Economy
Stablecoins Will Address Forex Risks Businesses Face in Africa—Ledig
By Dipo Olowookere
Businesses operating in Africa encounter many challenges and the chief among them is foreign exchange (FX) liquidity because of most countries on the continent rely on traditional systems that are no longer suited for how business is done today, the Head of Product and Technologies at Ledig Technologies, Mr Chiagozie Iwu, informed Vanguard in a recent interview.
“One major issue you’ll find in about 70 per cent to 80 per cent of African countries, especially for businesses with global exposure, is access to foreign exchange.
“The ability to access foreign exchange, to hedge against currency risks, and to sell goods and services while getting paid in a strong, globally leveraged currency like the US dollar, are some of the biggest challenges businesses face,” he stated, listing other issues as security risks, inadequate regulatory frameworks, and a lack of proper legal protection.
He blamed the inability of African nations to update their forex processes as the reason for this, noting that, “When you use FX systems designed for doing business in the 1970s, you simply can’t keep up with today’s global pace.”
“When it comes to foreign exchange, there are traditional markets for FX facilitation. However, in countries like Nigeria, Kenya, Malawi, Ghana, and Egypt, many of these traditional markets are broken. They tend to favour certain types of businesses, and if you don’t fit into those categories, you’re likely to struggle with accessing and managing foreign exchange for your operations,” Mr Iwu disclosed.
However, he pointed out that the blockchain technology and stablecoins are gradually bridging the gap because they provide a more flexible alternative as they are often more liquid than the US dollar itself.
“Foreign exchange in Africa is a big problem. Traditional systems have failed us, and I see stablecoins stepping in to bridge this gap because they are properly digitized.
“Stablecoins are going to be a major financial engine in Africa, and I don’t just mean USD-backed stablecoins. It also includes local stablecoins like the CNGN,” he said,” referencing the strong adoption of stablecoins like USDT and USDC among the younger generations, emphasizing that stablecoins are already becoming a major part of the financial system.
He also praised the CNGN as the first proper attempt to create a regulated Nigerian stablecoin, expressing hope that more African countries will follow suit.
Mr Iwu stated that Ledig is in the financial market to help businesses navigate the FX struggles they go through.
“We help companies, including those facilitating payments for retail users, access liquidity. Our OTC desk enables high-ticket, high-volume foreign exchange and stablecoin conversions between local currencies and stablecoins, and vice versa.
“We also provide hedging instruments that allow businesses to protect themselves against currency exchange risks.
“Whatever you are doing in Africa, whether it’s trade financing, payments, e-commerce, trading, imports, exports, Ledig helps guarantee stablecoin liquidity you can leverage to scale, removing the FX hurdles that usually slow businesses down,” he stated, averring that many companies serving the retail trade sector rely on Ledig’s infrastructure to serve their customers.
“While having the US dollar for foreign exchange protection is important, having a properly digitized Nigerian Naira that is accessible to people and businesses outside Africa is equally critical. It’s initiatives like this that are also very useful for companies like Ledig,” Mr Iwu submitted.
Business Post reports that Ledig Technologies is a fintech company focused on providing financial solutions for businesses with foreign exchange exposure to Africa.

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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