Economy

Transactions on I&E FX Window Fall 26.9% to $851m in One Week

Published

4 years ago

26/10/2021

By Sodeinde Temidayo David

The weekly turnover at the Investors and Exporters (I&E) window of the foreign exchange (forex) market last week as monitored by Business Post stood at $851.1 million.

The data from the FMDQ Securities Exchange, which tracks trades on the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) platform, showed that the transactions made at the I&E FX window last week were 26.9 per cent or $312.6 million lower than the $1.1 billion recorded a week earlier.

As close look into this showed that this decline may have been caused by the one-day-break observed in the week, precisely on Tuesday, October 19, to mark the Eid-el-Maulud holiday.

Amid this, the value of total transactions achieved last week was significantly driven by the trading made at the mid-week, as $334.97 was recorded as turnover for the session.

Also at the close of the week, on Friday, the transactions valued at $240.97 million were carried out. At the first trading session of last week, the turnover was $172 million and on Thursday it stood at $103.16 million.

In the four-day trading sessions, the average daily value of forex trades recorded at the window was $212.8 million in contrast to the $232.7 million recorded at the preceding week.

Looking at the performance of the local currency, it was observed that the value of the Naira closed week-on-week at N415.07/$1, the same rate it closed a week earlier.

This may have come as a surprise to observers as the exchange rate of the domestic currency to the United States Dollar has been wavering.

This was due to comments made by the Vice President, Mr Yemi Osinbajo, about the FX policies of the Central Bank of Nigeria (CBN) under the leadership of its governor, Mr Godwin Emefiele.

The VP had advised the monetary authorities to allow the domestic currency to find its true value at the foreign currency market through forces of demand and supply instead of the regulated system being operated by the apex bank.

Last Monday, the domestic currency traded at N414.73/$1 at the I&E segment and appreciated to N414.07/$1 on Wednesday, but depreciated to N415.07/$ on Thursday and closed flat at N415.07/$1 on Friday.

At the interbank segment of the market, on a week-on-week change, the Nigerian currency fell by 0.01 per cent or 5 kobo against the American Dollar to trade at N410.96/$1 in contrast to N410.91/$1 of the previous week.

Economy

Nigerian Telcos Add 3.39 million Customers as Internet Users Drop in Q1 2025

Published

16 minutes ago

07/05/2025

Adedapo Adesanya

By Adedapo Adesanya

Telecommunications operators in Nigeria added about 3.39 million telephone lines in the first quarter of 2025, pushing active users to 172.7 million, amounting to 79.67 per cent teledensity, according to the latest data released by the Nigerian Communications Commission (NCC) on Tuesday.

The industry regulator also said the number of active telephone users moved from 169.3 million as of January to 172.7 million by March ending.

The latest data showed that 4G technology remained most dominant in the country with 48.82 per cent penetration, followed by 2G at 40 per cent and 3G at 8.40 per cent.

The Fifth Generation (5G) offered by MTN, Mafab and Airtel leaped slightly by 0.16 per cent from 2.54 per cent as of the beginning of the year to 2.70 per cent by the end of March.

The 2.70 per cent means that of the 172.7 million active telephone users in the country, 4.66 million are using the 5G network.

Further analysis, however, showed a drop in the number of Internet users in the country. As of January, it was 142, 161,409 but dropped to 142,053, 537. But Broadband penetration rose to 47.73 per cent from 45.61 per cent. Interestingly, there are now 103.5 million broadband users in the country.

In terms of market dominance, MTN maintained the lead with 90 million users and 52. 4 per cent market reach. Airtel is second with 58.3 million customers and 33.8 per cent reach. Globacom came third with 12 per cent penetration and 20.7 million subscribers. 9mobile is fourth with 1.72 per cent nationwide penetration and 2.96 million customers.

This development comes amid rising complaint of worsening service offering by telcos in the past few days.

So far, only MTN has apologised for service glitch experienced by some subscribers yesterday.

Business Post reports that some MTN subscribers across Nigeria experienced a lengthy network downtime on Tuesday disrupting flow of work and communication.

As a result of the glitch, many users on the network were unable to access the internet and many social networking apps, except WhatsApp.

Speaking to this newspaper, a person identified as Albert Adeoye, said, “MTN really affected me yesterday. I heard people complaining but I didn’t know it was that bad.”

Economy

NASD Index Drops 0.02% to 3,289.00 Points

Published

2 hours ago

07/05/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange made a 0.02 per cent marginal slide on Tuesday, May 6, leaving the NASD Unlisted Security Index (NSI) down by 0.66 per cent to 3,289.00 points from the previous session’s 3,289.66 points.

In the same vein, the market capitalisation fell by N390 million to close at N1.925 trillion compared with the preceding trading day’s N1.926 trillion.

Afriland Properties Plc dropped N1.10 to close at N14.90 per share compared with the previous day’s N16.00 per share, FrieslandCampina Wamco Nigeria Plc lost N1.08 to settle at N38.92 per unit versus Monday’s closing price of N40.00 per unit, and UBN Property Plc went down by 22 Kobo to finish at N1.98 per share, in contrast to the previous day’s N2.20 per share.

On the flip side, the share price of Mixta Real Estate Plc increased by 45 Kobo to close at N5.00 per unit versus N4.55 per unit, and First Trust Microfinance Bank Plc expanded by 1 Kobo to trade at 63 Kobo per share compared with Monday’s closing price of 62 Kobo per share.

Yesterday, there was a 12,683.9 per cent rise in the volume of securities traded to 2.5 million units from the 19,920 units recorded in the previous trading day, there was also a 3,874.1 per cent increase in the value of securities transacted to N34.7 million from N872,687, and there was 320 per cent leap in the number of deals to 42 deals from 10 deals.

When the market closed for the day, Impresit Bakolori Plc remained the most traded stock by volume (year-to-date) with 533.9 million units worth N520.9 million, followed by Geo-Fluids Plc with 265.7 million units valued at N469.3 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.

Also, Okitipupa Plc was the most traded stock by value (year-to-date) with 153.6 million sold for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 18.8 million units valued at N721.1 million, and Impresit Bakolori Plc with 533.9 million units worth N520.9 million.

Economy

Naira Stabilises at N1,606/$1 at NAFEM, Crashes to N1,615/$1 at Black Market

Published

2 hours ago

07/05/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira was relatively stable against the US Dollar, though it marginally appreciated by 0.01 per cent or 16 Kobo at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, trading at N1,606.75/$1 compared with the preceding day’s N1,606.91/$1.

In the same vein, the domestic currency remained unchanged against the Pound Sterling and the Euro during the trading session at N2,137.73/£1 and N1,821.75/€1, respectively.

However, the Nigerian Naira weakened against the Dollar in the black market yesterday by N10 to quote at N1,615/$1, in contrast to the preceding day’s N1,605/$1.

The Naira has experienced weakening over recent weeks due to reduced intervention in the FX market by the Central Bank of Nigeria (CBN) while factors like weakening oil prices threatens foreign earnings.

This adds to fears triggered by the uncertainty surrounding President Donald Trump’s trade war with China and other trading partners.

In the cryptocurrency market, most of the tokens gained weight as the US makes possible approach to speak with Chinese representatives.

US Treasury Secretary Scott Bessent noted that the current tariffs and trade barriers are unsustainable, but said the US doesn’t want to decouple.

China, on the other hand, said after it has carefully evaluated the remarks, it has decided to engage the US.

A possible thawing in the trade stance offered support for the market with Litecoin (LTC) rising by 11.5 per cent to sell at $91.77.

Bitcoin (BTC) gained 2.4 per cent to close at $96,700.19, Cardano (ADA) appreciated by 1.9 per cent to trade at $0.6791, Dogecoin (DOGE) improved its value by 1.8 per cent to settle at $0.1727, Ethereum (ETH) expanded by 1.6 per cent to $1,833.04, Ripple (XRP) increased by 1.2 per cent to $2.13, Binance Coin (BNB) went up by 0.9 per cent to finish at $605.04, and Solana (SOL) jumped by 0.5 per cent to end at $146.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.