Economy
Nigeria’s Petroleum Industry Earnings Rise 53.2% in August
By Adedapo Adesanya
Nigeria’s earnings from the petroleum industry rose by 53.2 per cent to N401.9 billion from N262.4 billion recorded in the previous month, according to the latest data obtained from the Central Bank of Nigeria (CBN).
The amount is, however, 17.1 per cent lower than the N484.8 billion gross oil revenue recorded in August 2019.
The CBN, in its Economic Report for August 2020, further stated that oil revenue accounted for 52.4 per cent of total federation revenue compared to 35.1 per cent of total revenue in July 2020 and 52.9 per cent in August 2019.
The country earned N296.2 billion from Petroleum Profit Tax (PPT) and Royalties, accounting for 73.7 per cent of total oil revenue, while domestic crude oil and gas sales accounted for 17.5 per cent of total oil revenue, with N70.2 billion.
Crude oil and gas exports fetched the country N24.3 billion, representing 6.0 per cent of total oil earnings, while other oil earnings stood at N11.4 billion.
In comparison, in July 2020, the country earned N40.1 billion from crude oil and gas exports; N145.2 billion and N68.4 billion from PPT and Royalties and domestic crude oil and gas sales, respectively, while other oil earnings stood at N8.6 billion.
In August 2019, the country earned N28.4 billion, N321.4 billion, N130.5 billion and N4.4 billion from crude oil and gas exports, PPT and Royalties, domestic crude oil and gas and other oil earnings, respectively.
In general, the CBN stated that total federally collected revenue in August 2020 rose by 2.7 per cent to N767.55 billion compared with its level in July 2020, but was below the budget benchmark by 9.4 per cent.
The CBN attributed the increase to improved receipts from oil revenue sources, noting that retained revenue of the federal government in August 2020 was N290.3 billion, while total expenditure stood at N699.7 billion, resulting in a deficit of N409.4 billion.
The CBN noted that total FGN debt outstanding at end-June 2020, stood at N31.01 trillion, with the domestic and external components accounting for 63.4 per cent and 36.6 per cent, respectively.
The CBN disclosed that the price of Nigeria’s reference crude, Bonny Light, averaged $45.06 per barrel in August 2020, compared with $44.10 per barrel in July 2020, as global energy demand inched up, due to the easing of lockdown measures across countries.
It said: “In the same vein, crude oil production increased to 1.75 million barrels per day, mbpd, in the review period, compared with 1.55 mbpd in July 2020. Gas exports, on the other hand, decreased by 2.0 per cent to US$0.30 billion in August 2020, relative to $0.31 billion in July 2020. The crude oil and gas component remained dominant and accounted for 85.1 per cent of total exports.”
In addition, the CBN projected that: “Considering the gradual easing of restrictions, improved revenue collection, due to an uptick in economic activities in some advanced economies, and a gradual recovery in oil price, oil exports are expected to rebound with an attendant boost in government revenue.”
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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