Economy
Naira Value Falls Across Forex Market Segments
By Adedapo Adesanya
Continued disruption in the supply of foreign exchange (FX) into the currency market further weakened the value of the Naira against the US Dollar across the segments on Wednesday, January 24, despite reassurances by the Central Bank of Nigeria (CBN) to bring ease to the market.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window yesterday, the local currency depreciated against the greenback by 0.4 per cent or N3.63 to sell at N882.24/$1 compared with the previous day’s N878.61/$1, according to data from the FMDQ Securities Exchange.
Also, the Naira witnessed a downward movement against the Pound Sterling during the session by N21.98 to sell at N1,141/£1 versus Tuesday’s closing price of N1,163.87/£1 and against the Euro, it depreciated by N18.46 to finish at N977.59/€1, in contrast to the preceding day’s N996.05/€1.
It was observed that the supply of forex to the spot market was depressed, with the turnover at $56.60 million in the midweek session, 3.2 per cent or $1.86 million lower than the $58.46 million achieved a day earlier.
In the Peer-to-Peer (P2P) segment, the value of the Nigerian currency depreciated by N8 to close at N1,378/$1 compared with the previous day’s value of N1,369/$1.
In the same vein, the domestic currency plunged against the Dollar on Wednesday by N15 to quote at N1,380/$1, in contrast to the N1,365/$1 it was exchanged on Tuesday.
The forex crisis in Nigeria has heightened recently after plans by the CBN to unify the rates have seen no progress since the underlying cause, supply remains yet to be settled.
At a summit on Wednesday, the CBN Governor, Mr Olayemi Cardoso, said the Naira is undervalued, adding that priority must be given to transparency in the Nigerian foreign exchange rate system to attain stability and fair determination of rates.
“We are implementing a comprehensive strategy to improve liquidity in our FX markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years,” he added.
A look at the cryptocurrency market showed that Solana (SOL) continued to rise as it notched a 4.1 per cent as more products continued to be built on its network due to its accessibility and affordability.
Litecoin (LTC) climbed higher by 0.8 per cent to $65.59, Cardano (ADA) also recorded a 0.8 per cent increase to sell at $0.4701, Bitcoin (BTC) rose by 0.5 per cent to $39,923.02, Ripple (XRP) gained 0.12 per cent to trade at $0.5143, and the US Dollar Tether (USDT) grew by 0.02 per cent to $0.9997.
However, Binance Coin (BNB) slipped by 3.6 per cent to trade at $288.06, Ethereum (ETH) went down by 0.6 per cent to $2,208.74, and Dogecoin (DOGE) dipped by 0.12 per cent to $0.0781, while the US Dollar Coin (USDC) retained parity at $1.00.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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