Economy
Tiameetup Conference Backs Financial Inclusion Driven by Investment
By Adedapo Adesanya
The need to elevate the Nigerian financial markets ecosystem to drive increased domestic and foreign investments which would serve as a catalyst for economic growth through financial inclusion was the premise around the 3rd Annual Tiameetup Conference held on Wednesday, October 16, 2019 in Lagos.
The event, organized by Trendonomics, was themed Financial Inclusion: Increasing Market Depth and Breadth and was held at the Nigerian Stock Exchange (NSE).
It saw leading industry experts, traders, investors, and analysts cover issues around the Nigerian economy to identify necessary opportunities and gain in-depth insights into how there can be expansion to meet the country’s financial inclusion target for 2020.
The event had presentations on corporate governance, Islamic financing for development, Agriculture and economic empowerment, Growth investment for stimulating market development, and the practical application of market data.
Director General of the Securities Exchange Committee (SEC), Ms Mary Uduk, who was represented at the event by Mr Afolabi Olowookere, the Divisional Head, Economic, Research and Policy Management Economic Analysis Division at SEC, noted that the commission was working with the Nigerian Educational Research and Development Council (NERDC) to include capital market studies into Nigeria’s education curriculum from primary school all the way to the tertiary level.
He said that the knowledge of having this in the educational system would help deepen financial inclusion in the country.
He added that the commission was working on consolidation to curb multiple subscription so that people can claim their shares, which will boost trading and increase the inclusion rate of people coming into the market.
Speaking on corporate governance, Mr Sola Ephraim-Oluwanuga, the Independent director of the NPF Pensions Limited, noted that the lack of a credible corporate governance was a detriment to ensuring financial inclusion.
“Corporate governance is important because its procedures is good in management of firms by helping managers and boards to develop sound company strategy.
“If we have good corporate governance in place, those who have been excluded should be reached,” he said.
Speaking further, he said that the introduction of Payment Settlement Banks (PSBs) by the Central Bank of Nigeria (CBN) could be leveraged upon because it will fast track the goal of financial inclusion to the set target by the end of next year.
During his presentation on the Islamic financing for development, Dr Aliyu Muhammad, the Deputy Director Training and Linkage at the International Institute of Islamic Banking said that Islamic finance has a lot of potential for curbing market uncertainties due to its conservative principles as it allows for no interests.
Tackling the issue of agriculture and its role in development and economic empowerment, Mr Ayodeji Balogun, the Regional Manager of AFEX Commodities Exchange represented by Mr Akin Yinka, noted that financial inclusion should not be left to commercial banks and the central bank.
He called for good initiatives to farmers which will enable them increase output and productivity which can bring further investment opportunities and in return bring about financial inclusion.
He hinted that over the next two months, certain products will be released into the capital market to enable youths to invest in agriculture.
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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