” . Economy Naira Loses 32 Kobo at Official Market, Closes Flat at Black Market Published 8 hours ago on 22/07/2025 By Adedapo Adesanya By Adedapo Adesanya The downward movement of the value of the Nigerian currency against its United States counterpart in the Nigerian Autonomous Foreign Exchange Market (NAFEM) continued on Monday, July 21. According to data from the Central Bank of Nigeria (CBN), the Naira slightly crashed against the greenback yesterday by 32 Kobo or 0.02 per cent to N1,533.64/$1 from, the N1,533.32/$1 it ended last Friday. In the same pattern, the domestic currency depreciated further against the Pound Sterling in the official market yesterday by N6.86 to trade at N2,066.94/£1 compared with the previous day’s N2,060.08/£1 and lost N4.99 against the Euro to finish at N1,790.01/€1 versus the N1,785.02/€1 it was exchanged last Friday. At the black market, the exchange rate of the Naira to the Dollar remained unchanged on the first trading session of this week at N1,535/$1, data from traders on the streets of Lagos, the country’s commercial capital, revealed. The continued depreciation of the local currency in the spot market reflects growing concerns over the sustainability of the central bank’s currency defense strategy, weak oil revenues, limited foreign portfolio investment inflows, and uncertainties surrounding external financing. However, the Naira may find support from positive developments such as increased crude oil production and a rise in foreign portfolio investments, coupled with a slowdown in import-related outflows. As for the cryptocurrency market, it witnessed profit-taking in the last 24-hours ahead of the GENIUS Act signing at the White House by President Donald Trump. The bill, which was passed by the US House last Thursday, sets rules for stablecoins, which are, by definition, digital dollars backed by real assets. The US House of Representatives passed the GENIUS Act, along with two other crypto-related bills: the CLARITY Act and the Anti-CBDC Act. The CLARITY Act explains which government agencies will oversee crypto in the future, between the SEC and the CFTC. The Anti-CBDC Act is meant to stop the creation of a government-controlled digital dollar. These three bills give the crypto world more certainty, which investors have been waiting for. Dogecoin (DOGE) slumped by 2.7 per cent to $0.2630, Ethereum (ETH) slid by 1.6 per cent to $3,690.70, Litecoin (LTC) dropped 1.5 per cent to sell at $116.35, Bitcoin (BTC) crashed by 0.8 per cent to $117,241.01, Binance Coin (BNB) also depreciated by 0.8 per cent to $753.40, and Ripple (XRP) fell by 0.5 per cent to $3.47. However, Solana (SOL) jumped by 7.3 per cent to $198.80, and Cardano (ADA) rose by 0.7 per cent to $0.8737, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each. Related Topics:black marketBTCCLARITY Actcrypto marketdollarEuroexchange rateGENIUS Actnairaofficial marketparallel marketpound sterlingstablecoin Up Next Five Securities Buoy NASD Index by 0.94% Don’t Miss Customs Street Records Marginal 0.18% Growth Amid Profit-Taking Adedapo Adesanya Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C. Advertisement You may like Naira Records Marginal 10 Kobo Loss at Official Market Naira Crumbles Further to N1,533/$1 at Official FX Market Naira Loses 21 Kobo Against Dollar at Official Market, N5 at Black Market Naira Firms to N1,529/$1 at Official Market, N1,530/$1 at Black Market Bitcoin Crosses Landmark $122,000 Milestone for First Time Ever Naira Weakens to N1,531 Per Dollar at Official Market Click to comment Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name Email Website Economy JUST IN: Again, CBN Retains Benchmark Interest Rate at 27.50% Published 3 hours ago on 22/07/2025 By Dipo Olowookere By Dipo Olowookere The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to keep the Monetary Policy Rate (MPR) for the third time in a row. At the end of its two-day meeting on Tuesday afternoon, the 301st, the Governor of the central bank, Mr Yemi Cardoso, said members of the team agreed to keep all the rates intact for another period, different from what analysts had projected. According to him, the benchmark interest rate has been left at 27.50 per cent, the asymmetric corridor around the MPR will remain at +500/-100 basis points, the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) at 50.00 per cent, and that of Merchant Banks at 16.00 per cent, and the Liquidity Ratio is unchanged at 30.00 per cent. He explained that the decision to keep all the rates unchanged was to sustain the current decline in headline inflation and maintain price pressures. He stated that the monetary authorities will continue to monitor the parameters to help future decisions. Recall that a few days ago, the National Bureau of Statistics (NBS) revealed that inflation rate in Nigeria eased to 22.22 per cent in June 2025 from the 22.97 per cent recorded in May 2025. Yesterday, the same agency announced the outcome of the rebased gross domestic product (GDP) of Nigeria, moving it to N205 trillion from N80 trillion. It also disclosed that in the first quarter of 2025, the country’s economy grew by 3.13 per cent. Continue Reading Economy Lafarge Africa Board Approves UniCem, Atlas Cement Merger Published 3 hours ago on 22/07/2025 By Adedapo Adesanya By Adedapo Adesanya The board of Lafarge Africa Plc has approved the merger of the company with both United Cement of Nigeria (UniCem) and Atlas Cement Company Limited, a bag handling and cement distribution company. “The board authorised the firm to enter into any agreement and do all that is necessary to negotiate and implement the merger among UniCem and Atlas,” said Mrs Edith Onwuchkwa, company secretary of Lafarge Africa. “Lafarge will seek the approval of the Securities and Exchange Commission (SEC) and all other relevant regulatory bodies in furtherance of the implementation of the merger.” Business Post reported on Monday that the cement maker generated revenue of N269.63 billion in the second quarter of 2025, which is 70 per cent higher than the N157.80 billion recorded in the corresponding period in 2024. This good fortune was made possible by an increase in the demand for the products of the leading innovative and sustainable building solutions company and producer of a range of cement brands. According to the chief executive of the cement maker, Mr Lolu Alade-Akinyemi, Lafarge Africa has continued to delight consumers with innovative product offerings, strategic operation and distribution efficiency. The firm said in the period under review, it improved its operating profit by 153 per cent to N120.61 billion from N47.70 billion in the second quarter of 2024 as a result of topline growth and operational efficiency of the company. Also, the post-tax profit rose by 248 per cent to N84.03 billion from N24.16 billion in the same period of last year, driven by strong operational performance, relative stability of the Naira with no significant foreign exchange (FX) losses. “Following our impressive Q1 results, Q2 performance showcases the strength of our team, market positioning, operational efficiency, cost management, and dedication to value creation. “We achieved excellent financial results in Q2, with Net Sales growth of 70 per cent, Operating Profit up 153 per cent, and Profit After Tax growth of 248 per cent. “This strong performance closes H1 with a sales and operating profit growth of 75 per cent and 144 per cent, respectively. “This performance is driven by our innovative product offerings and strategic operational Initiatives,” Mr Alade-Akinyemi said. Continue Reading Economy Nigeria’s Oil Revenue Slumps 23.9% to N4.57trn in June 2025 Published 4 hours ago on 22/07/2025 By Adedapo Adesanya By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited has disclosed that oil revenue dipped in June due to dwindling global prices in the review month, data from the state oil company in its latest monthly report summary shows. The NNPC revealed that revenue declined to N4.57 trillion in June, a 23.9 per cent drop from the N6 trillion recorded in May. June saw heightened volatility in global oil markets, marked by geopolitical tensions, fluctuating demand from Asia, and uncertainty around production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its partners. These put pressure on prices. The NNPC report also revealed that the profit after tax dropped by 14 per cent to N905 trillion in June, down from N1.05 trillion in May. Crude oil and condensate production rose to 1.68 million barrels per day in June from 1.63 million barrels per day in May. The production peak for the month reached 1.73 million barrels per day. A breakdown shows that crude oil output recovered slightly at 1.42 million barrels per day, while condensate volumes declined to 0.26 million barrels per day in June from 0.28 million barrels per day in May. Gas production rose slightly to 7.581 billion standard cubic feet per day, up from 7.352 billion scfd in the previous month. Gas sales rose from 4.698 billion scfd in May to 4.742 billion scfd in June. In addition, crude oil and condensate sales decreased to 21.68 million barrels in June from 24.77 million barrels in May. The NNPC indicates that downstream performance improved as fuel availability at NNPC Retail Limited stations stood at 71 per cent in June, up from 62 per cent in May. “Ongoing industry-wide collaborations are increasingly improving synergies to achieve production improvement and cost optimisation,” the NNPC stated. According to the state-owned oil company, it has completed the AKK River Niger Crossing, which significantly derisked the completion of the mainline. “Additional intervention is being put in place to ensure the earliest completion.” “Commenced technical review of OB3 River Niger crossing to replicate learnings from AKK River Niger crossing success. PHRC, WRPC and KRPC review progressing,” it said. 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