Economy
How the Nigerian Economy is Reacting to the Global Crisis
The COVID-19 pandemic is still in full swing. Since the early months of 2020, it has been affecting countries on all continents.
Nigeria is no exception, despite the relatively low death toll. Here is how the global crisis has influenced the national economy so far.
Current Statistics on COVID-19
As of this writing, Nigeria has 4,399 confirmed cases and 143 deaths. This is incomparable to the six-digit figures observed in the US, but the numbers are still growing. Developing countries, in general, have seen relatively few cases, although the danger is still very real.
Declaring of the pandemic sent shock waves across financial markets in early March. However, it is not the only cause of downtrends. In fact, negative dynamics began even before the outbreak. Forecasts of global GDP in 2020 were quite dismal, with only 2.5% growth. The outlook for the emerging markets was especially gloomy.

The Preceding Troubles
Even before the crisis, the local government had a lot to grapple with. The country was still recovering from the oil shock of 2014, and GDP growth was limited — just 2.3% in 2019. The figure was later changed to just 2% by the International Monetary Fund, as a result of oil price collapse and fiscal restrictions.
The debt profile was yet another reason for alarm. According to recent estimates, the debt service-to-revenue ratio stands at 60%. The dismal situation with oil prices is likely to send the figures further down. All these factors should be considered when evaluating the nation’s response to the pandemic.
Key Policy Changes
The Central Bank of Nigeria (CBN) has implemented a fiscal stimulus package. The support scheme provides a credit of 50 billion naira for small and medium-sized businesses, as well as households affected by the crisis. The healthcare industry has been provided with a loan of 100 billion naira. The manufacturing segment has received 1 trillion naira.
Secondly, the institution revised its interest in interventions. The rate has been almost halved, now fixed at 5%. Since March 1, all intervention facilities are put on hold by a one-year moratorium.
Another major issue is the collapse of global demand for crude. Oil is one of the country’s key sources of revenue and foreign exchange. The sharp decline has caused significant damage. Officially, the rate was adjusted from 306 to 360 naira.
Household Consumption: Looming Decrease
Experts predict households to reduce consumption due to several reasons. Spending will be mostly limited to the most essential goods and services. This is inevitable because:
- The population are restricted in movement, either partially or fully;
- Predictions of future income are discouraging, especially for workers in the gig and informal economy;
- The gradual erosion of wealth, but actual and expected, is observed due to downtrends on the stock market and in home equity.
In such desperate times, the population will be looking for alternative sources of income. Online trading, which has recently been embraced by the nation, may see significant growth. For many consumers, it may offer the only source of profit.
FXTM, an international MetaTrader 5 broker, expects more accounts to be opened by residents of Nigeria. The range of instruments includes currency pairs, stocks, CFDs, and other derivatives. Through a licensed broker, these may be traded in Nigeria legally.

Investments by Firms
These are expected to shrink due to the pandemic. It is not yet clear how long it will last, what effect the policies will have, and how economic players will react. The overall turmoil in the finance markets reflects unfavourable market sentiments.
In the realm of stocks, the country has seen a dramatic collapse. The Nigerian Stock Exchange has recorded the deepest fall since 2008. Investors have been hit hard. Given the general uncertainty surrounding the pandemic, and the joyless profit outlook, firms are unlikely to pursue any long-term investment schemes.
Government Expenditure: Projections of Growth
Government spending is predicted to expand as more stimulus packages are released. The measures should compensate for the drop in consumer spending. At the same time, fiscal deficits may soar. This will be exacerbated by the oil prices.
Nigeria is heavily dependent on oil. The commodity accounts for 90% of the country’s exports. The national budget for 2020 was built around predictions of $57 per barrel. However, the price of Brent has been fluctuating around $29 since early April. Since March, the government has already cut its planned expenditure.
A Wake-Up Call?
Overall, Nigeria is bound to experience the dramatic effects of the pandemic and lockdown measures. Despite the government’s efforts to help key industries, its resources are limited. The crash of oil prices is detrimental to the health of the national economy. It remains to be seen whether policymakers can learn from their mistakes and diversify the country’s revenue in the future.
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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