Economy
Naira Trades N1,526/$1 at Official Market, N1,550/$1 at Black Market
By Adedapo Adesanya
On Wednesday, July 2, the value of the Nigerian Naira further improved against the United States Dollar in the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEX).
Data revealed that in the black market segment, the Naira gained N10 against the greenback yesterday to settle at N1,550/$1, in contrast to the N1,560/$1 it was traded a day earlier.
Also, in the official market, the Nigerian currency appreciated against the Dollar by 0.21 per cent or N3.32 to close at N1,526.31/$1 compared with the N1,529.63/$1 it was exchanged on Tuesday.
In the same spot market, the local currency improved its value against the Pound Sterling by N26.06 to sell for N2,074.66/£1 versus the previous day’s N2,100.72/£1 and against the Euro, it lost N8.76 to trade at N1,804.59/€1 compared with the preceding session’s N1,794.66/€1.
Market analysts noted that the Naira has been supported by sufficient FX liquidity levels amidst growing foreign investors’ confidence, adding that selling has become more profitable than hoarding.
Yesterday, the International Monetary Fund (IMF) praised the country’s reforms in the forex market, saying the landscape has recorded stability, with the Naira a beneficiary.
“Naira stabilization and improvements in food production brought inflation to 23.7 percent year-on-year in April 2025 from 31 percent annual average in 2024 in the backcasted rebased CPI index released by the Nigerian Bureau of Statistics.
“Inflation should decline further in the medium term with continued tight macroeconomic policies and a projected easing of retail fuel prices,” it said.
It also warned that the country may struggle with earnings and economic downturn if crude oil prices in the global market continue to decline.
Meanwhile, the cryptocurrency market bubbled at midweek as President Donald Trump of the US announced a trade deal with Vietnam, helping risk assets across the board.
Under the deal, the US will impose a 20 per cent tariff on goods from Vietnam and a 40 per cent levy on transshipped goods—products routed through Vietnam on their way to America. In turn, US exports will face no tariffs when entering the Vietnamese market.
Cardano (ADA) rose by 9.1 per cent to $0.6050, Dogecoin (DOGE) jumped by 8.1 per cent to $0.1739, Litecoin (LTC) grew by 7.2 per cent to $90.18, Ethereum (ETH) expanded by 6.3 per cent to $2568.67, and Solana (SOL) gained 4.3 per cent to close at $155.42.
Further, Ripple (XRP) appreciated by 3.9 per cent to $2.27, Bitcoin (BTC) jumped by 2.4 per cent to $109,454.11, and Binance Coin (BNB) increased its value by 1.5 per cent to sell for $661.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active 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 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Naira maintained stability against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 13, at N1,379.65/$1.
However, it appreciated against the Pound Sterling in the official market by N2.44 to exchange at N1,848.18/£1 compared with the previous rate of N1,850.62/£1, and lost 73 Kobo against the Euro to sell at N1,576.39/€1 versus last Friday’s N1,575.66/€1.
At the GTBank fore counter, the Naira declined by N2 to settle at N1,388/$1, in contrast to the previous session’s rate of N1,386/$1, and at the black market, it traded flat at N1,400/$1.
Market analysts expect the Naira to trade within a relatively stable range, supported by sustained FX inflows and a continued market intervention by the Central Bank of Nigeria (CBN), although persistent underlying FX demand is likely to keep depreciation pressures elevated.
According to Monday’s trading data, interbank FX turnover surged by 21.14 per cent to $86.136 million from $71.044 million at the previous trading session on Friday.
However, interbank deal counts declined to 85 from 87 on Monday, reflecting the absence of pressure from US Dollar payments against local units. Last week, total foreign exchange inflows amounted to $0.97 billion, according to a Coronation Merchant Bank research report.
Analysts reported that foreign portfolio investors (FPIs) remained the largest source of inflows, contributing 30.29% or $0.29 billion, closely followed by Exporters and Importers at 30.14 per cent.
Non-bank corporates accounted for 26.49 per cent or $0.26 billion, while the CBN contributed 6.93 per cent or $0.07 billion. Other sources made up the remaining 5.4 per cent of total inflows.
In the cryptocurrency market, major coins came under pressure following heightened expectations for a Federal Reserve interest-rate increase as soon as July, just ahead of key US inflation data and congressional testimony from Chairman Kevin Warsh came into focus.
Bitcoin (BTC) fell by 0.2 per cent to $62,627.03, Solana (SOL) dipped by 1.5 per cent to $75.18, TRON (TRX) depreciated by 0.2 per cent to $0.3248, Ripple (XRP) slumped by 0.6 per cent to $1.06, and Cardano (ADA) lost 0.6 per cent to close at $0.1589.
On the flip side, Ethereum (ETH) appreciated by 0.5 per cent to $1,784.26, Dogecoin (DOGE) grew by 0.2 per cent to $0.073, and Binance Coin (BNB) jumped by 0.2 per cent to $569.23, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
