Relief as Naira Value Grows at Black Market, P2P

Image

By Adedapo Adesanya

The value of the Naira to the American Dollar grew on Monday at the parallel market and the Peer-to-Peer (P2P) segment of the foreign exchange (forex) market.

The Naira had taken heavy beatings in recent weeks as the Central Bank of Nigeria (CBN) sent people into panic mode by announcing plans to redesign the banknotes next month. This put pressure on the local currency as currency hoarders were making efforts to mop up Dollars to remain safe.

In the black market yesterday, the Nigerian currency appreciated against the greenback by N15 to trade at N870/$1 compared with Sunday’s value of N885/$1.

In the P2P window, the value of the local currency rose against the US Dollar by N20 to sell for N880/$1 compared with the last Friday’s rate of N900$1.

But at the Investors and Exporters (I&E) segment, the Naira maintained stability against the American currency yesterday at N445.50/$1 despite a significant increase in the value of FX transactions in the spot market.

Business Post reports that FX trades valued at $206.25 million were carried out in the official market, $112.18 million or 119.25 per cent higher than the $94.07 million achieved in the previous session.

However, in the interbank segment, the Naira depreciated against the Pound Sterling by N10.16 to close at N504.45/£1, in contrast to the previous rate of N494.29/£1, and against the Euro, it fell by N10.42 to close at N439.74/€1 compared with the previous N429.32/€1.

Meanwhile, in the cryptocurrency market, there was heavy shelling as investors were involved in panic selling, with Solana (SOL) shelling 21.0 per cent to sell at $25.54, and Dogecoin (DOGE) falling by 16.1 per cent to $0.0985.

Litecoin (LTC) went down by 12.7 per cent to trade at $62.61, Ripple (XRP) recorded a 9.7 per cent slump to close at $0.4276, Ethereum (ETH) dropped 8.9 per cent to $1,433.97, Cardano (ADA) declined by 7.9 per cent to quote at $0.3752, Binance Coin (BNB) slid by 7.1 per cent to sell for $313.80, and Bitcoin (BTC) lost 6.8  per cent to close at $19,453.44.

But the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.

Share
Related Stories
Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
23-February-2024

Nigeria Moves to Crash Cooking Gas Price

 By Adedapo Adesanya Nigeria is considering taking a major step aimed at crashing the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, to ease the sufferings of its citizens. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, speaking at the opening of its Internal Stakeholders’ Workshop on Thursday in Abuja, disclosed that the government would most likely ban the exportation of the commodity to keep the price lower than its current level. Currently, prices range between N1,300 per kg to N1,400 per kg. “All LPG produced within the country will have to be domesticated and

Image
26-February-2024

GTCO, FBN Holdings, Transcorp Close as Busiest Stocks on NGX

By Dipo Olowookere The trio of Guaranty Trust Holding Company (GTCO) Plc, FBN Holdings Plc, and Transcorp Plc ended as the busiest stocks on the Nigerian Exchange (NGX) Limited last week. They accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total trading volume and value, respectively Data obtained by Business Post showed that the market recorded a turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals versus the 1.559 billion shares valued at N36.497 billion traded in 42,546 deals in the preceding week. Financial equities

More Stories
Image
08-December-2019

Soyinka, Cobhams, Others Read for Children’s Rights

Last week in Lagos, Nobel Laureate winner, Prof. Wole Soyinka, held an event for reading of his poem titled A Child Before a Mirror of Strangers, dedicated to children around the world in commemoration of the UN Convention on the Rights of the Child (CRC), which celebrates a milestone 30th anniversary this year. He was joined by leaders from Nigeria’s private sector and entertainment industry, including Banky W, Niniola, Cobhams amongst many others. Speaking at the event, Mr Soyinka said, “There is one common bond among all of us, and that bond is childhood,” adding that, “We have the responsibility

Image
15-May-2019

Nigerian Equities Remain Underwater After 0.22% Loss

By Dipo Olowookere The Nigerian Stock Exchange (NSE) further depreciated on Tuesday by 0.22 percent despite the gains printed by stocks in the banking sector. Business Post reports that expected listing of over 20 billion shares of MTN Nigeria Plc this week is already gearing the market for its first return of bulls to the local bourse. An analysis of the performances by the different market sectors indicated that three sectors closed in the green territory. The banking sector recorded the highest appreciation after going up by 1.29 percent and was followed by the Oil and Gas industry, which rose

Image
19-December-2020

CSCS Lifts Over-the-Counter Stock Market by 0.88%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rebounded on Friday, December 18 after it appreciated by 0.88 per cent. Business Post reports that the unlisted securities market was lifted yesterday by the same stock that brought it down the previous session, Central Securities Clearing Systems (CSCS) Plc. Yesterday, CSCS put up a better performance and it helped the market capitalisation of the bourse to rise by N4.7 billion to close at N537.26 billion in contrast to the N532.57 billion it finished on Thursday. Equally, it boosted the NASD Unlisted Security Index (NSI) of the exchange by 6.32 points

Image
14-September-2023

Unlisted Securities Market Hits N1.138trn as LBIC Joins NASD

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange’s market capitalisation jumped by 1.7 per cent or N19.1 billion to N1.138 trillion from the previous day’s N1.119 trillion as the bourse admitted Lagos Building Investment Company (LBIC) Plc on Wednesday, September 14. The alternative stock exchange admitted 3.88 billion share capital of LBIC Plc worth N9.3 billion at a unit price of N2.40. However, the NASD Unlisted Securities Index (NSI) went down by 6.93 points to end at 805.38 points compared with the preceding session’s 798.45 points. This was caused by the sustained profit-taking in 11 Plc, as its value

Image
16-June-2019

NCC to Launch Emergency Communications Centres

In line with global practices, the Nigerian Communications Commission (NCC), has concluded plans to launch a number of Emergency Communications Centres (ECC) across the country. This is part of its mandate to “Promote and enhance public safety through the use of a particular number which shall be designated as the Universal Safety and Emergency Assistance Number for telephone services generally.” The Centres will be launched in various states of the federation and the Federal Capital Territory (FCT). In this regard, Nigerians can now access help from any Response Agency such as the Police, Federal Road Safety Corps (FRSC), Nigeria Security

Image
24-January-2023

Naira Succumbs to FX Demand Pressure, Sheds 0.03% at Official Market

By Adedapo Adesanya The exchange rate of the Naira to the US Dollar was in favour of the latter on Monday at the Investors and Exporters (I&E) window of the foreign exchange (forex) market amid a rise in demand for FX during the trading session. According to data obtained by Business Post from FMDQ Securities Exchange, the value of forex transactions in the official FX market in Nigeria stood at $132.77 million, 37.1 per cent or $35.96 million higher than the $96.81 million recorded in the preceding session. Its inability to soak this significant FX demand pressure weakened the local

Image
11-September-2023

Olam Denies $50bn Forex Fraud Allegations

By Adedapo Adesanya Olam Group has denied allegations of $50 billion fraud in Nigeria and ordered a review into the matter. In a filing to the Singapore Stock Exchange on Monday, the company categorically denied the allegations about Olam Nigeria and its subsidiaries and refuted all “baseless and inflammatory statements.” The company noted that despite recent reports, there are no “fictitious Nigerian directors” in Olam Nigeria, and subsidiaries of the unit are audited by Ernst & Young Global’s member firm in the country. It also clarified that Olam Group doesn’t have a “network of shell companies” as alleged. The company’s

Image
29-December-2020

WHO Urges Countries to Prepare for Future Pandemics

By Ahmed Rahma The Director-General of the World Health Organization (WHO), Mr Tedros Adhanom Ghebreyesus, has warned that COVID-19 won’t be the world’s last pandemic. The WHO boss said this on the first International Day of Epidemic Preparedness held on Sunday, encouraging countries to prepare better by working to prevent, detect and mitigate emergencies of all kinds. According to him, “History tells us this will not be the last pandemic and epidemics are a fact of life.” He further said “investments in public health and an all-of-government, all-of-society, one health approach could help countries successfully react to global health crises

Ad
Ad
Recent Stories
Image
26-February-2024

Global Finance Names Ecobank Best FX Bank in Nigeria

By Dipo Olowookere Ecobank Nigeria Limited has been named as the Best FX Bank under the Country & Territory Awards category for Nigeria in the 2024 Global Finance’s annual SME Bank Awards. The parent company of the lender, Ecobank Group, on its part, clinched the Best Bank for SMEs in Africa 2024 award, reflecting its unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. At the award ceremony held on Tuesday, February 20, 2024, at the Glaziers Hall in London, the United Kingdom, Global Finance explained that the Nigerian subsidiary of the leading pan-African Banking Group

Image
26-February-2024

GTCO, FBN Holdings, Transcorp Close as Busiest Stocks on NGX

By Dipo Olowookere The trio of Guaranty Trust Holding Company (GTCO) Plc, FBN Holdings Plc, and Transcorp Plc ended as the busiest stocks on the Nigerian Exchange (NGX) Limited last week. They accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total trading volume and value, respectively Data obtained by Business Post showed that the market recorded a turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals versus the 1.559 billion shares valued at N36.497 billion traded in 42,546 deals in the preceding week. Financial equities

Image
26-February-2024

Excitement as Tinubu Commissions Geometric Power Plant

By Aduragbemi Omiyale The city of Aba in Abia State is beaming with excitement as President Bola Tinubu is expected to commission the Geometric power plant today, Monday, February 26, 2024. The facility is the first integrated power plant in Nigeria. It is situated in the Osisioma Industrial area of Aba. It is expected to provide 24-hour electricity to the city and about nine of the 17 local government areas of the state. The 181-megawatt Geometric power plant cost about $800 million and was done by a former Minister of Power, Mr Barth Nnaji. Electricity from the plant will be

Image
25-February-2024

Customs to Adopt Stable FX Rate for Cargo Clearance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for customs duties for cargo clearance after uproar over the constant changes in the rate. The apex bank asked the Nigeria Customs Service (NCS) and other related parties to adopt the closing FX rate on the date of opening Form M for the importation of goods, as the forex rate to be used for Import Duty Assessment,. This was disclosed by Mr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN in a memo on Friday in Abuja. According

Image
25-February-2024

Climate Change: Agric Experts Advocate Smart Farming Practices

By Bon Peters Agriculture experts have advocated “smart farming practices” to combat climate change, improve productivity and enhance food security in the country. They noted that if climate change challenges were not nipped in the bud, more than 52 per cent of the country’s agricultural production would be threatened by 2050. The experts under the aegis of the Society of Action in Nigeria (SCAN), in collaboration with the University of Port Harcourt, disclosed this during a workshop organized for women and youth leaders on Thursday in Port Harcourt the Rivers state capital. A Senior Lecturer in the Department of Agricultural

Image
25-February-2024

VFD Group’s Adeniyi Adenubi Mentors Next Generation of Entrepreneurs

An executive director of VFD Group, Mr Adeniyi Adenubi, has mentored some students of the the Nigerian University of Technology and Management Scholars Programme (NSP). The mentoring session was to enlighten the next generation of entrepreneurs about the complexities of building a business, highlighting the impact of partnerships, entrepreneurial spirit, and service in the world of business, with the core message being Dream and believe in your dream. The Nigerian financial and investment expert spoke about his personal journey, which is intertwined with the dynamic principles of VFD Group, which include Entrepreneurial Ethos, Ambition, Agility, Partnerships, Innovation, Courage, and Commitment.

Image
25-February-2024

Why Trade Between India and Russia is Experiencing Upward Trend—Kotwani

By Kestér Kenn Klomegâh As President of the Indian Business Alliance (IBA) and the founder of the Imperial Tailoring Co., Sammy Kotwani, offers comprehensive insights on the evolving dynamics of Indian investment prospects in the Russian Federation. He also discusses, in this interview, aspects of business challenges and roadblocks in the context of geopolitical changes and competition as well as the current economic cooperation between India and Russia. Here are the interview excerpts: How would you characterize the geopolitical changes on investment prospects for Indians in Russian Federation? Geopolitical changes have significantly influenced investment prospects for Indians in the Russian

Image
25-February-2024

ECOWAS Lifts Sanctions on Niger, Mali, Guinea

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) has resolved to lift some sanctions on Niger Republic, Mali, and Guinea. The resolution was taken at the extraordinary summit on the peace, political, and security situation in the ECOWAS sub-region in Abuja on Saturday. While the regional bloc said the political and a few targeted sanctions on the Niger Republic remain, it lifted some financial and economic sanctions on Guinea and others on Mali. Following the military coup in Niger Republic on July 26, 2023, which toppled President Mohamed Bazoum, ECOWAS imposed several sanctions on the country. Now,

Image
25-February-2024

SERAP Sues Wike, Governors Over Missing N40trn Allocations

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike, over their failure to account for the alleged missing N40 trillion federal allocations meant for local governments in the states and the FCT. The suit followed the damning revelations by former President Muhammadu Buhari who in December 2022 stated that “if the money from the federation account to the states is about N100 million, N50 million will be sent to the chairman but he will sign that he received N100 million.

Image
24-February-2024

Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors. The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat. At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion. Business Post