Economy
Turkey Sees Bilateral Trade Volume with Nigeria Expanding to $5bn
By Adedapo Adesanya
The Government of Turkey has said its bilateral trade volume with Nigeria will jump to $5 billion as it seeks to further boost socio-economic ties between the two countries.
This was disclosed by the President of the country, Mr Recep Tayyip Erdogan, at the end of a closed-door bilateral meeting with President Muhammadu Buhari at the State House, Abuja, on Wednesday.
President Erdogan noted that there are expectations that relations between the two nations would be further developed on the basis of a win-win situation and on the basis of mutual respect.
The Turkish leader also expressed the readiness of his country to partner with Nigeria in tackling its security challenges.
“We hope and pray that we will be expanding our trade volume up to $5 billion immediately.
“We hope and pray that the relations between the two nations would be further developed on the basis of a win-win situation and on the basis of mutual respect.
“As Turkey, we have been closely monitoring the development in Nigeria in our brotherly and friendly nation.
“The terrorist organizations, the armed gangs and the marine vendors are continuously active in Nigeria and the Nigerian authorities are continuously fighting them.
“In other to cooperate further in the field of military operations, defence and security, we are doing everything that will be available.
“We are ready to share our capabilities, even extending capacities as Turkey with Nigeria especially in the field of the defence industry and security which are being praised by the globe.
“The sensitivity we show in fighting terrorism, I hope it will be reciprocated by our Nigerian brothers and sister and our counterparts.
“The perpetrators of the heinous failed coup of July 15, FETO, is still very active in Nigeria. And we are continuously sharing our intelligence with Nigerian interlocutor and authorities,” he said.
Mr Erdogan pledged that his country would further cooperate with Nigeria on counter-terrorism as well as in the fields of military, defence and security. This followed the attack in Goronyo Local Government Area of Sokoto State, which claimed several lives.
In his remarks, President Buhari heaped praises on his Turkish counterpart for opening his country’s borders to accommodate millions of refugees in dire need of humanitarian support.
According to Mr Buhari, the Turkish leader has set an example to the rest of the world on how to treat refugees.
“I commend Your Excellency for your leadership and generosity in receiving and accommodating 4 million refugees fleeing from conflict areas particularly in Iraq, Syria and Afghanistan.
“You have indeed set an example to the rest of the world,” he said.
President Buhari described the two-day visit of President Erdogan and his wife, Mrs Emine Erdogan, as a reflection of the ‘‘robust, warm and cordial bilateral relation” between Nigeria and Turkey.
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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