Naira Succumbs to FX Demand Pressure, Sheds 0.03% at Official Market

Image

By Adedapo Adesanya

The exchange rate of the Naira to the US Dollar was in favour of the latter on Monday at the Investors and Exporters (I&E) window of the foreign exchange (forex) market amid a rise in demand for FX during the trading session.

According to data obtained by Business Post from FMDQ Securities Exchange, the value of forex transactions in the official FX market in Nigeria stood at $132.77 million, 37.1 per cent or $35.96 million higher than the $96.81 million recorded in the preceding session.

Its inability to soak this significant FX demand pressure weakened the local currency yesterday by a marginal 13 Kobo or 0.03 per cent to quote at N461.63/$1, in contrast to last Friday’s value of N461.50/$1.

In the peer-to-peer (P2P) segment of the FX market, the exchange rate of the Nigerian currency paired with its American counterpart remained flat at N760/$1.

It was a similar story in the interbank window, where the value of the Nigerian Naira and the British Pound Sterling remained unchanged at N562.71/£1, and against the Euro, it was also flat yesterday at N493.09/€1.

But in the black market, the domestic currency appreciated against the greenback on Monday by N1 to settle at N747/$1 compared with the preceding trading session’s rate of N748/$1.

Meanwhile, a look at the cryptocurrency market showed that Bitcoin (BTC) continued its stellar performance yesterday by gaining 1.9 per cent to trade at $23,011.12, with Ethereum (ETH) growing by 0.5 per cent to quote at $1,633.08.

The gains posted by these two heavyweights were spurred by renewed hopes from investors that there will be a reversal in the monetary tightening that gripped the global market last year.

Ripple (XRP) printed the highest increase yesterday, 7.1 per cent, to trade at $0.4286, as Litecoin (LTC) jumped by 3.5 per cent to $90.50, with Binance Coin (BNB) rising by 1.6 per cent to $306.45, and Dogecoin (DOGE) growing by 1.1 per cent to sell at $0.0886.

In addition, Solana (SOL) recorded a 0.9 per cent gain to trade at $24.37, Cardano (ADA) expanded by 0.7 per cent to $0.3769, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.

Share
Related Stories
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
21-February-2024

FX Crisis: Nigeria Mulls Ban on Binance, Other Crypto Firms

By Adedapo Adesanya Nigeria is considering blocking the online platforms of Binance and other crypto firms in the latest string of unorthodox measures to address the lingering foreign exchange (FX) crisis in the country, which has made the Naira unattractive to the citizens. According to Premium Times, officials with knowledge of the policy said this is the next card to be played to halt “the continuous manipulation of the forex market and illicit movement of funds.” Binance, a digital assets platform, serves as a window for peer-to-peer (P2P) transactions allowing users to sell or buy currencies of their choice. Business

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

More Stories
Image
13-June-2018

News Services Group, Business Wire’s Partnership Clocks 10

By Dipo Olowookere The partnership between News Services Group (NSG) and Business Wire has reached a decade. NSG is the only company in the MENA region to have access to Business Wire’s latest news distribution technology and benefit from its multi-patented NX-Network making it possible for news to be delivered into the editorial systems of leading media outlets. The firm is also the exclusive representative of Businesz Wire, a Berkshire Hathaway company and the current global leader in news distribution, in the MENA region. Tony AbiHanna, President and CEO of NSG, AETOSWire, and Esmaa News, recalled that, “Ten years ago,

Image
24-January-2018

European Stock Markets Fall as Dollar Index Drop

By Investors Hub European stocks have fallen on Wednesday as the dollar index dropped below the 90.00 threshold for the first time since December amid increasing investor concern over protectionist trade policies from President Donald Trump. The euro hit a fresh three-year peak as investors looked ahead to Thursday’s ECB meeting for clues on the outlook for monetary policy. Meanwhile, the pound hovered near its highest level since the U.K.’s Brexit referendum in June 2016 after unexpectedly strong U.K. employment data. Data from the Office for National Statistics showed today that the U.K. jobless rate held steady at 4.3 percent

Image
26-November-2018

Debt Repayment by 9mobile Excites Banks’ Shareholders

By Modupe Gbadeyanka Some shareholders of publicly quoted banks in Nigeria exposed to the $1.2 billion loan obtained by 9mobile, formerly Etisalat Nigeria, are beginning to express joy at news that the telecom firm has commenced repayment of the debt. Some days ago, Teleology Holdings Limited confirmed taking over the debt-ridden 9mobile after a vigorous bidding process, which began in 2017. Etisalat Nigeria had approached a consortium of Nigerian lenders for a credit facility aimed at expanding its operations in the country. However, when it was unable to service the loan, attempts were made by the lender to take over

Image
16-August-2019

GTBank to Pay Shareholders Interim Dividend of 30 Kobo

By Adedapo Adesanya The board of Guaranty Trust Bank (GTBank) Plc has proposed to pay N30 kobo per ordinary share of 50 kobo to shareholders as dividends for half year ended June 30, 2019. In a notice to the Nigerian Stock Exchange (NSE) on Friday, the bank said the payment would only be made to shareholders whose names appear in its registers of members as at the close of business on Monday, September 2, 2019. In the disclosure signed by the company’s secretary, Erhi Obebeduo, GTBank further said for holders its Global Depository Receipts (GDR), the qualification date is Monday,

Image
07-June-2023

Naira Continues Fall, Trades N775/$1 at P2P, N752/$ at Black Market

By Adedapo Adesanya The Naira showed no signs of regaining strength in the parallel market and the Peer-to-Peer (P2P) segments of the foreign exchange (forex) market, as it further depreciated against the United States Dollar on Tuesday, June 6. The Nigerian Naira weakened against the Dollar during the session by N2 in the black market to sell for N752/$1 compared with the preceding session’s rate of N750/$1. In the P2P forex window, the value of the Nigerian currency lost N5 against the greenback to settle at N770/$1, in contrast to the previous day’s value of N775/$1. However, in the Investors

Image
09-February-2024

JUST IN: Edun, Cardoso, Others Appear Before Senate

By Dipo Olowookere The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has appeared before the Senate Committees on Banking, Insurance and Other Financial Institutions. He, along with others, is being questioned on steps being taken by the federal government to ease the hardship Nigerians are currently facing. Also present answering questions from the lawmakers are the Minister of Budget and National Planning, Mr Abubakar Atiku Bagudu, and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, among others. Recall that a few days ago, the Senate summoned the Ministers and the CBN

Image
09-December-2016

Senate Wants 20% of National Budget For Constituency Projects

By Dipo Olowookere The Nigerian Senate is requesting for 20 percent of the national budget earmarked for constituency projects ostensibly to be handled by them. These projects are what the lawmakers use as their empowerment programmes in their various areas. These include construction of feeder roads, boreholes, market stalls, schools rehabilitation, sewing machines, grinding machines, knitting machines, motorcycles, tricycles and others. Already, a bill to make this a law for the executive to do this has passed second reading at the Senate. If this bill becomes law, it means the constituency projects will get at least N1.4 trillion from the

Image
14-October-2020

Applause as Ecobank Rewards Xpress Point Agents

By Modupe Gbadeyanka For rewarding its Agency Banking partners, also known as Xpress Point Agents across the six geo-political zones of the country, Ecobank Nigeria has been applauded. According to observers, the financial institution has taken a step to further deepen financial inclusion in the country as the beneficiaries and those who missed out will want to do more. Recently, Ecobank Nigeria gave mouth-watering gifts to a total of 18 agents selected across the geopolitical zones of the country based on their transaction counts and value from January to September 2020. The Head of Agency Banking at Ecobank Nigeria, Mrs

Ad
Ad
Recent Stories
Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

Image
23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

Image
22-February-2024

FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.