Economy
Naira Weakens Further to N1,375/$1 at Official FX Market
By Adedapo Adesanya
For another trading session, the Naira further depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 12, by N2.46 or 0.18 per cent to N1,375.62/$1 from the previous day’s N1,373.16/$1.
It was not a different situation for the local currency in the same market window against the Pound Sterling yesterday, as it lost N3.35 to trade at N1,874.42/£1 versus Monday’s value of N1,871.07/£1, and declined against the Euro by N2.90 to settle at N1,621.31/€1 versus N1,618.41/€1.
However, in the parallel market, the Naira remained unchanged against the US Dollar during the session at N1,385/$1, and maintained stability at the GTBank forex counter at N1,375/$1.
The poor performance of the Naira was driven by dampened foreign portfolio investment inflows into Nigeria’s FX market, resulting in weaker supply conditions during the month.
Nevertheless, the currency’s performance remains relatively stable compared with previous periods of FX shortages that often resulted in sharp currency depreciation.
Also, escalating geopolitical tensions in the Middle East have disrupted global supply chains and altered international trade flows, prompting many importers to delay procurement orders and reduce transaction volumes.
The rising uncertainty surrounding shipping routes, logistics costs, and delivery timelines has made importers more cautious about committing to new orders, which is not putting much pressure on the local currency.
Meanwhile, the cryptocurrency market was mostly down after the April US Consumer Price Index came in at 3.8 per cent year-over-year, hotter than economists had estimated, with petrol prices doing most of the lift since the Iran war began.
Cardano (ADA) weakened by 1.7 per cent to $0.2730, Solana (SOL) lost 1.4 per cent to sell at $95.23, Ripple (XRP) shrank by 0.6 per cent to $1.45, Ethereum (ETH) went down by 0.5 per cent to $2,297.25, and Bitcoin (BTC) slipped by 0.2 per cent to $80,986.71.
On the flip side, Binance Coin (BNB) jumped 2.4 per cent to $678.01, Dogecoin (DOGE) gained 1.5 per cent to close at $0.1120, and TRON (TRX) appreciated by 0.1 per cent to $0.3490, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Aduragbemi Omiyale
About 600 high-level delegates will converge on Eko Hotels and Suites, Lagos State, for Invest in Lagos 3.0, scheduled to hold on June 8 and 9, 2026, with the theme, Lagos: The Business Gateway to Africa -Where Innovation Meets Capital.
These delegates will comprise innovators, global institutions, sovereign wealth funds, development finance institutions, multilateral institutions, structured finance specialists, trade networks across the Commonwealth, and senior public officials.
They will share perspectives that will ease the movement of conversations into measurable outcomes, with about N4 trillion to be attracted in local and foreign direct investment to the tune of N4 trillion.
The co-chair of the event’s Local Organising Committee (LOC) and Commissioner for Commerce, Cooperatives, Trade and Investment, Ms Folashade Bada Ambrose-Medebem, informed the media that, “Lagos sits at the centre of the African economic story. With a population in excess of 23 million people, a GDP that ranks among the largest city economies on the continent, expanding infrastructure, a vibrant innovation ecosystem, a growing industrial base, and one of the busiest seaports in Africa.
The Deputy Chief of Staff to Lagos State Governor, Mr Sam Egube, on his part, said, “This summit will move conversation into measurable outcomes. In fact, the summit will spotlight key sectors including technology, infrastructure, healthcare, transportation, energy, environment, and the creative economy.”
The Governor of Lagos State, Mr Babajide Sanwo-Olu; the Deputy Governor of Lagos State, Mr Kadri Obafemi Hamzat; the Minister of Industry, Trade and Investment, Ms Jumoke Oduwole; the Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), Lord Marland; and the Secretary-General of the Commonwealth, Shirley Botchwey, among others, will grace the occasion.
As a summit designed to drive private sector investment, stimulate enterprise growth, expand value chains, and strengthen the fiscal sustainability of Lagos, Invest in Lagos 3.0 is more than a mechanism for economic growth acceleration, but also a platform for showcasing the investment sustainability of Lagos and a catalyst for structured engagement with capital providers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange succumbed to selling pressure on Tuesday, May 12, sinking by 1.1 per cent.
This brought down the NASD Unlisted Security Index (NSI) by 46.05 points to 4,156.52 points from 4,202.57 points, and battered the market capitalisation by N27.55 billion to N2.486 trillion from N2.514 trillion.
The loss suffered by the NASD OTC exchange was influenced by three securities, led by FrieslandCampina Wamco Plc, which lost N12.40 to sell for N133.60 per share compared with Monday’s N146.00 per share. Food Concepts Plc depreciated by 9 Kobo to N2.50 per unit from N2.59 per unit, and Industrial and General Insurance (IGI) Plc declined by 6 Kobo to 60 Kobo per share from 66 Kobo per share.
Yesterday, the volume of transactions surged by 1,041.6 per cent to 2.7 million units from 236,921 units, the value of trades jumped by 294.6 per cent to N65.2 million from N16.5 million, and the number of deals climbed 55 per cent to 31 deals from 20 deals.
Great Nigeria Insurance (GNI) Plc closed the session as the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion. The second position was occupied by Central Securities and Clearing System (CSCS) Plc with 60.5 million units exchanged for N4.1 billion, and Okitipupa Plc transacted 27.8 million units for N1.9 billion to claim the third spot.
The most active stock by volume on a year-to-date basis was GNI Plc with 3.4 billion units sold for N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units valued at N1.2 billion.
By Dipo Olowookere
The positive momentum seen at the Nigerian Exchange (NGX) Limited lately continued on Tuesday, as it further appreciated by 0.77 per cent at the close of business.
This was mainly driven by demand for energy, consumer goods and banking stocks by investors, according to data from Customs Street.
The energy space gained 3.40 per cent, the banking counter appreciated by 1.87 per cent, and the consumer goods index improved by 1.71 per cent. But the insurance segment lost 1.40 per cent, and the industrial goods sector shrank by 0.49 per cent.
The sell-offs in those two sectors did not impact the outcome of the bourse, as the All-Share Index (ASI) grew by 1,676.81 points to 252,158.23 points from 250,481.42 points, and the market capitalisation went up by N1.359 trillion to N161.613 trillion from N160.254 trillion.
Business Post reports that 41 equities ended on the gainers’ chart and 38 equities finished on the losers’ log, indicating a positive market breadth index and strong investor sentiment.
The quartet of Unilever Nigeria, University Press, Union Homes REIT, and Ikeja Hotel gained 10.00 per cent each to sell for N165.00, N4.40, N84.70, and N39.60, respectively, while Zichis rose by 9.98 per cent to N40.35.
Conversely, Custodian Investment lost 9.52 per cent to trade at N81.25, Honeywell Flour decreased by 8.11 per cent to N17.00, AIICO Insurance crashed by 7.74 per cent to N4.41, Fortis Global Insurance depreciated by 7.02 per cent to N1.06, and Secure Electronic Technology dipped by 5.38 per cent to 88 Kobo.
The busiest stock for yesterday was CWG with a turnover of 431.6 million units valued at N9.5 billion, UBA traded 403.1 million units for N16.6 billion, C&I Leasing transacted 152.1 million units worth N1.0 billion, Fidelity Bank sold 81.7 million units worth N1.7 billion, and Honeywell Flour exchanged 72.4 million units valued at N1.2 billion.
In all, investors bought and sold 2.0 billion units for N87.7 billion in 80,888 deals compared with the 1.5 billion units worth N68.5 billion traded in 94,834 deals on Monday, showing a surge in the trading volume and value by 33.33 per cent and 28.03 per cent, respectively, and a shortfall in the number of deals by 14.71 per cent.
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