By Adedapo Adesanya

The Naira maintained stability against the United States Dollar in the black market segment of the foreign exchange (FX) market on Friday, March 27, data obtained by Business Post showed. It also remained unchanged at the GTBank FX counter at N1,401/$1.

However, it further appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEX) during the session by N3.30 or 0.2 per cent to N1,380.58/$1 from the previous day’s rate of N1,383.88/$1.

In the same vein, the domestic currency improved its value against the Pound Sterling in the spot market yesterday by N10.77 to trade at N1,836.99/$1 compared with the preceding session’s N1,847.76/£1, and gained N5.06 against the Euro to sell at N1,592.08/€1 versus N1,597.14/€1.

The Naira remains under pressure, but the current range indicates a form of stability as the Central Bank of Nigeria (CBN) reiterated its promise to anchor reforms around FX rate stability and stronger reserves to support financial markets.

Amid the currency pressures, the apex bank introduced a series of measures aimed at improving liquidity and strengthening the FX market. In a key move, the apex bank removed the cash pooling requirement for International Oil Companies (IOCs), allowing them full access to their repatriated export proceeds from the previous 50 per cent.

However, the country could see less short-term Dollar supply staying in the country and may invite pressure on the Naira if outflows exceed inflows.

The pressure on the currency comes amid a sustained decline in Nigeria’s external reserves, which provide the central bank with the buffer to support the naira. The reserves fell for the ninth consecutive day to $49.48 billion as of March 26, 2026, marking a decline of $540 million, or 1.08 per cent, from $50.02 billion recorded on March 11.

Meanwhile, the cryptocurrency market tumbled on Friday due to a broader sell-off in US equities, which recorded a $17 trillion loss. The Friday plunge fits into a pattern since the war in Iran broke out, with gains on Monday turning into losses by the end of the week.

Ethereum (ETH) depreciated by 3.2 per cent to $2,003.73, Bitcoin (BTC) fell by 3.1 per cent to $66,439.48, Solana (SOL) dropped by 2.9 per cent to $83.44, Cardano (ADA) crashed to $0.2474, Binance Coin (BNB) went down by 2.4 per cent to $613.17, TRON (TRX) dipped 1.5 per cent to $0.3113, Dogecoin (DOGE) declined by 1.4 per cent to $0.0908, and Ripple (XRP) slumped 1.4 per cent to sell at $1.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

By Adedapo Adesanya

The price of Brent crude went up by $4.56 or 4.2 per cent to $112.57 per barrel on Friday, as traders remained sceptical about prospects for a ceasefire in the ‌month-old Iran war.

Also, the US West Texas Intermediate (WTI) futures rose $5.16 or 5.5 per cent to settle at $99.64 per barrel, gaining over 1 per cent on a week-on-week basis, and surged 45 per cent since February 27, the day before the US and Israel ​launched strikes against Iran.

On its part, Brent chalked up 0.3 per cent in the week and gained 53 per cent since February 27.

Traders are cautious about President Donald Trump’s statements about ⁠the Iran talks, as the Iranian government claimed that the proposal by the US conveyed to Iran by Pakistan ​was one-sided.

The American President extended his deadline for Iran to reopen the Strait of Hormuz or face the destruction of its energy infrastructure.

Also, ​the US has sent thousands of troops to the Middle East, with President Trump weighing whether ​to use ground forces to seize Iran’s strategic oil hub of Kharg Island.

The ​International Energy Agency (IEA) said the Iran war has taken about 11 million barrels per day out of global oil supply, describing the ​crisis as worse than ⁠the two 1970s oil shocks combined.

Market analysts noted that every day flows through the Strait remain restricted, more than 10 million barrels of oil are missing, adding that prices will ⁠fall quickly if the war begins to wind down soon, but still remain above pre-conflict levels. However, prices could rise to $200 if the war drags on until the end of June.

Meanwhile, two container vessels owned by China Ocean Shipping Company tried to pass through the Strait but were turned back, according to the ship tracking firm MarineTraffic. China is an ally of Iran and the Islamic Republic has previously said friendly ships can pass through the Strait.

This was the first attempt by a major container carrier to cross the sea route since the war started, the firm said. COSCO is the world’s fourth-largest shipping line by capacity.

Russian oil ⁠producers have ​warned buyers that they could declare force majeure on supplies from ​major Baltic Sea ports after Ukrainian attacks on Russian energy infrastructure.

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has removed the cash pooling requirement for International Oil Companies (IOCs), allowing them to fully repatriate their export proceeds through Authorised Dealer Banks (ADBs).

Previously in 2024, the apex bank required IOCs to repatriate export earnings into Nigeria, but only 50 per cent could be accessed immediately (via banks) while the other 50 per cent had to stay in Nigeria for 90 days before they could move it.

This was called a cash pooling requirement, designed to keep more foreign currency (like Dollars) inside Nigeria temporarily to support FX liquidity.

However, the apex bank, in a circular signed by the Director, Trade and Exchange Department, Mr Musa Nakorji, disclosed that, to further liberalise and deepen the market in line with current realities, IOCs are now granted unfettered access to their repatriated export proceeds.

“Accordingly, IOCs may repatriate 100 per cent of their export proceeds through ADBs, which are required to ensure proper documentation and submit monthly reports to the Director, Trade and Exchange Department.

“This provision supersedes all previous circulars issued by the Bank on cash pooling.

“All Authorised Dealer Banks are advised to note and comply accordingly, as this directive takes immediate effect.”

The development means more flexibility for foreign oil companies as they can now move their money freely and meet international obligations faster, while it reduces exposure to FX risks in Nigeria. This makes Nigeria more attractive to foreign investors, especially in the oil and gas sector, at a time when the global oil market is facing turbulence from the Middle East war triggered by the US and Israel against Iran.

This indicates that the apex bank is making do of its promise to shift towards a more market-driven FX system, where there are fewer controls and less forced retention of foreign currency. This could help boost investor confidence since they will have more control over their money flows.

However, this comes with potential risks as the country could see less short-term Dollar supply staying in the country and may invite pressure on the Naira if outflows exceed inflows.