Economy
Stakeholders Storm Abuja for Gemstones Business
By Modupe Gbadeyanka
The much-awaited two-day seminar on gemstones and exhibition of products and equipment is commencing today, Thursday, October 19, 2017, in Abuja.
Expected to grace the occasion are the wife of the Vice President, Mrs Dolapo Osinbajo; wife of a former Head of State, Mrs Ajoke Murtala Mohammed; some members of the Federal Executives Council; and other stakeholders in the extractive industry.
The two-day event, organised by the Ministry of Mines and Steel Development in partnership with African Gems and Jewellery and Seminar Limited as well as other stakeholders, would also feature training sessions on different aspects of gemstones business.
Already, the Minister of Mines and Steel Development, Mr Kayode Fayemi, has described the programme as one that is capable of expanding business and investment opportunities in the country’s gemstones, adding that the ministry would continue to partner with organisations and groups in the bid to drive investment in the mining sector.
Mr Fayemi also lauded the collaboration of other critical stakeholders in the sector in ensuring the success of the programme, notably the Miners Association of Nigeria (MAN); Women In Mining (WIM); Gemologists and Jewellers Association of Nigeria (GJAN); International Coloured Gemstones Association (ICA); Gemstones Miners and Marketers Association of Nigeria (GMMAH); Faceters Guild of Nigeria (FGN); Beaded Jewellery Designers of Nigeria (BJDAN), and Gemstone Association of Nigeria (GAN).
The two-day event is expected to bring together mining operators, policy makers, gemstones dealers from within and outside the country, artisans, manufacturers of jewellery equipment and financial institutions to discuss and exhibit current global trends in the gemstones business.
“Exhibitors from other African countries are expected to join their Nigerian counterparts in showcasing current trends in gemstones business, equipment and technology.
“Nigeria is endowed with abundant mineral resources and among the varieties of gemstones are: Sapphire, Aquamarine, beryl, emerald, tourmaline, phenakite ruby, garnet, topaz, amethyst, moonstone, onyx, opal, citrine, and zircon, found across the six geo-political zones of the country.
“The exhibition will provide ample opportunity to showcase Africa’s mineral wealth and encourage mining rich communities to embrace mining as an economic activity that has immense potential to transform not only the socio-economic wellbeing of the people, but also contribute to the national economic growth,” the organisers said.
Wife of the Vice President, Mrs Dolapo Osinbajo, would deliver the keynote address at the event, with theme: Mines to Market. She would be joined by Mrs Ajoke Murtala Mohammed in unveiling the Gem Tree.
Other highlights of the event, according to a statement by the Ministry, include exhibition of equipment and gemstones; master classes, where interested participants would be trained on modern trends in gemstones cutting, polishing, marketing and pricing, as well as fashion display and sales.
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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