Economy
Stock Market Rises 0.18% as CBN Raises Rate by 0.50%
By Dipo Olowookere
The Nigerian stock market appreciated by 0.18 per cent on Tuesday after the Central Bank of Nigeria (CBN) further increased the interest rate by 50 basis points or 0.50 per cent.
The central bank governor, Mr Yemi Cardoso, while addressing journalists after the end of the Monetary Policy Committee (MPC) meeting yesterday, said the members felt it was still necessary to tighten the rates despite predictions that the group would bring down the rates.
Investors at the Nigerian Exchange (NGX) Limited reacted to the announcement positively and continued to mop up shares with sound fundamentals, particularly in the financial services industry.
The banking space rose by 3.01 per cent, the insurance counter appreciated by 2.16 per cent, and the industrial goods sector improved by 0.04 per cent.
However, the consumer goods index went down by 0.28 per cent and the energy counter depreciated at the close of transactions by 0.11 per cent.
The All-Share Index (ASI) gained 181.99 points during the session to settle at 98,568.59 points compared with the previous day’s 98,386.60 points and the market capitalisation increased by N105 billion to N56.641 trillion versus Monday’s N56.536 trillion.
The Nigeria Infrastructure Development Fund topped the gainers’ chart yesterday after it chalked up 9.94 per cent to trade at N111.70, FBN Holdings jumped by 9.93 per cent to N31.00, Ellah Lakes grew by 9.76 per cent to N3.71, Fidelity Bank expanded by 9.70 per cent to N16.40, and ABC Transport appreciated by 9.52 per cent to N1.15.
On the flip side, Oando topped the losers’ group after it lost 10.00 per cent to close at N72.00, Okomu Oil declined by 9.98 per cent to N376.00, Caverton shed 9.88 per cent to N3.65, Multiverse crashed by 9.82 per cent to N10.10, and Fidson tumbled by 9.74 per cent to N15.75.
The activity chart was mixed yesterday after the trading volume went down by 5.85 per cent, while the trading value and the number of deals went up by 42.17 per cent and 13.23 per cent, respectively.
A total of 763.0 million shares worth N11.8 billion were traded in 12,081 deals during the session versus the 810.4 million shares valued at N8.3 billion traded in 10,669 deals a day earlier.
Fidelity Bank sold 126.1 million stocks for N2.0 billion to stay on top of the activity chart, as Transcorp transacted 103.4 million shares valued at N1.2 billion. UBA traded 73.5 million equities worth N1.9 billion, Caverton exchanged 43.7 million stocks for N181.5 million, and Ellah Lakes traded 42.1 million equities valued at N156.3 million.
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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