Economy
Naira Stumbles to N1,547/$1 at NAFEM, Unchanged at N1585/$1 at Black Market
By Adedapo Adesanya
It was still a bad day for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, March 19 as its value further depreciated by a 0.74 per cent or N11.40 on the US Dollar to close at N1,547.52/$1 compared with the previous day’s value of N1,536.12/$1.
It was the third straight trading day the exchange rate of the Nigerian currency was going under against its American counterpart in the official market as a result of sustained FX pressure despite efforts of the Central Bank of Nigeria (CBN) to stabilise the ecosystem.
The currency market is already reacting to the explosion that affected the Trans-Niger Pipeline in Rivers State on Monday night. The facility feeds crude oil to the Bonny export terminal. There are reports that operations have again resumed but the political tension in the state is fueling worries about FX earnings.
Business Post reports that the domestic currency stumbled against the Pound Sterling yesterday in the spot market by N35.50 to sell at N1,985.39/£1 versus N1,949.89/£1 but gained N5.39 on the Euro to settle at N1,668.11/€1 versus the preceding session’s rate of N1,673.50/€1.
As for the parallel market, the value of the Nigerian Naira against the US Dollar remained unchanged during the session as N1,585/$1.
In the digital currency market, most of the tokens appreciated after the US Federal Reserve left rates steady, as expected, but sharply cut its growth outlook while upping its inflation forecast.
The US Federal Reserve left its benchmark fed funds rate range steady at 4.25 per cent -4.50 per cent on Wednesday, the second consecutive pause since three straight rate cuts to end 2024.
The US central bank quarterly economic projections, though, showed a sharp decline in expectations for economic growth, with the GDP increase in 2025 now seen at just 1.7 per cent versus 2.1 per cent at the December forecast. The growth outlooks for 2026 and 2027 were trimmed as well.
Ripple (XRP) grew by 7.3 per cent to $2.45, Solana (SOL) increased by 6.7 per cent to $134.56, Dogecoin (DOGE) increased by 4.2 per cent to $0.1746, Ethereum (ETH) jumped by 3.9 per cent to $2,013.42, Bitcoin (BTC) rose by 3.3 per cent to $85,916.02, Cardano (ADA) also soared by 3.3 per cent to $0.7310, Litecoin (LTC) gained 2.9 per cent to sell at $92.61, and Binance Coin (BNB) chalked up 1.9 per cent to settle at $628.49, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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