Economy
Nigeria’s Current Sources of FX Inflows Unreliable—Emefiele
By Aduragbemi Omiyale
Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has expressed worry over the sources of foreign exchange (FX) inflows in Nigeria, describing them as unreliable as they are prone to external forces, which hurt the nation’s economy.
Nigeria, the largest economy in Africa, has struggled to strengthen its legal tender, the Naira, in the forex market due to a shortage of foreign currencies to meet the demand of end-users.
Despite the prices of crude oil rising on the global market, the country’s external reserves have continued to deplete because the apex bank dips its hands into the purse to defend the local currency in the FX market.
Nigeria relies on crude oil sales to earn forex but it has not been able to take advantage of the recent rise in the price of the commodity as well as the war in Ukraine instigated by Russia.
A few months ago, the CBN, in an effort to change the narrative, launched an initiative called CBN RT 200 aimed at generating $200 billion from non-oil exports in the coming years.
The central bank was in Lagos on Thursday for a Non-Oil Export Summit and the CBN chief stated that country’s foreign exchange challenges were beyond the powers of monetary policy, noting that efforts are being made to manage both the demand and supply side to meet forex obligations.
Attributing the current challenges of the Nigerian economy to a combination of local and global factors such as the COVID-19 pandemic, delays in global logistic value chains and local security challenges, he expressed concern that most of Nigeria’s current sources of FX inflows were unreliable and prone to fluctuations of global economic developments.
Mr Emefiele noted that the global economic challenges had impacted food production among others and had exerted undue pressure on the economy, thereby exposing the fragility of the Nigerian economy and making macroeconomic management very difficult.
“These problems call for urgent design and steadfast implementation of other supportive, structural, and complementary policies that are broad-based, coordinated and focused on complementing the work of the monetary authority,” he noted.
Reiterating the need for a more diversified economy, Mr Emefiele said Nigeria could be great without crude oil, the global price of which the country had no control over.
He, therefore, urged all stakeholders to regroup by working together to reposition Nigeria on a growth trajectory by taking diversification of the economy much more seriously, emphasising that Nigeria had very little choice left but to look inwards and find innovative solutions to its challenges.
In order to avoid sudden adjustments to Nigeria’s economic life, he said there was the need to focus on strategies that can help the country earn more stable and sustainable inflows of foreign exchange.
“We would need to follow the best practices of other countries and ensure that we protect ourselves a little bit from factors that are beyond our immediate control. This is the time to start working in synergy for the good of our nation.
“This is the time for us as a Banking Community to do more and support exporters who have been flying the flag of Nigeria in the international market space,” Mr Emefiele declared.
Although he admitted the enormity of the ultimate goal of $200 billion in non-oil exports over the medium term, Mr Emefiele expressed confidence that the goal was attainable, given the fact that many countries less endowed than Nigeria had achieved much in the field of agriculture.
To underscore his point, he said within a short period of implementing the Non-Oil FX Rebate Scheme, the country had recorded a significant increase in non-oil export repatriation, adding that eligible exporters had been paid over N3.5 billion in rebates.
In his remarks, the Governor of Lagos State, Mr Babajide Sanwo-Olu, lauded the CBN and other actors in the banking sector for supporting the efforts by the Federal Government and states, especially Lagos, to boost growth in the economy.
Mr Sanwo-Olu expressed optimism that the Lekki Deep Seaport, which he described as the largest in West Africa, will be handed over for use at the end of 2022, thereby providing enormous opportunities to exporters to ply their trade and by extension improve the export earnings of the country.
As part of efforts to decongest the Apapa and Tin Can Island Ports in Lagos, the Governor said the state government was awaiting approval for work to begin on the Badagry Ports in the Western part of Lagos.
By Dipo Olowookere
The weekly turnover of the Nigerian Exchange (NGX) Limited shrank by 27.70 per cent or 1.094 billion equities, partly due to the inability of market participants to trade last Friday as a result of the Good Friday public holiday declared by the federal government.
In the week, investors bought and sold 2.856 billion equities worth N113.597 billion in 215,287 deals versus the 3.950 billion equities valued at N201.312 billion transacted in 359,642 deals in the preceding week.
The activity chart was led by the financial services industry with 1.811 billion shares valued at N61.901 billion in 86,818 deals, contributing 63.41 per cent and 54.49 per cent to the total trading volume and value, respectively.
The services sector traded 299.895 million stocks worth N2.966 billion in 13,797 deals, and the ICT segment exchanged 183.233 million equities for N14.654 billion in 25,287 deals.
Wema Bank, Access Holdings, and Secure Electronic Technology accounted for 734.659 million shares worth N14.134 billion in 12,319 deals, contributing 25.72 per cent and 12.44 per cent to the total trading volume and value apiece.
Data from the NGX said 29 stocks gained weight versus 47 stocks of the previous week, as 57 shares lost weight versus 45 shares in the preceding week, while 62 equities closed flat versus 56 equities a week earlier.
Multiverse led the gainers’ chart after it gained 20.66 per cent to trade at N20.15, UPDC REIT appreciated by 15.49 per cent to N8.20, International Energy Insurance chalked up 12.54 per cent to quote at N3.32, Austin Laz grew by 10.47 per cent to N4.43, and Unilever Nigeria rose by 10.00 per cent to N103.40.
Conversely, Secure Electronic Technology topped the losers’ table after it lost 21.54 per cent to close at N1.02, John Holt declined by 18.47 per cent to N15.45, May and Baker depreciated by 16.57 per cent to N35.00, Aluminium Extrusion moderated by 16.27 per cent to N10.55, and Legend Internet slipped by 16.00 per cent to N6.30.
Business Post reports that the All-Share Index (ASI) was up by 0.39 per cent to 201,698,89 points, and the market capitalisation rose by 0.65 per cent to N129.806 trillion.
In the same vein, all other indices finished higher apart from the main board, insurance, MERI Value, consumer goods, industrial goods and growth indices, which went down by 0.29 per cent, 4.25 per cent, 0.36 per cent, 1.74 per cent, 0.24 per cent, and 0.06 per cent, respectively, while the sovereign bond index closed flat.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 3.8 per cent week-on-week decline in the 14th trading week of 2026, which had only four trading sessions.
This happened because of the public holiday observed on Friday for Easter celebrations in Nigeria and across the globe.
Last week, the market capitalisation of the bourse went down by N95.36 billion to N2.417 trillion from N2.512 trillion in Week 13, while the NASD Unlisted Securities Index (NSI) shrank by 159.39 points to 4,040.30 points from 4,199.69 points in the previous week.
In the week, there were five price losers and eight price losers led by 11 Plc, which crumbled by N94.57 to N256.60 per unit from N351.17 per unit.
MRS Oil Plc lost N39.00 to close at N171.00 per share from N210.00 per share, FrieslandCampina Wamco Nigeria Plc depreciated by N17 to N93.00 per unit from N110.00 per unit, and Central Securities Clearing System (CSCS) Plc shed N2.10 to close at N78.00 per share versus N80.10 per share.
Further, NASD Plc dropped N4.14 to end at N37.36 per unit versus N41.50 per unit, UBN Property Plc crashed by 22 Kobo to N1.98 per share from N2.20 per share, Food Concepts Plc slid by 13 Kobo to N2.87 per unit from N3.00 per unit, and Capital Bancorp Plc contracted by 10 Kobo to N1.90 per share from N2.00 per share.
On the flip side, IPWA Plc gained 55 Kobo to sell at N6.06 per unit versus N5.51 per unit, Geo-Fluids Plc appreciated by 7 Kobo to N3.25 per share from N3.18 per share, Industrial and General Insurance (IGI) Plc improved by 5 Kobo to 57 Kobo per unit from 52 Kobo per unit, Great Nigeria Insurance (GNI) Plc grew by 2 Kobo to 52 Kobo per share from 50 Kobo per share, and Acorn Petroleum Plc moved up by 1 Kobo to N1.34 per unit from N1.33 per unit.
The volume of transactions witnessed a 5,490.9 per cent surge last week to 3.5 billion units from 62.7 million units, and the value of transactions soared by 437.7 per cent to N9.7 billion from N1.7 billion. These trades were completed in 163 deals and involved 20 stocks.
The most traded stock by value was GNI Plc with N8.4 billion, followed by Okitipupa Plc with N630.5 million, Geo-Fluids Plc with N162.7 million, CSCS Plc with N57.5 million, and Friesland Campina Wamco Nigeria Plc with N37.1 million.
The most trased stock by volume was also GNI Plc with 3.4 billion units, Geo-Fluids Plc traded 50.1 million units, Okitipupa Plc transacted 21.0 million units, UBN Property Plc quoted 2.5 million units, and CSCS Plc sold 0.73 million units.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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