By Adedapo Adesanya

It is not the best of times for speculators in the Nigerian foreign exchange (FX) market as the recently policies of the Central Bank of Nigeria (CBN) are taking a toll on them.

This week, the central bank further tightened its belt with the introduction of an FX code to enhance exchange rate market transparency and it is making forex speculators to lose money.

On Thursday, the Nigerian Naira appreciated further by 1.64 per cent or N24.77 against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to sell below N1,500/$1 for the first time in several months.

Data obtained by Business Post from the FMDQ Securities Exchange showed that the local currency was exchanged with the Dollar yesterday in the official market at N1,485.95/$1 compared with the preceding day’s N1,510.72/$1.

In the same spot market, the domestic currency traded flat against the Pound Sterling and the Euro during the session at N1,871.77/£1 and N1,568.58/€1, respectively.

A for the parallel market, the Naira improved its value against its American counterpart on Thursday by N10 to close at N1,610/$1, in contrast to midweek’s price of N1,620/$1.

In the cryptocurrency market, it was mixed, with profit-taking occurring amid Mr Donald Trump’s tariff plans among his slew of policy directions.

Crypto investors expect a change from President Trump who promised on the campaign trail to position the US as a leader in the crypto space.

Ethereum (ETH) gained 2.6 per cent to trade at $3,271.10, Litecoin (LTC) rose by 1.9 per cent to $130.06, Binance Coin (BNB) went up 0.7 per cent to $680.42, Solana (SOL) expanded by 0.1 per cent to $238.29, and Cardano (ADA) added 0.04 per cent to finish at $0.9618.

On the flip side, Ripple (XRP) slumped by 0.7 per cent to $3.09, Dogecoin (DOGE) lost 0.3 per cent to sell at $0.3303, and Bitcoin (BTC) slid by 0.2 per cent to $104,775.74, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 apiece.

By Dipo Olowookere

The Katsina State government has expressed its determination to develop its economy through the various capital market instruments.

Governor Dikki Radda, while speaking on Thursday at the Nigerian Exchange (NGX) Limited in Lagos, said the capital market plays a vital role in economic development.

He said the state government was committed to sustainable economic development and prepared to forge strategic partnerships in attracting investment, expanding infrastructure, and fostering financial inclusion.

“Katsina State is poised for accelerated economic transformation, and partnerships with institutions like NGX Group are essential in realising our vision.

“We are keen on exploring Sukuk, infrastructure bonds, and green bonds to finance key projects, attract investment, and create economic opportunities within the state.

“By deepening our engagement with the capital market, we can unlock funding for critical infrastructure, drive industrialisation, and generate employment for our people,” Governor Radda affirmed.

Welcoming Mr Radda and his delegation, the chairman of NGX Group Plc, Mr Umaru Kwairanga, said he was delighted with the state government’s forward-thinking policies, particularly the launch of the Katsina State Development Plan.

He highlighted the crucial role of the capital market in mobilising investment and securing long-term financing for critical projects.

“The strategic roadmap set by Katsina State reflects a strong commitment to structured and sustainable development.

“The capital market serves as a vital enabler, providing access to financing that will drive industrialisation, infrastructure development, and overall economic prosperity,” Mr Kwairanga stated.

On his part, the chief executive of NGX Group, Mr Temi Popoola, said, “We are building an exchange that extends beyond traditional securities trading.

“By leveraging technology, we are enhancing market accessibility, attracting capital, and creating new investment opportunities.

“Our goal is to develop a dynamic, inclusive, and globally competitive capital market that supports national and subnational economic growth,” Popoola stated.

Business Post reports that other key capital market stakeholders present at the event, which had the Katsina Governor beating the closing gong, were the CEO of NGX Regulation Limited, Mr Femi Shobanjo; the CEO of Central Securities Clearing System (CSCS) Plc, Mr Haruna Jalo-Waziri; and the President and Chairman of Council of the Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada, among others. T

By Adedapo Adesanya

Oil prices appreciated on Thursday amid plans to slam tariffs on Canadian and Mexican crude imports by the United States, possibly from this weekend.

Brent crude futures gained 29 cents or 0.4 per cent to trade at $76.87 a barrel and the US crude futures rose by 11 cents or 0.2 per cent to $72.73 a barrel.

US President Donald Trump has threatened to impose a 25 per cent tariff as early as Saturday on Canadian and Mexican exports to his country if those two countries do not end shipments of fentanyl across its borders.

The White House on Tuesday reaffirmed Mr Trump’s plan to impose the tariffs.

Also, on Wednesday, the president’s nominee to run the Commerce Department said the two countries could avoid this if they act swiftly to close their borders to fentanyl.

Market analysts noted that prices rose because traders already priced in tariffs.

On the supply side, the latest US sanctions on Russia are squeezing crude oil exports from Russia’s western ports, which are set to fall 8 per cent in February from the January plan as the country boosts refining.

Investors are also looking ahead to a meeting by the Organisation of the Petroleum Exporting Countries and its allies including Russia, together called OPEC+, scheduled for Monday, February 3.

Russia has been reducing supply as part of the OPEC+ deal to tackle the oversupply on the market.

Russia, alongside OPEC+ members Kazakhstan and , Iraq, still have work to do to compensate for the lack of compliance with the OPEC+ quotas from previous years and months.

The Kazakhstan government said the 22-member alliance is set to discuss Mr Trump’s efforts to raise US oil production and take a joint stance on the matter.

Mr Trump has called on OPEC and its leading member, Saudi Arabia, to lower oil prices, saying doing so would end the conflict in Ukraine.

He has also set up an agenda of maximizing oil and gas output in the U.S., already the world’s largest producer and at record highs.

However, analysts believe a price war between the US and OPEC+ is unlikely as it may hurt both.