Business
BREAKING: Naira strengthens by 7.43% to N1750 against dollar at the black market
BREAKING: Naira strengthens by 7.43% to N1750 against dollar at the black market
The Naira witnessed a notable surge on Thursday, reaching a high of N1750 per dollar in the parallel market, commonly known as the black market.
This surge represents a substantial 7.43% increase, with the currency strengthening by N130.00 compared to the previous day’s closing rate of N1,880.
The surge coincides with Nigeria’s intensified efforts to counter the ongoing depreciation of the Naira.
In response to the currency’s decline, Nigeria has ramped up measures to stabilize its value. These efforts include cracking down on informal foreign currency street traders and targeting a popular cryptocurrency trading platform.
Throughout the week, the naira experienced a significant decline in value, hitting a low of N1,880 to the dollar on Thursday.
This depreciation has widened the disparity between the unofficial market rate and the official rate of the naira, presenting challenges to the government’s goal of unifying the two rates.
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Despite the Central Bank of Nigeria’s implementation of various policies aimed at boosting the supply of foreign exchange (forex), these developments persist, underscoring the complexities of managing currency stability in the face of economic challenges.
- However, the Great British Pound (GBP) remained flat at £1/N2260, same as was recorded the previous day.
- Additionally, the Naira against the Euro traded flat, closing at N1960/EUR1 compared to N1960/EUR1 also reported the previous day.
In the cryptocurrency market where forex is sold using stablecoins, the Naira also settled at N1,708.40/$1 as of 1.15 pm.
Nairametrics reported that the National Security Adviser’s Office, led by Nuhu Ribadu, in collaboration with the Central Bank of Nigeria (CBN), has initiated a joint effort to combat forex speculation and tackle the issues affecting the country’s economic stability.
In a statement on Tuesday, a spokesperson for Ribadu’s office, Zakari Mijinyawa, the partnership is set to include coordinated actions with leading law enforcement agencies such as the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU).
Mijinyawa pointed out that the activities of speculators, operating both domestically and internationally through different mechanisms, have played a significant role in the naira’s depreciation, thereby exacerbating inflation and leading to economic instability in Nigeria.
BREAKING: Naira strengthens by 7.43% to N1750 against dollar at the black market
Business
ABC Transport CNG trucks, cargo, others excite investors as stock rises 22%
ABC Transport CNG trucks, cargo, others excite investors as stock rises 22%
ABC Transport Plc has experienced a significant increase in its stock performance with the company’s shares rising by 22% year-to-date, climbing from N1.23 at the start of January to N1.50 on March 11, 2025.
This has thus elevated the company’s market capitalization from N2.942 billion to N3.588 billion over the same period.
Analysts attribute this positive momentum to ABC Transport’s strategic diversification initiatives, notably its substantial investment in Compressed Natural Gas (CNG) trucks and the establishment of ABC Cargo Limited, a fully independent logistics division.
Over the past six months, ABC Transport has invested over N8 billion in acquiring CNG-powered and other specialized trucks, underscoring its commitment to sustainable and cost-effective transportation solutions.
This move not only reduces the company’s carbon footprint but also lowers operational costs by decreasing reliance on diesel fuel. The adoption of CNG technology represents a crucial step in ABC Transport’s sustainability journey, aligning with global environmental standards.
In a bid to diversify its service offerings, ABC Transport launched ABC Cargo Limited, an autonomous logistics division.
This new entity is poised to enhance the company’s market presence in the logistics sector, providing specialized services that cater to the evolving needs of clients across Nigeria and the West African region.
The company’s recent financial results have further bolstered investor confidence.
For the fiscal year ending December 31, 2024, ABC Transport reported a pre-tax profit of N634.7 million, a remarkable turnaround from the pre-tax loss of N260.1 million recorded in 2023.
Total revenue surged to N12.6 billion from N7.1 billion in the previous year, with significant contributions from loads and waybills (₦4 billion), sales of vehicle spares and speed governors (N2.8 billion), and haulage operations (N2.8 billion).
Speaking on these developments, the company’s Managing Director, Mr Jude Nneji, commended that the ABC’s leadership had also taken other strategic steps towards sustaining growth in these new segments.
For instance, he said it had invested heavily in a new maintenance facility in Calabar and also improved its driver training facilities.
These strategic initiatives and robust financial performance have positioned ABC Transport favorably in the market, reflecting a strong buy trend that commenced in 2024 and has persisted into 2025.
As the company continues to innovate and expand its operations, it remains a focal point for investors seeking sustainable and profitable opportunities in the transportation and logistics sector.
Business
UBA, ICAN partner to drive innovation in finance, accounting
UBA, ICAN partner to drive innovation in finance, accounting
United Bank for Africa, UBA Plc, weekend, hosted the 60th president of the Institute of Chartered Accountants of Nigeria, ICAN, Chief Davidson C. S. Alaribe, in a meeting to foster collaboration and innovation between both institutions.
The meeting signalled a pivotal moment in the relationship between the two institutions, as they explored strategic partnerships to drive mutual growth and development in the financial and accounting sectors.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who welcomed the ICAN President and his high-profile delegation, expressed his enthusiasm for the partnership and assured that the bank was ready and willing to support the institution in its drive for excellence.
He said: “UBA is proud to be home to a significant number of ICAN members, whose expertise has been instrumental to our success as Africa’s global bank. This visit reaffirms our shared commitment to excellence and innovation.
“We are particularly excited about potential collaboration in the Graduate Management Accelerated Programme, GMAP, training initiatives, and other business opportunities that will create a win-win for both organisations.”
Alawuba, who was visibly excited at the corroboration between both organisations, said: “UBA is not just a financial powerhouse in Nigeria but a global leader with a strong presence across Africa and beyond.
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‘’ICAN recognises the immense value UBA brings to the table, and we are excited to explore opportunities for collaboration in areas such as capacity building, professional development, and business expansion. This partnership will undoubtedly benefit our members and the broader financial ecosystem.”
The discussions also focussed on several key areas of collaboration in capacity building, joint training programmes to enhance the skills of accounting professionals and UBA staff, collaborating on initiatives to promote ethical standards, financial literacy, and best practices in accounting and finance and setting up a branch of ICAN at UBA House.
This historic meeting marks a significant milestone in the relationship between UBA and ICAN, two institutions committed to driving excellence and innovation in the financial and accounting professions.
Both parties expressed optimism about the future and pledged to work closely to achieve their shared goals.
The Institute of Chartered Accountants of Nigeria, ICAN, is the leading professional accounting body in Nigeria, established to regulate the practice of accountancy and promote excellence in the profession.
Business
Naira strengthens, gains N29.89 against US dollar
Naira strengthens, gains N29.89 against US dollar
The Nigerian Naira closed the week on a positive note, appreciating by N29.89 against the US Dollar in the official market.
According to data from the Central Bank of Nigeria (CBN), the Naira traded at N1,517.93 per dollar on Friday, reflecting a 1.9% increase from Thursday’s closing rate of N1,547.82.
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The currency’s recovery comes after a period of decline since March 5, offering a sign of relative stability. In recent months, the Naira has traded within a range of N1,500 to N1,900 against the dollar across both official and parallel markets.
This uptick suggests ongoing efforts to stabilize the currency may be yielding results, as market watchers remain hopeful for sustained improvements.
Naira strengthens, gains N29.89 against US dollar
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