Economy
Pressure Mounts on Naira, Sells at N452/$1
By Adedapo Adesanya
The Naira further dropped to N452/$1 at the Bureaux De Change (BDC) segment of the foreign exchange (forex) market in Lagos as on Wednesday, June 17.
The depreciation in the value of the local currency against its American counterpart was caused by the return of pressure on the former.
According to data sourced by Business Post from the Association of Bureau De Change Operators of Nigeria (ABCON) yesterday, the exchange rate of the Naira to the Dollar at the Lagos BDC market on Tuesday was N450/$1, indicating a N2 change.
At the same location of the market segment, the Nigerian currency also lost N4 on the pound to sell at N552/£1 instead of the previous day’s N548/£1. Against the Euro, the Naira depreciated by N2 to sell at N492/€1 as against N490/€1 it was exchanged on Tuesday.
In the capital city of Abuja, the local currency depreciated against the Dollar by N3 as BDC operators exchanged the Dollar at N451.50/$1 compared with N448.50/$1 it was sold at the last session.
However, it appreciated by N10 against the Pound to N548/£1 in contrast to N558/£1 of the previous day and closed flat at N482/€1.
At the Port Harcourt BDC market, the Naira depreciated by N2 to close at N450/$1 versus N448/$1 it traded previously. The domestic currency also fell N2 against the pound to close at N548/£1 versus the previous rate of N546/£1, but closed flat against the Euro at N490/€1.
In Kano, the local currency closed flat against the Dollar at N447/$1. The Nigerian currency also remained unchanged against the Pound and Euro at N540/£1 and N490/€1 respectively.
At the black market, the domestic currency depreciated against the greenback on Wednesday by N1 to N453/$1 from N452/$1.
At the same segment, the local currency gained N3 against the British pound yesterday to trade at N550/£1 in contrast to N553/£1 it previously traded and against the Euro, the domestic currency closed flat at N490/€1.
At the Investors and Exporters (I&E) segment of the market, Business Post gathered from the FMDQ Securities Exchange that the Naira retained its previous day rate of N386/$1 on Wednesday.
This was despite the rise in the demand for forex at the market segment as transactions worth $16.06 million were executed during the midweek session compared with the previous day’s $15.31 million, representing a 4.9 percent or $750,000 jump.
A look at the interbank segment of the forex market showed that the exchange rate of the Naira to the Dollar remained stable yesterday at N361/$1.
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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