Economy
Nigeria’s Forex Inflow Grows 121% in 5 Months, Hits 14.5b

By Modupe Gbadeyanka
Data released by the Central Bank of Nigeria (CBN) has revealed that the foreign exchange inflow into the country from January to May 2017 rose to $14.53 billion.
This, it said, represents 121 percent increase when compared with $6.57 billion recorded from January to May in 2016.
Vanguard analysis of the monthly economic reports of the apex bank revealed that foreign exchange outflow through the CBN, however, increased marginally by 5.8 percent to $9.09 billion within same period this year, compared to the $8.59 billion recorded as outflow same period last year.
Consequently, the apex bank recorded net foreign exchange inflow of $5.4 billion in the first five months of this year, up by 367 percent from net outflow of $2.02 billion recorded in the corresponding period of 2016.
Further details, however, revealed that foreign exchange inflow into the CBN has been fluctuating since February when it peaked at $5.1 billion.
In March it dropped to $1.63 billion, rose to $2.87 billion in April but dropped again to $2.26 billion in May.
On the other hand, foreign exchange outflow from the apex bank has been on the upward trend since the beginning of the year.
In January 2017 foreign exchange outflow from the apex bank rose to $1.18 billion, in February, $1.67 billion in March, $2.16 billion in April, and $3.02 billion in May.
Consequently CBN recorded the first net foreign exchange outflow of $761 million in May.
This, according to the CBN, was due to decline on crude oil prices. Also it indicated the bullish interventions in the supply side of the interbank foreign exchange market since March this year was taking a toll on the forex resources.
Providing details of foreign exchange inflow and outflow in May, CBN said, “The external sector weakened in May 2017 due to the decline in crude oil prices from an average of $52.90 per barrel in April 2017 to $51.04 per barrel.
Increased shale oil production in the United States and supply by non-members of the Organisation of Petroleum Exporting Countries (OPEC) both contributed to the fall in crude oil prices.
Consequently, foreign exchange inflow through the CBN, at $2.26 billion, declined by 21.4 percent below the level in the preceding month, but was 27.0 per cent above the level in the corresponding period of 2016.
The decline relative to the level in the preceding month was driven by fall in both oil and non-oil proceeds.
“Aggregate outflow of foreign exchange through the bank at $3.02 billion, increased by 39.6 percent and 78.7 percent above $2.16 billion and $1.69 billion in the preceding month and the corresponding period of 2016 respectively.
“The development was driven by outflow through foreign exchange special payment, drawings on letters of credit, inter-bank utilization and external debt service. Overall, the net outflow through the bank in the month of May 2017 was $0.76 billion, in contrast to a net inflow of US$0.71 billion and $0.09 billion recorded in the preceding month and the corresponding period of 2016, respectively.”
http://www.vanguardngr.com/2017/07/forex-inflow-sharp-rise-cbn-records-14-5bn-5-months/
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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