By Adedapo Adesanya

The Naira put up a better performance against the United States Dollar in the various segments of the foreign exchange (FX) market on Tuesday, August 4.

In the parallel market, it improved its value by N5 to settle at N1,400/$1 compared with the previous day’s value of N1,405/$1, and at the GTBank forex desk, it appreciated by N1 to close at N1,373/$1, in contrast to the preceding session’s N1,374/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX) segment, the Nigerian currency gained N2.28 or 0.17 per cent against the greenback to quote at N1,362.55/$1 compared with the N1,364.83/$1 it was exchanged a day earlier.

Also in the official market, the local currency appreciated against the Pound Sterling during the session by N6.48 to finish at N1,831.41/£1 versus N1,837.89/£1, and chalked up N5.22 on the Euro to sell at N1,568.71/€1 versus N1,573.93/€1.

Interbank FX transactions increased 14 per cent day-on-day as market makers’ activities raised total Dollar volume exchanged to $156.23 million, more than 132 per cent above $137.05 million in turnover at the previous close.

The interbank FX turnover rose despite a marginal rise in deals at the NFEM window as data from the central bank put Tuesday’s quote at 139 from 138.

As for the cryptocurrency market, major tokens were mixed as global stock indexes hit fresh records on renewed enthusiasm for artificial-intelligence-related shares.

With cheaper oil, easing rate expectations and a strong risk-on rally in equities supporting digital assets, analysts say crypto appears to be driven by internal market dynamics rather than macroeconomic factors, even as traders watch for a potential Strait of Hormuz deal.

It was reported overnight that Iran and Oman were close to an agreement to reopen the Strait of Hormuz, with an announcement targeted for Wednesday.

Binance Coin (BNB) grew by 1.8 per cent to $600.54, Bitcoin (BTC) rose by 0.9 per cent to $64,199.86, Solana (SOL) jumped by 0.8 per cent to $73.95, and Ethereum (ETH) advanced by 0.7 per cent to $1,867.21.

But Cardano (ADA) depreciated by 1.9 per cent to $0.1908, TRON (TRX) dipped by 0.6 per cent to $0.3268, Dogecoin (DOGE) slumped by 0.5 per cent to $0.0698, and Ripple (XRP) crashed by 0.4 per cent to $1.06, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

By Adedapo Adesanya

Brent crude dropped below $80 per barrel, precisely losing $4.41 or 5.3 per cent to settle at $79.36 a barrel on Tuesday, after comments ‌by officials from the United States and Qatar raised hopes for a diplomatic resolution to the Iran war, which could improve oil flows through the Strait of Hormuz.

Also, the US West Texas Intermediate (WTI) futures depreciated by $4.57 or 5.7 per cent to trade at $75.77 a barrel.

US Secretary of State Marco Rubio said on Tuesday there was progress in talks with Iran and Oman about moving more ​ships through the strait, but a final agreement was yet to be reached.

Also, Treasury Secretary Scott Bessent ⁠had said earlier on Tuesday that a deal with Iran to reopen the strait could come as soon as Tuesday or Wednesday.

Qatar’s Foreign ​Ministry spokesperson Majed al-Ansari said efforts to secure a diplomatic resolution to the war were continuing.

Qatar said it has discussed with US President Donald Trump ways to reduce escalation and converge viewpoints between the US and Iran.

Meanwhile, the latest round of US-facilitated talks between Israel and Lebanon began on Tuesday and will continue through Thursday.

Amid this, Iran still wants control over inbound shipping and visibility over outbound traffic through the Strait of Hormuz, with the ability ​to intervene if necessary, as part of a plan being discussed with Oman to reopen the ​strategic waterway.

Market analysts noted that the prospect of a diplomatic solution to the conflict ​has helped remove some of the geopolitical risk premium in oil prices. If negotiations between the US and Iran make meaningful progress, the market could continue pricing in a ‌lower probability ⁠of supply disruptions.

Disruptions to shipping through the strait, through which a fifth of global oil and gas flowed before the war, have forced Middle Eastern nations to cut oil output sharply. The world has lost more than 2.6 billion barrels of oil since the Iran war began in February.

Shipping traffic at the key Gulf waterways of Bab el-Mandeb and the Strait of Hormuz remained unchanged at ⁠the start ​of the week.

The American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 2.69 million barrels in the week ending July 30. Commercial crude oil inventories excluding the SPR have lost just over 58 million barrels over the last sixteen weeks, with US crude inventories down just 7.2 million for the year, according to API data.

Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.

By Aduragbemi Omiyale

One of the leading local energy firms, Oando Plc, delivered an impressive financial performance in the first six months of 2026, according to details of its results filed to the Nigerian Exchange (NGX) Limited.

Between January and June 2026, revenue surged by 20 per cent to N2.1 trillion from N1.7 trillion in the same period of 2025, driven by growth in the Exploration & Production and Trading segments of the business.

Also, the net profit grew by 8 per cent year-on-year to N68.6 billion from N63.3 billion, supported by improved operating profits and tax credits.

It was observed that the organisation deepened its domestic gas monetisation portfolio with the commencement of long-term gas supply of 11.2 MMscfd to the newly commissioned 60 MW Bayelsa Independent Power Plant.

“The first half of 2026 marks an important inflexion point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation,” the chief executive of Oando, Mr Adewale Tinubu, stated.

Commenting further on the results, Mr Tinubu said, “Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to $16.83 per boe.”

“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio.

“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.

“This translated into a stronger financial performance, with revenue increasing by 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8 per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period,” he pointed out.

The Oando chief also said, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd.

“Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.

“Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value.

“We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”