 per unit compared with the previous session’s N1.24 per unit. Consequently, the market capitalisation of the NASD OTC bourse increased by N340 million to settle at N945.07 billion, in contrast to Tuesday’s value of N944.73 billion. In the same vein, the NASD Unlisted Securities Index (NSI) appreciated by 0.26 basis points to

Image
05-January-2021

Naira Gains 3.89% at I&E Window to Sell for N394.30/$1

By Adedapo Adesanya The Naira gained a whopping N15.95 or 3.89 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Monday, January 4, coming back from the rush around the New Year holidays that saw the Naira dip by more than 4 per cent. At the first trading session of the year, the local currency strengthened to N394.30/$1 from N410.25/$1 it was exchanged at the last session on Thursday, December 31, 2020. The appreciation came from the drop in the demand for the greenback yesterday as the daily market turnover

Ad
Ad
Recent Stories
Image
22-February-2024

Purple Real Estate Welcomes Umar, Oladimeji to Board

By Adedapo Adesanya Nigerian real estate platform, Purple Real Estate Income Plc, has made significant changes to its board, marking a pivotal moment in the company’s growth strategy amid current macro headwinds. The reshuffle brings on Mr Aminu Umar and Mr Olasunkanmi Oladimeji to join the board as Non-Executive Director and Executive Director. The duo of Mr Umar and Mr Oladimeji will take over from Mrs Osareme Archibong and Mrs Fiona Ahimie, both outgoing Independent Non-Executive Directors, according to notice on NASD OTC Securities Exchange, where the company trades its securities. Commenting on the changes, the Chairman of the board,

Image
22-February-2024

AFCON 2023: Nigerian Content Creators See 200% Rise in Revenue, Views

By Adedapo Adesanya Content creators in Nigeria saw a 200 per cent increase in views and revenue between December 2023 and February 2024, a new study shared with Business Post showed. According to new data released by StarNews Mobile, an African video streaming platform, content creators across Africa experienced a 300 per cent surge in revenues during the 2023 Africa Cup of Nations (AFCON) held between January 13 and February 11, 2024, reaffirming the massive surge in consumption of hyper-localized content from the continent. Based on metrics from StarNews Mobile’s platform, creators in Nigeria were only outshone by their peers

Image
22-February-2024

Two Die, 15 Rescued in Ikoyi-Lekki Link Bridge Boat Mishap

By Modupe Gbadeyanka Two persons have been confirmed dead in a boat accident that occurred on Wednesday night at the Ikoyi-Lekki Link bridge in Lagos. The Lagos State Emergency Management Agency (LASEMA), which confirmed the incident, stated that 15 persons were rescued in the mishap. The agency stated that the boat, which was conveying 17 passengers, was heading to the Ikorodu area of the metropolis from its take-off point, Sandfil, when it capsized at the Powerline area of the popular bridge. It said the body of a female passenger, who drowned, was recovered, while the corpse of the male passenger

Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

Image
22-February-2024

Salesforce Introduces Clean Energy Programme Management

By Modupe Gbadeyanka A new solution to help electric, gas, and water utilities increase customer participation in clean energy programmes has been introduced by Salesforce. The initiative known as Clean Energy Programme Management for Energy & Utilities Cloud streamlines the launch, management, and oversight of energy efficiency, conservation, electrification, and EV charging programs. It helps utilities manage clean energy initiatives with connected data — like energy usage and billing information — and personalised engagement to promote relevant programmes. This platform also digitises and simplifies the application process for customers, participating contractors, and utility program staff to help increase clean energy

Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post