Economy
Our Economic Reforms Have Stabilized Exchange Rate, Crashed Prices—Tinubu
By Dipo Olowookere
President Bola Tinubu has claimed that the economic reforms his administration undertook when he assumed office on May 29, 2025, have helped to keep the exchange rate of the Naira to Dollar stable at the foreign exchange (FX) market.
Speaking on Monday when he inaugurated the Planning Committee for the National Youth Conference at the State House in Abuja, the President expressed confidence that some professionals, who left Nigeria due to economic crisis, would begin to return as a result of improvement in the country’s economy.
He said the ongoing reforms are to the benefit of the youth, who he described as the future of Nigeria, charging them to be free to tell the truth to him.
“I want to reassure you that you are the hope of this country, and everything hangs on you. Every decision that I have taken is about you. It’s about the future.
“When we removed the fuel subsidy, it was because we wanted to protect your future. We have cleared the path for you to have a great future,” President Tinubu said.
“When you listen to most professionals leaving Nigeria, there’s a cause. If you grow prosperity back home and empower people, they will not bother leaving. They will stay home,” Mr Tinubu was quoted as saying in a statement issued by his spokesman, Mr Bayo Onanuga, on Monday.
“This is your opportunity to develop the nation and make it prosperous. The government of today is all about you. You can be critical of politicians and abuse them all the way you can, but politics is about development and the future of generations. You are the heartbeat of our nation, and I hope you take this responsibility seriously.
“I am glad you are here as a committee to inspire today, tomorrow and hereafter. I am with you,” President Tinubu told the 44-member planning committee.
He noted that the economic reforms had repositioned the economy for greater prosperity and empowerment. Most indicators showed a steady fall in the prices of goods, especially foodstuffs, and a stabilisation of the exchange rate.
“When we started, it looked so foggy, dicey and hopeless. We worked hard, and it was like drawing water out of a dry well.
“But today, the economy has turned the corner; prices are falling, confidence in our economy is improving, investors are looking this way, and technology is advancing.
“You have a great opportunity, and I am ready to listen to you. I have heard your spokesperson’s remarks. You have a great chance of advancing the development of this country. It is all in your hands.
“My position is to help navigate, push, and lift the heavy weight of problems so that I can clear the way for you. You have a great future before you, which is in your hands.
“Just look me in the face and tell me whatever you think is wrong and the way forward. Be frank. We will implement your suggestions so long as they are for the country’s prosperity,” he stated.
The Minister of Youth Development, Mr Ayodele Olawande, who was at the event, thanked the President for giving the youth a voice and assured that the committee represented various stakeholders fairly.
“We want to thank you for the futuristic ideas; more than 260,000 students have already benefited from the administration’s student loan schemes.
“We appreciate the renovation of the Third Mainland Bridge for us to use and clearing the passport backlog,” the Minister stated.
A member of the committee, Mr Samson Itodo, said the President’s convening of the conference will be a major milestone in involving youths in the country’s development, listing some of the areas of priority as political governance, economic transformation, skills for the future, such as Artificial Intelligence, climate change and energy transition, and social cohesion and security.
He said the framework will include virtual consultations, calls for memoranda, regional town hall meetings and the Abuja conference.
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.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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