By Adedapo Adesanya

The value of the Naira further tumbled against the United States Dollar by N1.78 or 0.13 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to N1,363.83/$1 on Thursday, June 11, from N1,362.05/$1 on Wednesday.

However, it gained N6.08 on the Pound Sterling in the official market to trade at N1,821.25/£1 versus midweek’s rate of N1,827.33/£1, and appreciated against the Euro by N2.46 to sell at N1,572.89/€1 compared with the preceding session’s N1,575.35/€1.

At the GTBank forex counter, the Nigerian Naira lost N1 against the Dollar during the session to quote at N1,371/$1, in contrast to Wednesday’s value of N1,370/$1, and at the parallel market, it remained unchanged at N1,380/$1.

The Nigerian currency is expected to be steady, underpinned by Dollar ​sales by the Central Bank of Nigeria (CBN), especially with gross external reserves rising to $50.439 billion, reflecting sustained inflows from oil revenue and other FX sources.

Traders expect the local currency ⁠to remain ​stable as the central bank continues to ​sell dollars and keep up its aggressive OMO (Open Market Operations) programme to mop up Naira

Confidence in the Naira remains firm with recent nods from S&P, World Bank, and the International Monetary Fund (IMF).

A look at the cryptocurrency market showed that it was bullish on Thursday, as President Donald Trump said the US was close to a deal with Iran and that he had “ended the war with Iran today.” Markets read it as the end of a conflict that has whipsawed prices for more than 100 days.

Market analysts noted that a calmer Middle East takes pressure off oil, which eases the inflation that has fed bets on higher interest rates – the same rate fear that helped drag crypto down this week.

Cardano (ADA) rose 2.5 per cent to $0.1683, Solana (SOL) appreciated by 1.5 per cent to $66.05, Ripple (XRP) grew by 1.3 per cent to $1.12, Dogecoin (DOGE) expanded by 0.6 per cent to $0.0853, Bitcoin (BTC) jumped 0.4 per cent to $62,909.08, Binance Coin (BNB) soared by 0.3 per cent to $596.41, Ethereum (ETH) increased by 0.2 per cent to $1,655.02, US Dollar Tether (USDT) advanced by 0.11 per cent to $1.00, and US Dollar Coin (USDC) improved by 0.03 per cent to $1.00, while TRON (TRX) slumped by 2.8 per cent to $0.3126.

By Adedapo Adesanya

The prices of crude oil grades settled lower on Thursday after US President Donald Trump cancelled plans to strike Iran ‌within hours, a move that raised expectations for a deal to end more than three months of war.

Brent futures fell by $2.72 or 2.9 per cent to quote at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures decreased by $2.32 or 2.6 per cent to $87.71 a barrel.

President Trump, ​in a social media post, said he called off planned strikes on Iran because discussions have ​advanced to the highest levels of Iran’s leadership and a broad coalition of regional ⁠powers. However, he did not share details of the final points he said were approved by the coalition.

He had earlier threatened to seize Iran’s main oil export hub, Kharg Island, and assume total control of the country’s oil and gas markets, drawing a direct line to the US operation in Venezuela as a template for what could come next in Iran.

That came after a fresh round of US strikes on Wednesday rattled an already fragile ceasefire, with Iran responding by declaring the Strait of Hormuz closed and claiming hits on the US Fifth Fleet headquarters in Bahrain.

The American President has claimed multiple ​times that a deal with Iran is imminent, only to issue threats again when the oil-producing country does not agree to his demands.

On Wednesday, Iran announced the closure of ​the Strait of Hormuz, including for oil tankers and commercial ships, saying any vessel attempting to pass through would come under ‌fire. The Strait of Hormuz, through which roughly 20 per cent of global energy flows, has been effectively closed since the war began, but in recent weeks, some friendly ships have passed through.

Data showed that three more LNG tankers have slipped out of the strait with their transponders off, heading to Asia, though the ​timing is unclear.

The Organisation of the Petroleum Exporting Countries (OPEC) is sticking to its view that the oil market will remain relatively tight through next year, with demand growth expected to continue outpacing non-OPEC+ supply additions despite months of war-related disruption and elevated prices.

According to OPEC’s June Monthly Oil Market Report released on Thursday, crude production averaged 33.13 million barrels per day in May, down 190,000 barrels per day from April based on secondary-source estimates.

The group left its global demand outlook largely unchanged, forecasting oil demand growth of 1.0 million barrels per day in 2026.

By Adedapo Adesanya

Dangote Petroleum Refinery is seeking to raise about $1 billion through a private placement that values the company at $39.1 billion.

According to reports, the refinery is offering 3 billion ordinary shares at $0.35 per share. Investors must subscribe for at least 1 million shares, equal to $350,000, with additional subscriptions accepted in multiples of 500,000 shares. The shares will be subject to a 365-day lock-up period from allotment.

It was reported that demand for the offer has already exceeded $2 billion, suggesting that the placement may be oversubscribed.

The operation is already attracting the interest of local investors. Recall that Nigerian billionaire, Mr Femi Otedola, has committed $100 million, while Afrobeats superstar, Mr David Adeleke, popularly known as Davido, also announced he would participate.

The proceeds will be used for expansion projects and general corporate purposes as the refinery deepens its role in Nigeria’s fuel supply market.

The facility has a nameplate capacity of 650,000 barrels per day and began fuel production in 2024. It produces diesel, aviation fuel, naphtha and premium motor spirit.

Standard Bank Group has also said it plans to play a leading role in the refinery’s future public listing, after the facility completed test runs at 700,000 barrels per day. It aims to reach 1.4 million barrels per day by 2028.

The fundraising is likely to renew expectations of a future public listing with a major stakeholder, Mr Aliko Dangote, saying the refinery could be listed, though no timeline was disclosed in the memorandum.

The current placement is seen as an early step that could expand ownership ahead of any future initial public offering (IPO).

Mr Dangote plans to sell between 5 and 10 per cent of the refinery on five major African exchanges: the Nigerian Exchange (NGX), the Johannesburg Stock Exchange (JSE), the BRVM, the Nairobi Securities Exchange (NSE) and the Ghana Stock Exchange (GSE).

It has appointed Stanbic IBTC Capital, Vetiva Capital Management and FirstCap to lead the planned initial public offering of its refinery business on the Nigerian Exchange.