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By Adedapo Adesanya
A loss of 0.12 per cent or N1.73 was recorded by the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 28.
In the official forex market, the domestic currency was exchanged with the greenback at N1,500.73/$1 during the session compared with the previous day’s rate of N1,499.00/$1.
However, the local currency appreciated against the British Pound Sterling yesterday by N17.78 to settle at N1,880.69/£1 versus Thursday’s closing value of N1,898.47/£1 and it gained N19.93 on the Euro to sell for N1,552.94/€1, in contrast to the preceding session’s N1,572.87/€1.
A look at the parallel market showed that the Nigerian Naira weakened against the Dollar yesterday by N5 to trade at N1,505/$1 compared with the N1,500/$1 it was transacted a day earlier.
Meanwhile, the cryptocurrency market was up on Friday, with analysts pointing out that historical data highlights the recent drawdown as a prime purchasing opportunity for many to stack up while others pointed out that the drawdown may not be over as developments in the political environment may impact sentiments.
During the trading day, Solana (SOL) chalked up 11.0 per cent to trade at $142.99, Dogecoin (DOGE) appreciated by 10.2 per cent to sell at $0.2044, and Litecoin (LTC) recorded an 8.9 per cent rise to trade at $126.43.
In addition, Ripple (XRP) gained 8.6 per cent to quote at $2.17, Cardano (ADA) added 7.9 per cent to finish at $0.6407, Bitcoin (BTC) improved its value by 7.3 per cent to $84,973.70, Ethereum (ETH) grew by 5.8 per cent to $2,234.20, and Binance Coin (BNB) went up by 4.8 per cent to settle at $595.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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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.
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Aduragbemi Omiyale
A Nigerian-based investment banking and advisory company, PAC Capital Limited, has promised transformative financial solutions that not only meet but exceed expectations of its clients.
This assurance was given by the Executive Director of PAC Capital, Mr Bolarinwa Sanni, after the firm was named as the Best Transaction Advisory Firm – Nigeria 2025 by the International Business Magazine Awards.
The award was in recognition of its consistent track record in structuring and executing high-impact transactions across various sectors, including infrastructure, energy, transport, and financial services.
This international recognition highlights the organisation’s commitment to excellence, innovation, and delivering value-driven advisory services.
“Winning this award reflects the strength of our advisory team and the boldness of the clients we serve.
“At PAC Capital, we are committed to delivering transformative financial solutions that not only meet but exceed expectations.
“This recognition inspires us to keep pushing boundaries and shaping Africa’s investment landscape,” Mr Sanni stated.
Also, the Managing Director of PAC Capital, Mr Humphrey Oriakhi, said, “This award is a strong validation of our efforts to lead with insight, integrity, and innovation in the transaction advisory space.
“We are truly honoured to be acknowledged on a global platform. I dedicate this achievement to our clients who trust us with their most strategic decisions and to our team whose dedication fuels our success.”
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By Adedapo Adesanya
The chief executive of Ecobank Transnational Incorporated, Mr. Jeremy Awori, has called for an increase in intra-trade among African countries in response to recent tariff announcements by the US President, Mr Donald Trump.
Speaking in an interview with Bloomberg TV, Mr Awori noted that Mr Trump’s tariffs would replace the African Growth and Opportunity Act (AGOA), which about 30 African nations have relied on to develop export-driven industries, including textiles and apparel.
“Now more than ever we should be focusing as African countries on how do we trade more together, how do we create an easier framework for us to trade,” he said.
In 2023, sub-Saharan Africa exported $29 billion worth of goods to the U.S., making it the region’s fourth-largest market after China, the United Arab Emirates, and India.
According to him, while the US is not Africa’s biggest trading partner, the continent’s economies could still face indirect repercussions if the tariffs lead major partners like China to reduce demand for African exports.
The tariffs imposed on African nations vary widely, ranging from 10 per cent for countries like Benin, Kenya, and Cape Verde to as high as 50 per cent for Lesotho—the highest rate applied to any sovereign nation. Nigeria was hit with 14 per cent.
Mr Awori pointed out that the trade tensions reinforced the urgency for African nations to fast-track the implementation of the African Continental Free Trade Area (AfCFTA), which came into effect in October 2022.
He added that fully implementing the free trade accord and adding value to raw materials will ensure that the continent keeps “more of the benefits, creates more jobs and uplifts the lives and livelihoods of Africans.”
He emphasised that beyond tariff reductions, Africa must address non-tariff barriers such as restrictive visa policies and logistical challenges faced by landlocked countries.
The lender’s CEO noted that the new tariffs follow President Trump’s earlier decision to freeze aid to Africa, which Ecobank research suggests could push an additional six million people into extreme poverty.
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By Aduragbemi Omiyale
Data from the Debt Management Office (DMO) showed that the Nigerian government used about N13.12 trillion to service the various debts in 2024.
Business Post reports that this was 68 per cent higher than the N7.8 trillion paid by Nigeria to pay interests on debts in 2023 and higher than the N12.3 trillion approved by the National Assembly for last in the 2024 Appropriation Act.
Over the weekend, the DMO revealed that the total debt of the country as of December 31, 2024, stood at N144.67 trillion versus N97.34 trillion a year earlier.
This comprised an external debt of N70.29 trillion and a domestic debt N74.38 trillion.
The agency stated that the significant increase in the debt service was due higher interest rates and increased domestic borrowing as well as rising global interest rates and the depreciation of the Naira, which has made dollar-denominated debt more expensive to service.
About N5.97 trillion was used to funds borrowed by the government from domestic investors, higher than the N5.23 trillion used for the same purpose in 2023 by 14.15 per cent, while N7.15 trillion was used for paying interest on foreign loans, higher than the N2.57 trillion in 2023 by 167 per cent.
Analysis showed that about N4.69 trillion was paid to local investors for giving the federal government money to fund the 2024 budget deficit from the sale of FGN bonds at the local capital market versus the N3.66 trillion recorded a year earlier.
Following the FGN bonds was treasury bills, which recorded the use of N747.15 billion for the payment of interest to investors compared with N326.12 billion in 2023.
Debt servicing for FGN Sukuk gulped N158.43 billion last year, the sum of N6.38 billion was used to pay interest to investors who subscribed to the monthly FGN savings bonds, and N2.18 billion was for FGN green bonds, with N265.86 billion for promissory note principal repayments.
In the 2025 budget, the federal government has allocated about N16 trillion for debt servicing.
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