Naira Trades Flat at Black Market, Falls at Interbank, Rises at I&E

Image

By Modupe Gbadeyanka

At the currency market on Monday, the Nigerian Naira traded mixed at various segments of the market.

While the local currency depreciated against the Dollar at the interbank, it appreciated at the Investors and Exporters (I&E) segment, and traded flat at the parallel market.

Business Post reports that the Naira, which traded at N305.95 per Dollar last Friday, was exchanged at N306 per Dollar on Monday, representing a decline of 5 kobo.

In addition, the local currency, which was sold at N362.67 to a Dollar at the I&E window in the previous session, it went for N361.96 yesterday.

However, the local currency closed unchanged on Monday at N360 to the Dollar at the parallel market.

Also at the black market, the Naira appreciated by N1 against the British Pound Sterling to close at N477 against N478 it traded the previous session, while it remained unchanged against the Euro at N418 at the same segment.

Share
Related Stories
Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
29-February-2024

The Nigerian Government’s Crypto Crackdown and the Role of USDT

In the last couple of weeks, Nigeria has found itself at the centre of a currency crisis, with the value of the Naira drastically falling against the US Dollar. Amidst this economic turmoil, recall that at the beginning of the year, the value of the Naira to Dollar was between N900 and N1,100 to $1, however, the Naira now goes for N1,600 to $1. This issue has raised a lot of concerns for the Nigerian government. In a bid to safeguard the Naira and tidy up the multiple systems of various exchange rates, the government has restricted access to some

More Stories
Image
06-August-2017

Dangote Cement Plc: Another Impressive Performance

By Cordros Research Dangote Cement just released Q2-17 result, growing revenue (34.8% y/y), EBITDA (67.5% y/y), and PAT (45.1% y/y) at the group level. Revenue was ahead of our estimate by 3.9% while PAT lagged by 9.3%. Compared to Q1-17, revenue (-1.8%) and EBITDA (-2.3%) declined while PAT — owing to lower net finance cost and effective tax rate — grew by 4.1%. The revenue growth was underpinned by higher average prices (58% y/y), which more than compensated for the decline in volume (14.6% y/y). Expectedly, the Group volume was dragged by the Nigerian operation, wherein sales fell by 27.5%

Image
12-April-2017

Tigo Launches Call Centre in Tanzania

By Dipo Olowookere Tigo, Tanzania’s leading Digital Lifestyle company, has announced the opening of a new state of the art Call Centre, the first of its kind in the country. Boasting the latest technology, the Call Centre complete with embedded data security measures to protect customer information and identity, has been designed to offer Tigo customers dedicated world-class service. Migrating from E1 to the latest in Call Centre technology – the Session Initiation Protocol (SIP), allows for wide range of functionality and agility necessary to service Tigo’s dynamic 10 million-strong, and growing, loyal customer base. With USSD/SMS platform for query

Image
05-December-2019

Crude Oil Discovery in North Will Boost Job Creation—NNPC

By Adedapo Adesanya Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has said the recent discovery of hydrocarbon deposits (crude oil) in the Gongola basin would bring about a lot of employment opportunities in the country. He made this disclosure while speaking at the recently concluded 9th Edition of the Practical Nigerian Content Summit in Yenegoa, Bayelsa State. The GMD, who was represented at the event by Mr Farouk Sai’d, Chief Operating Officer, Corporate Services, NNPC, said there were a lot of possible ways the Nigeria economy in general and the oil and gas Industry

Image
24-August-2016

Weeds At National Theatre To Go Soon—GM

Dipo Olowookere Acting General Manager of National Theatre, Mr Ndubuisi Nwogu, has promised to make arrangements for overgrown weeds at the National Theatre be be cleared. Mr Nwogu told the News Agency of Nigeria (NAN) in Lagos on Wednesday that he would ensure the weeds do not turn to wild plants. The monument is located in Iganmu, Surulere, Lagos. It was constructed in 1976 in preparation for the Festival of Arts and Culture in 1977 (FESTAC 77). “If you come in through, Moshood Abiola way, the first lawn you meet is Queen Amina, it has been cut and it is

Image
14-February-2024

CSCS, FrieslandCampina Bring Down NASD Platform by 0.25%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the negative at Tuesday’s session after losing 0.25 per cent at the close of trading activities due to the poor performances put up by the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. The market capitalisation of the bourse went down by N3.9 billion during the session to N1.549 trillion from the N1.552 trillion of the preceding trading day, as the NASD Unlisted Security Index (NSI) depreciated by 2.88 points to end the day at 1,142.45 points as against the 1,145.33 points it recorded

Image
16-November-2022

Yochaa Now Allows Nigerian Users to Trade US Stocks

By Dipo Olowookere Nigerian stockbroking platform, Yochaa, has commenced US stocks trading after upgrading its mobile application with new features. Business Post gathered that some days ago, the company introduced Yochaa 3.5, which allows Nigerian users to start trading US stocks on the platform. It was learned that since the upgrade, many Nigerians have applied for US brokerage accounts, which take less than 10 minutes to be active. A look into the app welcomes users with the message, “invest in US stocks and start building wealth with as little as $2 (less than N2,000). The registration process, as this reporter

Image
22-April-2020

Nigerian Stock Market Records Four Price Gainers Tuesday

By Dipo Olowookere A total of four equities appreciated in price at the Nigerian Stock Exchange (NSE) on Tuesday as investors embarked on massive selloffs. NPF Microfinance Bank, which topped the advancers’ chart yesterday, added 10 kobo to its share value to close at N1.25 per unit. Omoluabi Mortgage Bank appreciated by 5 kobo to sell at 60 kobo per share, Learn Africa gained 2 kobo to trade at 97 kobo each, while LASACO garnered one kobo to quote at 25 kobo per share. On the flip side, 27 stocks closed lower on Tuesday and GTBank was the heaviest price

Image
10-February-2023

Cashless Transactions in Nigeria Surge 45.41% to N39.58trn

By Aduragbemi Omiyale New data from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that in January 2023, the total cashless transactions in Nigeria increased on a year-on-year basis by 45.41 per cent to N39.58 trillion. The significant growth in the use of technology for the payment of goods and services in the country during the period under review may have been influenced by the decision of the Central Bank of Nigeria (CBN) to limit the circulation of cash in the financial system. After the central bank disclosed last October that it was redesigning the N200, N500, and N1,000 notes,

Ad
Ad
Recent Stories
Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,