Economy

Naira Trades at N450/$1 on Boost in Forex Liquidity

Published

6 years ago

30/05/2020

By Adedapo Adesanya

The Naira appreciated to N450 against the dollar at the parallel market segment of the foreign exchange (forex) market on Friday, May 29.

This was boosted by the availability of forex in the market, which strengthened the local currency by N3 against the greenback at the domestic. At the previous session, the Nigerian currency had traded at N453/$1.

At the same segment, the domestic currency gained N5 against the Pound to sell at N540/£1 as against N545/£1 it was sold the previous day and also appreciated by the same N5 against the Euro to close at N470/€1 versus the previously traded N475/€1.

It was also a good outcome for the Naira at the Bureaux De Change (BDC) segment of the forex market yesterday as operators in Lagos market sold the Dollar for N446 compared with N452/$1 it was exchanged on Thursday.

Against the Pound, the local currency gained N6 to close at N544/£1 compared to N550/£1 it sold previously, while on the Euro, it gained N2 to trade at N480/€1 in contrast to N482/€1 it transacted at the last session.

In Abuja, the local currency gained N5 against the American currency to close at N445/$1 as against N450/$1 it was traded before Friday. Against the Pound, it appreciated N5 to sell at N535/£1 versus N540/£1 and gained N18 against the Euro to finish at N465/€1 compared with N483/€1 of the preceding session.

At the Port Harcourt BDC market, the domestic currency gained N7 against the Dollar to sell at N441/$1 in contrast to the previous N448/$1. Against the Pound, the Naira was boosted by N25 to close at N525/£1 compared with N550/£1 and against the Euro, it appreciated by N15 to close at N465/€1 versus N480/€1.

Also, at the Kano market, the Nigerian currency gained N12 against the greenback to trade at N445/$1 compared with N457/$1 it sold previously. It also gained N23 against the Pound to trade at N525/£1 as against N558/£1 of the previous session and against the Euro, the Naira gained N15 to close at N465/€1 versus N483/€1.

At the Investors & Exporters (I&E) window, Business Post gathered from the FMDQ Securities Exchange that the exchange rate of the Naira/Dollar remained flat at N386.33/$1.

At the same market segment, it was observed that the demand for the American dollar rose by 399 percent or $125.49 million to $156.78 million and traders were able to meet the demands of their customers as a result of the resumption of Dollar sales to the window by the Central Bank of Nigeria (CBN). across other segments. On Thursday, transactions worth $31.38 million were executed at the investors’ window.

At the interbank window of the market, the official exchange rate of the Naira/Dollar remained at N361/$1 at the close of transactions yesterday.

Economy

Unlisted Stock Investors’ Wealth Shrinks N30bn

Published

9 hours ago

05/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.

Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.

The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.

For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.

There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.

Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.

GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

Economy

McNichols, Eterna, Aradel Crash Stock Market by 0.37%

Published

9 hours ago

05/06/2026

Dipo Olowookere

By Dipo Olowookere

The domestic stock market crashed by 0.37 per cent on Thursday as a result of the decline in the price of shares of McNichols, Eterna, Aradel Holdings, and others.

Business Post reports that investor sentiment remained weak after the Nigerian Exchange (NGX) Limited ended the session with 25 price gainers and 31 price losers, indicating a negative market breadth index.

McNichols lost 10.00 per cent to trade at N7.74, ABC Transport slipped by 9.88 per cent to N6.20, Eterna shrank by 9.85 per cent to N29.75, Aradel Holdings depreciated by 9.51 per cent to N1,749.90, and NPF Microfinance Bank contracted by 8.45 per cent to N5.20.

On the flip side, International Energy Insurance gained 10.00 per cent to close at N6.60, Omatek improved by 9.73 per cent to N2.03, Abbey Mortgage Bank surged by 9.68 per cent to N8.50, Cutix expanded by 9.66 per cent to N3.18, and John Holt grew by 7.79 per cent to N14.90.

As for the sectorial performance, the industrial goods and banking indices chalked up 0.54 per cent and 0.31 per cent, respectively. But the energy sector depleted by 4.90 per cent, the insurance counter tumbled by 0.58 per cent, and the consumer goods index slumped by 0.03 per cent.

As a result, the All-Share Index (ASI) dipped by 905.30 points to 242,227.31 points from 243,132.61 points, and the market capitalisation stumbled by N581 billion to N155.359 trillion from N155.940 trillion.

During the session, investors traded 588.5 million equities valued at N27.9 billion in 57,352 deals compared with the 923.0 million equities worth N42.3 billion transacted in 69,332 deals on Wednesday, showing a drop in the trading volume, value, and number of deals by 36.24 per cent, 34.04 per cent, and 17.28 per cent, respectively.

The most active equity yesterday was Access Holdings with 109.7 million units sold for N2.6 billion, FCMB traded 35.6 million units valued at N384.2 million, NGX Group transacted 28.1 million units worth N3.9 billion, Zenith Bank exchanged 26.9 million units for N3.3 billion, and Sterling Holdings recorded a turnover of 22.5 million units worth N176.1 million.

Economy

Naira Slips 0.1% to N1,358/$1 at Official FX Market

Published

9 hours ago

05/06/2026

Adedapo Adesanya

By Adedapo Adesanya

A 0.1 per cent or N1,49 loss was recorded by the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, June 4, closing at N1,358.75/$1 compared with the previous day’s N1,347.26/$1.

In the same vein, the Naira depreciated against the Pound Sterling in the official FX market during the session by N5.39 to trade at N1,828.06/£1 versus Wednesday’s closing rate of N1,822.67/£1, but gained N6.75 against the Euro to sell at N1,574.83/€1 versus the preceding session’s N1,584.39/€1.

At the black market and GTBank FX desk, the local currency traded flat against the Dollar during the session at N1,375/$1 and N1,372/$1, respectively.

Data from the Central Bank of Nigeria (CBN) showed that NFEM interbank FX turnover contracted to $128.117 million in 121 deals on Thursday from $133.731 million the previous day.

On the positive side, Nigeria’s external reserves moved closer to a 2009 high of $50 billion, enhancing analysts’ confidence about the local currency outlook in the second half of 2026.

This improvement has been helped by heightened global uncertainty, which has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.

As for the cryptocurrency market, prices extended steep weekly losses as the broader artificial-intelligence trade that has driven global risk assets since 2026 faltered.

The sell-off was led by equity and currency markets, with semiconductor stocks, Asian indexes and several regional currencies sliding in a broad risk-off shift.

Persistent outflows from US spot Bitcoin ETFs and a rare BTC sale by Strategy have removed a key source of support, leaving markets focused on Friday’s US jobs report for clues on Federal Reserve policy and the fate of the AI trade. The most valued coin slipped 3.6 per cent to $61,914.58.

Cardano (ADA) plunged by 17.6 per cent to $0.1630, Solana (SOL) declined by 7.0 per cent to $65.69, Ethereum (ETH) slipped by 6.9 per cent to $1,666.13, Dogecoin (DOGE) went down by 6.5 per cent to $0.8445, and Ripple (XRP) crashed by 6.5 per cent to $1.11.

Further, Binance Coin (BNB) slumped by 4.3 per cent to $581.45, and TRON (TRX) dropped 1.9 per cent to sell at $0.3261, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) gained 0.01 per cent each to sell at $0.9990 and $0.9998, respectively.