By Adedapo Adesanya

The Naira started the new week on a positive note after its value was strengthened against the United States Dollar by N1.35 or 0.09 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 22, to N1,369.11/$1 from last Friday’s N1,370.46/$1.

Against the Euro, it appreciated at the official market by N5.11 to sell at N1,566.39/€1 compared with the preceding session’s price of N1,571.50/€1, but against the Pound Sterling, the local currency declined by 68 Kobo to trade at N1,815.44/£1 versus the previous trading day’s rate of N1,814.76/£1.

At the parallel market, the Naira weakened against the US Dollar yesterday by N5 to quote at N1,395/$1 versus the previous rate of N1,390/$1, and at the GTBank forex counter, it lost N4 to exchange at N1,380/$1 versus N1,376/$1.

The Nigerian currency witnessed an easing in FX pressure during the session amid a surge in the country’s foreign reserves to $51.060 billion, its highest since 2009, according to data from the Central Bank of Nigeria (CBN).

FX reserves gained traction as a result of lower oil imports, high crude oil prices in the global commodity market, and a surge in the nation’s production output. This is expected to bolster investor confidence in the Nigerian economy and support exchange rate stability.

Interbank FX turnover increased sharply to $65.206 million, up by more than 63 per cent from the previous close of $39.897 million, according to data published by the apex bank on Monday.

Meanwhile, the cryptocurrency market was down on Monday as a result of sell-offs triggered by risk as investors pulled out of the technology stocks that have led markets all year. A rotation out of this year’s best-performing technology and chip shares sank global equities.

Bitcoin (BTC) fell by 1.3 per cent to $63,352.91, Ethereum (ETH) lost 1.4 per cent to trade at $1,712.35, Solana (SOL) shrank by 4.0 per cent to $70.98, Dogecoin (DOGE) crashed by 2.4 per cent to $0.0814, Ripple (XRP) declined by 1.9 per cent to $1.11, Cardano (ADA) slid by 1.6 per cent to $0.1574, and Binance Coin (BNB) slumped by 1.0 per cent to $585.34.

However, TRON (TRX) added 1.0 per cent to sell at $0.3314, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

By Dipo Olowookere

Renewed bargain-hunting by investors halted the losing streaks on the Nigerian Exchange (NGX) Limited on Monday, though the bears still lurk around.

The local stock market performance indices closed higher by 0.97 per cent on yesterday, as market participants mopped up some large-cap banking equities like GTCO, First Holdco and others.

First Holdco gained 10.00 per cent to trade at N60.50, GTCO also appreciated by 10.00 per cent to N127.10, International Energy Insurance expanded by 9.88 per cent to N5.56, Zenith Bank grew by 7.09 per cent to N117.80, and NPF Microfinance Bank chalked up 5.12 per cent to settle at N5.20.

Conversely, Zichis shed 10.00 per cent to finish at N23.40, Consolidated Hallmark slumped by 9.94 per cent to N6.43, Eterna declined by 9.90 per cent to N27.75, Deap Capital crashed by 9.82 per cent to N4.41, and Austin Laz gave up 9.74 per cent to quote at N28.12.

Business Post reports that investor sentiment remained weak as Customs Street ended with 21 price gainers and 37 price losers, representing a negative market breadth index.

During the session, the insurance counter lost 1.43 per cent, the consumer goods decreased by 0.40 per cent, and the energy index tumbled by 0.06 per cent. But the banking space appreciated by 4.84 per cent, and the industrial goods sector improved by 0.04 per cent.

As a result, the All-Share Index (ASI) went up by 2,261.84 points to 238,203.11 points from 235,941.27 points, and the market capitalisation rose by N1.508 trillion to N152.835 trillion from N151.327 trillion.

A total of 475.8 million stocks worth N36.5 billion exchanged hands in 63,567 deals on Monday versus the 440.4 million stocks valued at N24.7 billion transacted in 50,273 deals last Friday, implying a jump in the trading volume, value, and number of deals by 8.04 per cent, 47.77 per cent, and 6.55 per cent, respectively.

Fidelity Bank was the busiest equity, with a turnover of 48.7 million units sold for N894.2 million, UBA exchanged 42.3 million units worth N1.7 billion, Access Holdings traded 39.3 million units valued at N886.1 million, Zenith Bank transacted 30.0 million units worth N3.5 billion, and MTN Nigeria sold 20.8 million units valued at N16.6 billion.

By Adedapo Adesanya

Oil prices settled lower by more than 3 per cent on Monday as supply concerns eased after US Vice President ​JD Vance said progress has been made in talks with Iran and the Strait of Hormuz was open.

Brent crude ‌dropped $2.67 or 3.31 per cent to trade at $77.90 a barrel, while the US West Texas Intermediate (WTI) crude futures settled at $74.82 a barrel after shedding $1.78 or 2.32 per cent.

Prices had climbed after threats by US President Donald Trump to restart the Iran war, while Iran announced that it had again closed the Strait of Hormuz.

High-ranking American and Iranian officials wrapped up their first round of talks in Switzerland ​on Monday, continuing the discussions that began on Sunday under the terms of a memorandum of understanding reached ⁠last week to extend a tenuous ceasefire from April for at least another 60 days.

The US authorised Iranian oil sales on Monday. ​The general license, announced by the Treasury Department, allows the sale of crude oil, petrochemical and petroleum products of Iranian origin through August ​21.

At least three supertankers, carrying a total of 6 million barrels of Iranian crude, moved to transit the Strait of Hormuz heading to Singapore early on Monday.

Amid lingering concerns over the Strait of Hormuz, Iran is rapidly pushing out crude supplies that accumulated after failing to circumvent US restrictions in recent months.

Reuters reported that Iran did not negotiate on its nuclear programme and did not accept any new commitments in Sunday’s talks with the US in Switzerland, citing an Iranian Foreign Ministry spokesperson.

More Middle East producers began to lift more oil, with the United Arab Emirates (UAE), Kuwait and Iraq offering more oil to customers in the past week.

In other producers like Saudi Arabia, crude oil exports ​from Saudi Arabia fell for a second ​straight month in April and ⁠hit a record low of 3.99 million barrels per day, compared with 4.974 million barrels per day in March.

Another producer under the Organisation of the Petroleum Exporting Countries (OPEC), Iraq, plans to restore crude production gradually to between 4.2 million ​barrels per day and 4.3 million barrels per day.