Economy
Nigeria Records More Exports Than Imports in Q2 2019
By Adedapo Adesanya
The newly released figures by Nigerian Bureau of Statistics (NBS) contained in the Foreign Trade and Goods report indicated that Nigeria recorded more of in exports than imports in the second quarter of 2019 than it did in the first quarter of the year.
The report showed that in the second quarter of 2019, the value of Nigeria’s total trade stood at N8.603 trillion with exports taking 53.4 percent equivalent to N4.596 trillion while imports comprised 46.6 percent valued at N4.007 trillion.
This also spelt that the value of total trade in Q2 2019 was higher by 4.4 percent when compared with Q1 2019 and 24.2 percent higher when compared with Q2 2018.
The value of total exports in Q2 2019 increased by 1.34 percent against the level recorded in Q1 2019 and 2.06 percent when compared with its value in the second quarter of 2018 while the value of exports for the first half of 2019 fell by one percent compared to the first half of 2018.
In the period under review, the value of total imports rose by 8.20 percent compared with Q1 2019, and by 65.21 percent over the corresponding quarter of 2018 while the value of imports for the first half of 2019 rose 43.63 percent over the corresponding period in 2018.
The report said during the period, trade balance remained favourable, valued at N588.8 billion however when combined with the Q1 2019 performance, the trade balance declined by 63.14 percent compared to the same period in 2018.
The value of total trade was 15.43 percent higher at half year 2019 than for the comparative period in 2018.
According to the report, the performance was largely as a result of stronger growth in the value of imports far outpacing growth in the value of exports which rose only marginally.
It also noted that the value of total exports has remained relatively stable since 2018, but the value of imports has maintained its steady rise, hence the reason for the decline in trade balance since half year 2018.
The report further stated that in the second quarter of 2019, crude oil remained Nigeria’s major export as it accounted for N3.93 trillion or 85.6 percent of total exports while non-crude oil exports contributed N661.6 billion or 14.37 percent.
India accounts as Nigeria’s major trading partner with 17.27 percent followed by Spain with 11.97 percent, while China leads Nigeria’s import partners, accounting for 25.47 percent of imported goods followed by imports from the United States with 10.53 percent.
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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