Economy
Equities continue decline with N49b loss
Nigerian equities continue on the downward trend yesterday as profit-taking transactions on mid and large cap stocks overshadowed gains by the majority of traded stocks.
Benchmark indices at the Nigerian Exchange (NGX) indicated average decline of 0.09 per cent, equivalent to net capital depreciation of N49 billion.
The All Share Index (ASI)-the value-based common index that tracks all share prices at the NGX, dropped from its opening index of 99,304.12 points to close at 99,217.60 points.
Aggregate market value of all quoted equities also declined from its opening value of N56.175 trillion to close at N56.126 trillion.
With 27 gainers to 23 losers, the negative overall market situation was driven by losses in mid and large-cap stocks, especially Dangote Sugar Refinery, Lafarge Africa, Oando, Zenith Bank and Honeywell Flour Mills.
On the upside, Okomu Oil recorded the highest gain of 10 per cent to close at N291.50 per share. John Holt followed with a gain of 9.79 per cent to close at N3.14. Consolidated Hallmark Holdings increased by 9.43 per cent to close at N1.74 per share. Secure Electronic Technology appreciated by 9.09 per cent to close at 60 kobo while Regency Alliance Insurance rose by 7.14 per cent to close at 45 kobo per share.
On the negative side, Oando led the losers with a drop of 9.75 per cent to close at N12.50 per share. University Press followed with a loss of 9.09 per cent to close at N2.50. Academy Press lost 8.0 per cent to close at N1.84 per share. Honeywell Flour Mills dipped by 7.94 per cent to close at N3.13 while UPDC lost 7.86 per cent to close at N1.29 per share.
The momentum of activities also slowed down, with total turnover dropping by 62.86 per cent to 361.573 million shares valued at N6.163 billion in 8,511 deals. Transnational Corporation (Transcorp) topped the activity chart with 47.509 million shares valued at N581.921 million. Guaranty Trust Holding Company (GTCO) followed with 37.853 million shares worth N1.647 billion. Veritas Kapital Assurance traded 34.951 million shares valued at N31.384 million. FBN Holdings (FBNH) traded 27.402 million shares valued at N548.257 million while Access Holdings transacted 26.980 million shares worth N504.365 million.
Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024Wondering about the current Dollar to Naira exchange rate at the black market, also known as the parallel market? Here’s the latest update for December 17, 2024, along with the rates for buying and selling US dollars in the Nigerian black market.
How Much is a Dollar to Naira Today in the Black Market?
As of Tuesday, December 17, 2024, the exchange rate at the Lagos parallel market (Black Market) stands as follows:
•Buying Rate: N1665
•Selling Rate: N1675
These rates reflect what buyers and sellers are willing to trade US dollars for in the black market. However, please keep in mind that these rates are subject to change and can fluctuate based on supply and demand.
Dollar to Naira Black Market Rate – December 17, 2024
•Buying Rate: N1665
•Selling Rate: N1675
Dollar to Naira CBN Rate Today
The official Central Bank of Nigeria (CBN) rates differ from those in the black market. For today, the CBN exchange rate for the Dollar to Naira is:
•Highest Rate: N1555
•Lowest Rate: N1520
It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the black market exchange rate. The CBN encourages individuals to conduct their foreign exchange transactions through approved channels, such as commercial banks and licensed Bureau De Change (BDC) operators.
Please be aware that the exchange rates for buying or selling foreign currency may differ from the values listed here, as they can vary throughout the day. Always confirm rates with your local dealers before making any transactions.
The exchange rate for the Dollar to Naira in the black market (parallel market), also known as the “Aboki FX” rate, is as follows for 15th December 2024:
•Buying Rate: ₦1,660
•Selling Rate: ₦1,670
This rate reflects the price at which traders in the Lagos parallel market (black market) are buying and selling dollars, as reported by sources at Bureau De Change (BDC).
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and encourages individuals to conduct foreign exchange transactions through authorized banks.
Central Bank of Nigeria (CBN) Rate for Dollar to Naira
•Highest Rate: ₦1,549
•Lowest Rate: ₦1,520
The rates you receive may vary slightly from those mentioned here, as forex prices fluctuate based on market conditions.
CBN Takes Tough Action on New Naira Notes
In another development, the Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on commercial banks found guilty of supplying newly minted naira notes to currency hawkers. This move is part of the CBN’s ongoing efforts to prevent the illegal trade of naira notes and ensure proper circulation to the public.
The penalty comes as the CBN reaffirmed the continued validity of the old ₦1,000, ₦500, and ₦200 notes following a Supreme Court ruling on November 29, 2023. The CBN also warned against the hoarding of cash, which disrupts the smooth flow of money in the economy.
The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.
According to a reporter from Dailypost who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway said.
A motorist, Ezekiel Njoku, confirmed the development.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.
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