Economy
New King of Delta Region – New Hope For Nigerian Youngsters
After the crowning of the oil-rich but poor Niger Delta region’s dashing monarch, several young Nigerians have taken an interest again in royalty, tradition, and heritage.
The Itsekiri people of the Iwere Kingdom in Delta state anointed a new monarch, Ogiame Atuwatse III, in front of thousands of spectators and dignitaries from across the world.
A new generation has been inspired by the prince’s progressive approach, and his address was a highlight of the event for those who have long bemoaned the failings of leadership in the country.
“We must move beyond oil and gas,” he said in a wide-ranging address. With 86 per cent of Nigeria’s entire export earnings coming from oil, Nigeria is the continent’s largest oil producer.
This region of Nigeria’s Niger Delta has had to contend with militants, oil spills, and pollution produced by the region’s energy giants.
As he remarked, “We must go beyond oil and gas to focus our attention on initiatives that will result in increased value for everyone.” Because of the progressive promises and claims, some of the richest Forex traders in Nigeria, think that the country’s currency will become less volatile and be more demanded in the marketplace. In addition to that, a lot of people are hoping that when the new Olu of Warri takes office, things will get moving to rewrite the history of the region.
“It’s been either pollution or insecurity in the Niger Delta, and I think this is a tipping point,” Oritsema Jemide told CNN.
He also promised to empower women so they could play a more active part in their society.
“We will guarantee that women of all ages, young and old, are recognized and appreciated, not merely verbally, but also in actual cultural practice. Our ladies will no longer be invisible, I tell them.”
Tara Fela Durotoye, an Itsekiri businesswoman, attended the coronation event. She said to the journalists: “Many people began to dance as he arrived. Someone exclaimed… I believe Nigerians are searching for something new and fresh. His age, his exposure, his education, and the lineage make him a perfect example of all of that and more”.
“As a monarch, he brought so much to the throne: a futuristic monarch who knows technology, who understands the importance of women. Being a part of it gave me hope,” as Durotoye said to CNN,
Itsekiri’s ancestral house, Ode-Itsekiri, hosted a celebration honouring the Olu of Warri.
A large number of people watched local broadcasts and congregated at watching centres to see history unfold across the country and the diaspora.
Her father, a historian, made sure his children were well-versed in their culture, according to Durotoye.
At 10, she attended the coronation of her father, the current Olu of Warri. “To be able to participate in and witness another coronation in my life as a 44-year-old woman and mother of three was an honour,” she stated.
During the intermission, the Olu of Warri entertained the crowd by singing Christian praise hymns. The king was criticized by some for not embracing his ancestors’ beliefs.
Olu Erejuwa II is supposed to have cursed Nigeria with his grandpa Olu Erejuwa II’s blood.
“When it comes to spirituality, I feel that the spiritual and physical are intimately intertwined. I reverse the curse in my capacity as spiritual, cultural, political, and traditional monarch of this land,’ he said.
To individuals in the diaspora who desire to strengthen their links to Itsekiri culture, the new age gives optimism that a supportive atmosphere will be established for those who want to do so.
Because she’s been playing with the notion of spending more time establishing a foundation and setting down roots, she adds, “I feel like this coronation is very meaningful for me.”
This new monarch, who I believe has a vision for the kingdom that will provide an enabling atmosphere for those ambitions, is really crucial.
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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