Economy
Naira Value Crashes 0.02% at NAFEM, Stable at Black Market
By Adedapo Adesanya
The Naira still moved in different directions in the various segments of the foreign exchange (FX) market on Friday, closing flat against the US Dollar at the black market at N1,540/$1.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), it depreciated against the greenback yesterday by 0.02 per cent or 25 Kobo to sell for N1,533.94/$1, in contrast to the previous day’s value of N1,533.69/$1.
In the same vein, it crashed against the Pound Sterling in the official market during the session by N12.97 to trade at N2,038.49/£1 compared with Thursday’s closing price of N2,025.52/£1 and lost N3.83 against the Euro to finish at N1,755.46/€1 versus the previous day’s N1,751.63/€1.
Although the FX market is expected to be supported by Dollar sales from exporters, foreign portfolio investors, and oil companies selling to fund their local obligations in the long term.
Occasional pressure from retail pressure will see corrections happen day-to-day even if the Naira will remain at the current range through the remaining months of the year, amid ongoing reforms and improvements in macroeconomic stability outshine global uncertainties and other domestic challenges.
A look at the crypto market indicated that most of the tokens tracked by Business Post were in red as a soft job data from the US on Friday morning combined with shocking revisions lower to June and May prints to produce the weakest three-month period of employment growth since the Covid shutdowns of 2020 weakened investors sentiment.
The data seems likely to put an end to the wait-and-see approach of Federal Reserve Chairman Jerome Powell and set the central bank on a path to restarting rate cuts at its next meeting in September.
Ethereum (ETH) fell by 3.3 per cent to $3,449.70, Dogecoin (DOGE) slumped by 2.4 per cent to $0.1995, Solana (SOL) tumbled by 2.3 per cent to $164.10, Binance Coin (BNB) depreciated by 1.6 per cent to $775.75, Bitcoin (BTC) slipped by 0.6 per cent to $113,743.55, and Cardano (ADA) lost 0.4 per cent to end at $0.7175.
However, Litecoin (LTC) grew by 2.7 per cent to $107.28, and Ripple (XRP) appreciated by 2.2 per cent to $2.98, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Dipo Olowookere
Profit-takers pounced on the Nigerian Exchange (NGX) Limited on Friday, weakening it by 0.09 per cent at the close of transactions.
Investors toned down on their hunger for Nigerian stocks during the last trading session of the week, with selling pressure mainly on the banking space, which shed 0.78 per cent.
The bourse crumbled despite the other sectors closing green, with the consumer goods up by 0.10 per cent, and the energy index up by 0.02 per cent, while the industrial index closed flat.
Livestock Feeds depreciated by 10.00 per cent to sell for N6.30, Learn Africa declined by 10.00 per cent to N8.10, Living Trust Mortgage Bank also slipped by 10.00 per cent to N4.05, Deap Capital gave up 9.97 per cent to trade at N9.39, and Industrial and Medical Gases lost 9.61 per cent to finish at N31.50.
On the flip side, Zichis appreciated by 9.97 per cent to N4.19, Abbey Mortgage Bank gained 9.94 per cent to quote at N9.40, RT Briscoe jumped by 9.93 per cent to N7.86, Haldane McCall grew by 9.90 per cent to N4.33, and Omatek increased by 9.87 per cent to N3.00.
Business Post reports that the market breadth index was positive despite the poor outcome, recording 33 price gainers and 31 price losers, representing strong investor sentiment.
The All-Share Index was down by 156.91 points during the session to 165,370.40 points from the 165,527.31 points achieved a day earlier, and the market capitalisation depleted by N184 billion to N106.153 trillion from N105.969 trillion.
Trading data showed that 687.4 million equities valued at N15.0 billion exchanged hands in 41,553 deals yesterday compared with the 691.4 million equities worth N15.4 billion traded in 38,665 deals on Thursday, implying a jump in the number of deals by 7.47 per cent, and a slip in the trading volume and value by 2.60 per cent, respectively.
The busiest stock on Friday was Veritas Kapital with 80.5 million units worth N197.0 million, Secure Electronic Technology transacted 79.3 million units valued at N87.5 million, Deap capital transacted 33.3 million units for N340.5 million, Access Holdings sold 31.0 million units valued at N703.0 million, and Zenith Bank exchanged 30.6 million units worth N2.2 billion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.20 per cent on Friday, January 30, supported by the gains achieved by two securities on the platform.
During the session, Okitipupa Plc went up by N15.70 to finish at N234.60 per share versus the previous day’s N218.90 per share and Paintcomm Investment Plc expanded by 5 Kobo to close at N11.05 per unit compared with the previous day’s N11.00 per unit.
It was observed that yesterday, there were three price losers led by Geo-Fluids Plc, which dropped 60 Kobo to sell at N5.75 per share versus N6.35 per share, Afriland Properties Plc declined by 35 Kobo to close at N13.65 per unit compared with Thursday’s closing price of N14.00 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo to 66 Kobo per share from 69 Kobo per share.
At the close of business, the NASD Unlisted Security Index (NSI) rose by 7.34 points to 3,630.11 points from 3,622.77 points and the market capitalisation grew by N4.39 billion to N2.171 trillion from N2.167 trillion.
A total of 287,618 units of securities exchanged hands on Friday compared with the previous day’s 1.9 million units of securities, indicating a decline in the volume of trades by 85.6 per cent.
The value of transactions, according to data, was down by 77.2 per cent to N3.1 million from N13.4 million, but the number of deals increased by 31.3 per cent to 21 deals from 16 deals.
Central Securities Clearing System (CSCS) Plc remained the most traded stock by value (year-to-date) with 15.4 million units exchanged for N623.0 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units traded for N108.5 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
CSCS Plc also ended the session as the most active stock by volume (year-to-date) with 15.4 million units sold for N623.0 million, followed by Mass Telecom Innovation Plc with 10.1 million units worth N4.1 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
By Adedapo Adesanya
The Naira maintained its positive performance against the United States Dollar in the different segment of the foreign exchange (FX) market on Friday, January 30.
In the black market, the Nigerian currency appreciated against the greenback yesterday by N5 to sell for N1,465/$1 compared with the previous day’s N1,470/$1, and at the GTBank forex desk, it gained N7 to close at N1,419/$1 compared with Thursday’s closing price of N1,426/$1.
In the the Nigerian Autonomous Foreign Exchange Market (NAFEX) segment, the local currency firmed up against the Dollar during the session by N10.44 or 0.75 per cent to trade at N1,386.55/$1 versus N1,396.99/$1.
Also, the domestic currency appreciated against the Pound Sterling in the official FX market by N25.81 to end at N1,906.23/£1 compared to the N1,932.04/£1 quoted on Thursday, and gained N19.56 on the Euro to close at N1,652.22/€1, in contrast to the preceding session’s closing price of N1,671.78/€1.
The Naira continues to pick form, boosted by stronger FX liquidity, enhanced price discovery at the NAFEX, and a gradual restoration of offshore investor confidence.
Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to defend the Naira and stabilise the foreign exchange market, have continued to grow steadily. According to data from the apex bank, gross external reserves rose to $46.17 billion as of January 29, 2026.
FX supply is further supported by strong oil-related inflows and resilient diaspora remittances, which continued to average around $5 billion per quarter, providing a stable and non-cyclical source of foreign exchange liquidity.
Market traders expect the Naira to remain fairly stable and could strengthen further with a bond auction in the coming week.
Nigeria’s external reserves, which provide the CBN with the capacity to defend the naira and stabilise the foreign exchange market, have continued to grow steadily. According to CBN data, gross external reserves rose to $46.17 billion as of January 29, 2026.
In the cryptocurrency market, it further weakened as the US Dollar recovered from a four-year low decline.
Friday’s Dollar strength followed President Donald Trump’s announcement that he would pick former Federal Reserve Governor Kevin Warsh to head the US central bank when Mr Jerome Powell’s term ends in May.
Cardano (ADA) fell by 3.9 per cent to $0.3118, Ethereum (ETH) declined by 2.1 per cent to $2,676.83, Ripple (XRP) depreciated by 1.6 per cent to $1.72, Dogecoin (DOGE) lost 0.9 per cent to sell for $0.1130, and Litecoin (LTC) slid by 0.1 per cent to $64.03.
However, Solana (SOL) added 2.0 per cent to close at $117.67, Bitcoin (BTC) appreciated by 1.0 per cent to $83,416.99, and Binance Coin (BNB) gained 0.6 per cent to sell for $847.49, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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