Economy
Nigeria Sold $504m Crude Oil, Gas in November 2019—NNPC
By Adedapo Adesanya
The Nigerian National Petroleum Corporation (NNPC) has disclosed that an export sale of crude oil and gas of $504.44 million was recorded in November 2019; indicating an increase of 4.39 percent compared with the previous month.
According to the national oil company, Crude oil export sales contributed $383.89 million (76.10 percent) of the dollar transactions compared with $396.94 million contribution in the previous month; while the export gas sales amounted to $120.55 million in the month under review.
This was disclosed by Mr Sam Makoji, the NNPC Acting Group General Manager, Group Public Affairs Division in a statement in Abuja citing the 53rd edition of the NNPC Monthly Financial and Operations Report (MFOR).
It was also disclosed that the November 2018 to November 2019 Crude Oil and Gas transactions indicated that crude oil and gas worth $5.46billion was exported within the year.
According to the monthly MFOR, the daily average natural gas supply to gas-powered plants in November 2019 increased by 16.5 percent to 645 million standard cubic feet per day (mmscfd) which is equivalent to generating power of 2,178 megawatts. This was higher than 92 mmscfd than what was recorded in October 2019 which was at 553 mmscfd and generated 2,050 MW in power.
It was stated that national gas production in November 2019 stood at 228.65 billion Cubic Feet (BCF), which translates to an average daily production of 7,621.68 mmscfd.
From year to date in November 2019, the report stated that a total of 3,091.24 BCF of gas was produced which means an average daily production of 7,882.27 mmscfd from November 2018 – 2019.
Also, a year-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.50 percent, 21.06 percent and 9.44 percent respectively to the total national gas production.
It was disclosed that out of the total volume of gas supplied in November 2019, 137.02 BCF of gas was commercialized, consisting of 35.29 BCF and 101.73 BCF for the domestic and export market respectively.
This translates to a total supply of 1,176.40 mmscfd of gas to the domestic market and 3,391.04 mmscfd of gas supplied to the export market for the month, implying that 59.91 percent of the average daily gas produced was commercialized, while the balance of 40.09 percent was re-injected, used as upstream fuel gas or flared.
On Gas flare rate, it accounted about 8.29 percent for the month under review, translating to 632.37mmscfd, compared with an average gas flare rate of 8.80 percent or 692.97mmscfd for the one-year period November 2018 to November 2019.
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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