Economy
Ade Bajomo, Jalo-Waziri Resign as NSE Directors
By Dipo Olowookere
Executive Director, Market Operations and Technology at the Nigerian Stock Exchange (NSE), Mr Ade Bajomo; as well as his counterpart in charge of Capital Markets at the NSE, Mr Haruna Jalo-Waziri, have resigned from the stock market regulator.
Mr Jalo-Waziri resigned from the NSE effective October 31, 2017 to assume his new role as the Chief Executive Officer of CSCS Plc.
On the part of Mr Bajomo, he is leaving the NSE from December 31, 2017 to pursue other challenges.
During his time at the NSE, Mr Jalo-Waziri made significant contributions to NSE’s revenue growth and had responsibility for several key projects and initiatives.
Some of his signature assignments were launch of the premium board, Federal Government Savings bond, Eurobond, Sovereign Green bond development, Exchange traded funds, and incorporation of NG Clear Limited.
He was also the sponsor for the Derivatives Project, which is set to launch imminently. For the wider capital market, he chairs the CAMMIC sub-committee on attraction of new listings.
For Mr Bajomo, he was behind the digital revolution of trading at the Exchange with the launch of XGEN, XNET, introduction of trading app called Trade Smart, organization of the first NSE Market Data Workshop, and phenomenal growth of the market data business to name a few.
For the wider capital market, he served on the board of NASD Plc and chaired the Infrastructure and Technology sub-committee of the Nigerian Capital Market Committee.
Chief executive of the NSE, Mr Oscar Onyema, while commenting on the development, thanked both men for their immense contributions to the stock market.
“We thank Ade and Haruna for their immense contributions to the transformation of The Exchange and the Nigerian capital markets over the past few years.
“They led various significant projects and initiatives to improve efficiency and drive sustainable growth of the market. We wish them success in their personal and professional future. We shall miss them,” he said.
On the part of President of the National Council of the NSE, Mr Abimbola Ogunbanjo, he commended both gentlemen for “their meritorious stewardship characterized by their innovative ideas and most importantly, fully executing on the NSE’s strategic growth plans.”
“Ade and Haruna are consummate and dedicated professionals and I am confident that they will both excel in their future endeavours and on behalf of the National Council I wish to thank them for their dedication and accomplishments during their term in office,” he added.
Mr Jalo-Waziri, while commenting on his resignation, stated that, “I consider myself privileged to have served The Nigerian Stock Exchange as the Executive Director in charge of Capital Markets for over five years.
“I am honoured to have worked with the CEO, Oscar Onyema, management and staff of the Exchange and a vast majority of exemplary people within the capital market ecosystem over the years.
“As I move to the next phase of my career, I look forward to continue contributing to the development of the capital market through my stewardship at CSCS”.
On his part, Mr Bajomo said, “It has been my personal privilege and professional honour to have worked and served the Nigerian Stock Exchange in the capacity of Executive Director, Market Operations and Technology.
“In my over six years with the Exchange, I have worked with a highly talented pool of individuals within the exchange and the wider capital market that supported our work and delivery of market wide initiatives and I will sorely miss them all.
“I am also honoured to have worked with the previous and current council presidents and members. I am confident that the market will continue its growth trajectory and sustain market leadership”.
By Adedapo Adesanya
The Naira again depreciated against the United States Dollar by N7.16 or 0.53 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 19, to N1,370.46/$1 from the previous day’s N1,363.30/$1.
In the same vein, the Nigerian currency lost N9.07 against the Pound Sterling at the official market yesterday to trade at N1,814.76/£1 compared with Thursday’s closing price of N1,805.69/£1, and crashed against the Euro by N6.43 to settle at N1,571.50/€1 versus N1,565.07/€1.
Also, the Naira weakened against the greenback in the black market during the session by N5 to sell for N1,390/$1, in contrast to the preceding day’s N1,385/$1, and at the GTBank FX desk, it shed N3 to close at N1,376/$1 versus N1,373/$1.
The official market’s FX liquidity has been facing pressure over the last three trading sessions, contributing to a decline in the official exchange rate due to rising demand for foreign payments.
FX reserves rose to $51.03 billion, the highest level since January 20, 2009, according to data obtained from the Central Bank of Nigeria (CBN). The figure also represents the highest since the beginning of the year and under the administration of the current Governor of CBN, Mr Yemi Cardoso.
The latest figure underscores the steady strengthening of Nigeria’s external buffers, which continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.
Meanwhile, the cryptocurrency market was mixed, with Bitcoin (BTC) up by 0.8 per cent to $63,225.80 after trading activity was relatively subdued due to a US federal holiday, as the absence of stock and bond market activity led to quieter conditions across crypto markets, even though digital assets continue to trade around the clock.
Further, TRON (TRX) also gained 0.8 per cent to sell at $0.3230, Binance Coin (BNB) jumped 0.5 per cent to $579.84, and Ethereum (ETH) appreciated by 0.1 per cent to $1,704.23.
On the flip side, Ripple (XRP) declined by 0.9 per cent to $1.13, Cardano (ADA) shed 0.8 per cent to trade at $0.1611, Solana (SOL) fell by 0.1 per cent to $69.23, and Dogecoin (DOGE) slipped by 0.1 per cent to $0.0831, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Brent crude gained 66 cents or 0.53 per cent to sell for $80.38 per barrel on Friday after Israel and Hezbollah agreed on a ceasefire in Lebanon, though Iran set conditions for using the vital Strait of Hormuz.
Also, the US West Texas Intermediate (WTI) crude was up 94 cents or 1.23 per cent to $77.54 per barrel, amid light trading volumes due to the US Juneteenth holiday.
In spite of Friday’s gains, Brent was down about 8 per cent week-over-week, reflecting a significant easing of supply concerns in the wake of the US-Iran deal to end the war.
Gulf producers were preparing to raise exports after Israel and Hezbollah agreed to a ceasefire, which began on Friday.
Israel and Hezbollah agreed to halt fighting in southern Lebanon after days of escalating clashes threatened to derail the fragile US-Iran peace process, reducing the risk that the first major test of the agreement would turn into its first major failure.
At least four tankers carrying crude, oil products and liquefied petroleum gas (LNG) entered the Strait of Hormuz on Friday, heading for Iraqi Gulf ports. However, despite the uptick in activity, Iran signalled tighter control over shipping.
Iran’s Persian Gulf Strait Authority said “no vessel is permitted to pass through the Strait of Hormuz without a valid passage permit issued by the PGSA”.
Concerns also remain as a planned meeting between Iranian and American officials in Switzerland on Friday was postponed, with arrangements underway for talks in the coming days.
Iran’s Foreign Ministry said the meeting was no longer urgent because a memorandum of understanding on ending the war had already been signed digitally between the two sides.
Analysts expect the deal to release more than 85 million barrels of oil stranded in the Middle East Gulf into global markets. The agreement also includes the lifting of US sanctions on Iranian oil, which would add more supply.
However, recovery in flows of supply that transits Hormuz and production after the US-Iran deal could take several months.
On the demand front, the Organisation of the Petroleum Exporting Countries (OPEC) said in its 2026 World Oil Outlook that world demand will rise to 113.3 million barrels per day in 2030 from 105.1 million barrels per day in 2025.
By Aduragbemi Omiyale
The gross foreign reserves of Nigeria reached a 17-year high of $51.04 billion, data from the Central Bank of Nigeria (CBN) shows.
Business Post gathered from the apex bank’s website that this new feat was achieved on Thursday, June 18, 2026.
A day earlier, which was Wednesday, June 17, 2026, the amount in the country’s external reserves stood at $50.96 billion, indicating accretion of 0.16 per cent.
This latest development is expected to strengthen the value of the Nigerian Naira in the foreign exchange (FX) market.
It was observed that since the beginning of this month, the amount in the forex reserves has been building up gradually after an initial scare.
It is believed that inflows from crude oil sales have been boosting the reserves, though prices are expected to trend downward as a result of the ceasefire deals between the United States and Iran on Friday.
The price of crude oil has cooled to around $80 per barrel. It should further moderate to its level before February 28, 2026, when the bombardment of Iran started, which led to the death of the country’s 86-year-old Supreme Leader, Ayatollah Ali Khamenei.
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