Economy
Naira Strengthens to N1,459/$1 on Supply Boost, Regulatory Push
By Adedapo Adesanya
The Naira strengthened against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, May 15 after the Central Bank of Nigeria (CBN) made efforts to salvage the situation.
The value of the Nigerian currency appreciated against the greenback in the official market yesterday by 4.0 per cent or N61.31 to close at N1,459.09/$1 compared with the previous day’s rate of N1,520.40/$1.
The regulator went back to the drawing board after the nation’s currency was taking a deep plunge after the gains recorded in the previous weeks, especially in late March and April.
The Nigerian government barked hard at speculators making a return to the market, and its decision to go tough paid off at midweek, backed by an improved supply of foreign exchange (FX) into the system.
Data obtained from the FMDQ Securities Exchange showed that the forex turnover for the trading session at the spot market jumped by 124.6 per cent or $160.38 million to $289.14 million from $128.76 million.
In supporting the CBN’s efforts, the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have moved to go after players on the digital trading platforms making moves to weaken the currency.
It has already started seeing expected results in this orthodox move with the likes of Binance and more recently, Kucoin delisting from the Naira from their platforms. More exchanges are expected to take this route.
On the economic front, Nigeria’s inflation rate climbed for a 16th consecutive month to 33.69 per cent in April 2024, driven by increases in food prices, electricity tariffs and higher transport costs.
In the spot market at midweek, the domestic currency lost N122.87 against the Pound Sterling to sell for N1,890.47/£1 versus N1,767.62/£1 and shed N105.39 against the Euro, closing at N1,625.55/€1 versus N1,520.16/€1.
In the black market, the Nigerian currency depreciated against its American counterpart on Wednesday by N10 to finish at N1,530/$1 compared with Tuesday’s value of N1,520/$1.
Meanwhile, the cryptocurrency market improved during the session following the release of the April US inflation data, which showed that the Consumer Price Index (CPI), which measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, increased by 3.4 per cent.
The year-over-year inflation figure represents a slight decrease from March’s inflation rate of 3.7 per cent, as reported by the US Bureau of Labor Statistics (BLS).
Solana (SOL) rose by 12.2 per cent to trade at $161.55, Cardano (ADA) appreciated by 7.3 per cent to $0.4594, Bitcoin (BTC) rose by 6.1 per cent to $65,718.72, Dogecoin (DOGE) grew by 6.0 per cent to sell at $0.1555, Litecoin (LTC) gained 4.5 per cent to trade at $82.39, Ethereum (ETH) rose by 3.5 per cent to $3,005.92, Ripple (XRP) added 3.4 per cent to trade at $0.5177 followed by Binance Coin (BNB) which rose by 2.3 per cent to trade at $582.81, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
