Economy
Renewed Pressure Weakens Naira at I&E Window
By Adedapo Adesanya
More pressure is beginning to mount on the Naira at the Investors and Exporters (I&E) segment of the foreign exchange market.
At the I&E window on Thursday, the local currency depreciated by 0.49 percent or N1.88 against the United States Dollar to sell at N386.38/$ in contrast to N384.50/$ it traded the previous session.
Business Post observed that the weakening of the Nigerian currency against its American counterpart was influenced by the huge demand for the latter as reflected by the value of transactions recorded at the market segment.
According to data from the FMDQ Securities Exchange, there was sharp spike in the transactions value by 431 percent yesterday.
Trades valued at $102.28 million were recorded at the investors’ segment on Thursday compared with the $19.26 million quoted on Wednesday.
The increase was boosted by the urge for foreign investors to liquidate their Naira investments after the local authorities eased the lockdown imposed on Abuja, Lagos and Ogun States over five weeks ago to curtail the spread of coronavirus in the country.
However, at the black market segment yesterday, the Naira to Dollar exchange rate remained unchanged at N430/$, though the local currency lost N10 against the British Pound Sterling to sell at N530/£1 as against N520/£1 it traded on Wednesday. Meanwhile, the Naira gained N10 on the Euro to trade at N440/€1 in contrast to N450/€1 of the previous session.
At the interbank segment of the forex market, the Central Bank of Nigeria (CBN) sold the greenback to lenders at the rate of N361/$1, the same rate it was sold on Wednesday.
At the Bureaux De Change (BDC) segment of the market, according to information from the Association of the Bureau De Change Operators (ABCON), the local currency closed flat against the Dollar at N440/$1.
However, it depreciated against the Pound by N5 to close at N530/£1 compared with N525/£1 it previously traded and remained unchanged against the Euro at N460/€1.
At the Port Harcourt BDC market on Thursday, the Naira gained N27 on the American currency to close at N430/$1 in contrast to N457/$1 of the prior day. Against the Pound, the local currency depreciated by N7 to trade at N515/£1 yesterday in contrast to the previous day’s N508/£1 and against the Euro, it appreciated by N10 to sell at N450/€1 versus N460/€1 on Wednesday.
In Abuja, BDC traders traded the Naira against the Dollar at N457/$1, the same rate of Wednesday and against the Pound and the Euro, the rates remained unchanged at N498/€1 and N440/€1 respectively.
At the Kano market, the Naira closed flat against the greenback at N459/$1. It was a similar situation with the Pound and the Euro as the rates closed flat at N498/£1 and N440/€1 respectively.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
