By Adedapo Adesanya

For the 11th straight trading session, the Naira closed lower against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, March 4.

At the official market, it lost N2.80 or 0.2 per cent against the greenback to close at N1,387.09/$1, i contrast to the N1,384.29/$1 it was traded a day earlier.

It also depreciated against the Pound Sterling in the same market window at midweek by N12.88 to quote at N1,855.10/£1 versus Tuesday’s rate of N1,842.22/£1, and weakened against the Euro by N9.08 to N1,615.27/€1 from N1,606.19/€1.

The Nigerian Naira depreciated against the US Dollar yesterday at the GTBank forex counter by N12 to sell for N1,385/$1 compared with the previous day’s N1,373/$1, and tumbled by N5 in the parallel market to close at N1,390/$1 compared with the preceding day’s N1,385/$1.

The exchange rate has been trending downward for almost two weeks, though it has been resistant to being in panic mode because it is still within its projected N1,350 to N1,450 per Dollar band.

Nigeria’s gross external reserves climbed to $49.693 billion from $49.604 billion, based on the latest data from the Central Bank of Nigeria (CBN).

Meanwhile, the cryptocurrency market recovered after weeks of consolidation, but traders remain divided over whether the move marks a genuine breakout or another trap for late buyers.

Analysts have pointed to heavy overhead supply and positioning in derivatives markets as potential risks, with some suggesting a rally could only attract sellers rather than confirm a sustained recovery.

Dogecoin (DOGE) gained 8.3 per cent to trade at $0.0962, Ethereum (ETH) appreciated by 7.9 per cent to $2,122.87, Bitcoin (BTC) added 6.3 per cent to sell for $72,438.50, Solana (SOL) improved by 6.2 per cent to $90.37, and Cardano (ADA) jumped 5.1 per cent to $0.2733.

Further, Ripple (XRP) rose by 4.9 per cent to $1.41, Binance Coin (BNB) soared by 3.2 per cent to $652.64, and Litecoin (LTC) surged by 2.7 per cent to $56.09, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

By Adedapo Adesanya

Crude oil prices were largely unchanged on Wednesday as escalating US and ​Israel strikes against Iran widened regional tensions and halted shipping through the Strait of Hormuz.

Brent crude was at $81.40 per barrel, while the US West Texas Intermediate (WTI) crude gained 10 cents or 0.1 per cent to trade at $74.66 per barrel.

Despite not much movement in midweek, analysts say prices remain elevated as markets grapple with the prospect of a prolonged ​war and lingering supply disruptions.

The US government has signalled a four- to five-week campaign, but Iran ​is seeking to regionalise the conflict, and the crucial Strait of Hormuz chokepoint is effectively shut.

The New York Times reported that operatives from Iran’s Ministry of Intelligence signalled openness to ​the US Central Intelligence Agency to talks on ending the war.

On Wednesday, US Defence Secretary Pete Hegseth said America was winning the war against Iran and that the US military could fight as long as needed.

While all other options are being explored, forces from both the US and Israel have struck targets across Iran, prompting Iranian retaliatory strikes against energy infrastructure in a ​region that accounts for just under a third of global oil production.

Iraq, the second-largest crude producer in the Organisation of the Petroleum Exporting Countries (OPEC), has cut ​output by nearly 1.5 million barrels a day due to storage limits and the lack of an export route.

The US said it was working on plans to secure the ​Strait of Hormuz to ensure safety for ​oil tankers amid the war ⁠with Iran.

President Donald Trump on Tuesday said the country’s Navy could begin escorting oil tankers through the strait if necessary. He added that he had ordered the US International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.

Meanwhile, countries and companies have begun seeking alternative routes ​and supplies of crude. India and Indonesia said they were looking for other supplies, while some Chinese refineries ​were shutting or moving up ⁠maintenance plans.

The Energy Information Administration (EIA) said on Wednesday that crude stocks rose by 3.5 million barrels in the last week to their highest in three and a half years.

By Dipo Olowookere

Another opportunity presented itself for investors to book profit on the Nigerian Exchange (NGX) Limited on Wednesday, and this was grabbed with both hands.

This profit-taking moderated Customs Street by 0.08 per cent at midweek, as market participants monitor global happenings, especially the Middle East crisis.

Last weekend, the United States and Israel launched airstrikes on Iran, causing the price of crude oil to rise on the global market.

Energy stocks on the local bourse have gained because of this in the past trading sessions, but yesterday, they witnessed sell-offs.

According to data from the NGX, only the insurance counter ended in green after it chalked up 0.33 per cent, as the others pointed south.

The consumer goods sector depreciated by 0.86 per cent, the banking index shed 0.45 per cent, the industrial goods space shrank by 0.03 per cent, and the energy segment also declined by 0.03 per cent.

As a result, the All-Share Index (ASI) gave up 158.74 points to settle at 196,463.22 points compared with the previous day’s 196,621.96 points, and the market capitalisation decreased by N102 billion to N126.097 trillion from N126.199 trillion.

Jaiz Bank crashed by 10.00 per cent to N10.80, Dangote Sugar also lost 10.00 per cent to trade at N74.70, CAP slipped by 9.97 per cent to N84.85, Union Dicon staggard by 9.94 per cent to N14.95, and Haldane McCall went down by 9.89 per cent to N3.92.

On the flip side, Premier Paints gained 10.00 per cent to sell for N12.10, Fortis Global Insurance appreciated by 9.73 per cent to N1.24, UAC Nigeria increased by 7.78 per cent to N115.00, Eterna jumped by 6.38 per cent to N35.00, and Custodian Investment grew by 6.06 per cent to N70.00.

At the close of business, there were 22 appreciating stocks and 37 depreciating stocks, implying a negative market breadth index and weak investor sentiment.

Investors transacted 805.3 million shares worth N38.4 billion in 71,312 deals yesterday compared with the 880.0 million shares valued at N44.5 billion traded in 86,761 deals a day earlier, indicating a shortfall in the trading volume, value, and number of deals by 8.49 per cent, 13.71 per cent, and 17.81 per cent, respectively.

The busiest stock on Wednesday was Veritas Kapital with 56.4 million units valued at N130.0 million, Jaiz Bank exchanged 51.0 million units worth N576.2 million, Universal Insurance transacted 48.4 million units for N61.4 million, Zenith Bank sold 47.6 million units valued at N4.4 billion, and Access Holdings traded 46.4 million units worth N1.2 billion.