Economy
Naira Trades N1,418/$1 at Official Market, N1,470/$1 at Black Market
By Adedapo Adesanya
The Naira extended its positive run against the US Dollar on Wednesday, January 7, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) as its value firmed up by 81 Kobo or 0.06 per cent to N1,418.26/$1, in contrast to the preceding session’s N1,419.07/$1.
It was not a different story for the domestic currency against the Pound Sterling in the official market as it improved by N3.63 to trade at N1,913.66/£1 compared with the previous day’s N1,917.20/£1 and chalked up N3.09 on the Euro to close at N1,657.52/€1 versus Tuesday’s N1,660.31/€1.
At the GTBank forex desk, the Nigerian Naira gained N10 against the greenback yesterday to settle at N1,425/$1 versus the previous day’s N1,435/$1 and closed flat at the black market at N1,470/$1.
The Nigerian currency has continued to perform better at the spot market amid more supportive environment, though analysts have cautioned that global oil market weakness and rising domestic insecurity could hamper the trajectory.
Recent reforms in Nigeria’s foreign exchange market are beginning to yield results with CardinalStone pointing to improved price discovery, better transparency, and stronger FX liquidity as factors that are helping to stabilize the currency.
“We expect Naira to appreciate to a range of N1,350.00/$ – N1,450.00/$ in 2026, supported by improving fundamentals,” according to CardinalStone in a January forecast.
On his part, the Senior Economist at Africa Export-Import Bank (Afreximbank), Mr Yemi Kale, pointed out that the Naira could trade between N1,313/$1 to a worst level of N1,650/$1 reflecting varying assumptions around oil prices, foreign-exchange (FX) inflows, inflation trends, and policy consistency.
He warned policymakers against weak oil prices or production disruptions reducing FX inflows, deepening FX liquidity crisis and forced currency devaluation.
“We expect the Naira to continue trading in line with prevailing market demand and supply conditions, supported by improving external reserves position,” Anchoria Securities Limited said in a note.
Meanwhile, foreign reserves climbed to $45.623 billion following fresh inflows from investors that participated at the OMO bills auction organised by the Central Bank of Nigeria (CBN) on Tuesday.
In the cryptocurrency market, there was cooling in the early-January crypto rebound even as broader risk backdrop stayed supportive with a rally in global government bonds and growing bets on Federal Reserve rate cuts, with Ripple (XRP) further down by 6.4 per cent to $2.11.
Further, Ethereum (ETH) slipped by 4.2 per cent to trade at $3,111.31, Cardano (ADA) shrank by 4.1 per cent to $0.3935, Binance Coin (BNB) depreciated by 3.6 per cent to $881.38, and Dogecoin (DOGE) depleted by 3.1 per cent to finish at $0.1432.
In addition, Bitcoin (BTC) went down by 2.8 per cent to finish at $90,015.06, Litecoin (LTC) decreased by 2.7 per cent to close at $80.72, and Solana (SOL) lost 2.6 per cent to sell $135.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further depreciated by 0.84 per cent on Monday as a result of sell-offs in PZ Cussons, BUA Cement and others.
During the session, apart from the consumer goods index, which closed higher by 0.59 per cent, every other index closed lower, with the industrial goods sector the heaviest loser after shedding 3.28 per cent. The insurance space declined by 2.18 per cent, the banking sector depleted by 1.44 per cent, and the energy segment shrank by 0.09 per cent.
Consequently, the All-Share Index (ASI) retreated by 2,049.65 points to 241,749.11 points from 243,798.76 points, and the market capitalisation contracted by 1.315 trillion to N155.130 trillion from N156.445 trillion.
The market was under selling pressure yesterday, as reflected in the market breadth index, which was negative after closing with 48 price losers and 22 price gainers, indicating weak investor sentiment.
PZ Cussons was the worst-performing stock after shedding 10.00 per cent to finish at N81.00, BUA Cement lost 9.99 per cent to settle at N306.20, Red Star Express declined by 9.98 per cent to N22.10, RT Briscoe depreciated by 9.70 per cent to N12.10, and C&I Leasing dropped 9.38 per cent to trade at N28.12.
The best-performing equity for the day was International Breweries, which chalked up 9.77 per cent to quote at N14.60, NAHCO improved by 8.36 per cent to N177.00, UAC Nigeria expanded by 8.11 per cent to N199.95, DAAR Communication grew by 6.67 per cent to N1.76, and Vitafoam Nigeria gained 5.87 per cent to close at N194.80.
During the session, investors bought and sold 523.5 million shares worth N22.3 billion in 59,945 deals compared with the 441.3 million shares valued at N19.4 billion traded in 44,938 deals last Friday, indicating an increase in the trading volume, value, and number of deals by 18.63 per cent, 14.95 per cent, and 33.40 per cent, respectively.
FCMB closed the day as the most traded stock, with 102.2 million units valued at N1.0 billion. International Breweries sold 26.8 million units worth N387.2 million, Access Holdings exchanged 24.8 million units for N618.2 million, McNichols traded 20.3 million units worth N95.0 million, and Stanbic IBTC transacted 18.4 million units valued at N2.9 billion.
By Adedapo Adesanya
Nigeria met its production quota set by the Organisation of Petroleum Exporting Countries (OPEC) as crude oil and condensate production soared to an average of 1,735,398 barrels per day in June 2026, representing positive growth for a fourth consecutive month.
This is according to a statement released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and signed by its Head of Media and Corporate Communications, Mr Eniola Akinkuotu, on Sunday.
The regulator noted that in June, crude oil production hit 1.56 million barrels per day while 0.18 million barrels per day of condensates were produced. The commission revealed that Nigeria met 104 per cent of the 1.5 million barrels per day crude oil production quota set by OPEC.
Business Post reports that OPEC quota doesn’t account for condensates in its count.
In strict crude oil terms (excluding condensates), the 1.56 million daily average production Nigeria witnessed in June is the highest that Africa’s biggest oil producer has recorded since April 2020, thus representing a 74-month high.
In June, NUPRC noted that the peak combined crude oil and condensate production was 1.89 million barrels per day, reflecting Nigeria’s potential to reach 2 million barrels per day in the near term. However, the lowest production was 1.57 million barrels per day for the period in review.
According to the upstream regulator, the improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.
This enhanced operational stability supported improved production uptime and crude evacuation efficiency.
Nigeria, which is Africa’s biggest oil producer, has not been able to top its record-high production of 2.5 million barrels per day recorded in 2025 due to challenges ranging from underinvestment to oil theft.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
