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 for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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