By Adedapo Adesanya

The first trading session for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note, as it lost N3.00 or 0.22 per cent against the Dollar on Monday, March 30, to trade at N1,383.58/$1 compared with last Friday’s closing price of N1,380.58/$1.

The local currency remains under pressure as increased demand for forex for international settlements and import-related obligations continue t0 strain available FX supply.

Last week, the Central Bank of Nigeria (CBN) shed the policy requiring International Oil Companies (IOCs) to keep half of their export proceeds in Nigeria and allowed them to fully access their funds. Market analysts noted that this could reduce the dollar supply, putting pressure on the nation’s legal tender whenever outflows exceed inflows.

The country’s external reserves recorded a marginal decline, falling by 0.7 per cent to $49.48 billion, reflecting a depletion of about $350 million and signalling continued pressure on Nigeria’s FX buffer.

However, the Nigerian currency further appreciated against the Pound Sterling in the official market during the session by N12.05 to N1,824.94/£1 from N1,836.99/£1, and gained N5.80 against the Euro to sell at N1,586.28/€1 versus N1,592.08/€1.

Equally, at the GTBank forex desk, the Naira improved its value against the greenback yesterday by N7 to N1,394/$1 from N1,401/$1, and remained unchanged at the parallel market at N1,410/$1.

As for the cryptocurrency market, it was mixed even as Federal Reserve Chairman Jerome Powell eased any concerns about imminent rate hikes.

The central banker said the lender is inclined to look past the Iran-related energy shock for now and hold rates steady, adding that the US central bank — for the moment — is looking past short-term oil price shocks and focusing on inflation expectations that remain “well anchored.” As a result, bond yields fell, but oil continued its rise, ultimately pressuring the stock market and crypto.

Solana (SOL) gained 1.1 per cent to sell at $82.68, Ethereum (ETH) appreciated by 1.0 per cent to $2,021.66, Cardano (ADA) grew by 1.0 per cent to $0.2431, Ripple (XRP) jumped 0.2 per cent to $1.32, and Bitcoin (BTC) added 0.1 per cent to settle at $66,568.25.

However, TRON (TRX) dipped 1.0 per cent to $0.3199, Dogecoin (DOGE) went down by 0.2 per cent to $0.0909, and Binance Coin (BNB) dropped 0.1 per cent to $609.25, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

By Modupe Gbadeyanka

The deadline for filing income tax returns for the 2025 fiscal year has been extended by the Lagos State Internal Revenue Service (LIRS) by two weeks.

The Head of Corporate Communications for LIRS, Mrs Monsurat Amasa-Oyelude, in a statement on Monday, said the new deadline is April 14, 2026, and no longer March 31, 2026.

The tax filing is for individuals living in the metropolis, and they have been charged to give priority to the timely filing of their annual income tax returns, noting that compliance should be embedded as a routine personal practice.

The chairman of LIRS, Mr Ayodele Subair, explained that the statutory deadline for filing individual annual tax returns is March 31 every year, adding that the extension is intended to provide individuals with additional time to complete and submit accurate tax returns.

He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Individuals are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.

Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised individuals to ensure that their TaxID (Tax Identification Number) is correctly captured in their submissions.

By Adedapo Adesanya

Brent oil price increased by 1.3 per cent or $1.48 to $114.00 per barrel on Monday as the Iran war entered its fifth week, with President Donald Trump threatening to destroy the Islamic Republic’s oil wells.

Brent has soared about 55 per cent in March, a record for the contract, dating back to its inception in 1988. The previous monthly record was a 46 per cent gain in September 1990 during the first Gulf War.

Also, the US West Texas Intermediate (WTI) futures were up $3.45 or 3.5 per cent to $103.09 a barrel, as Mr Trump vowed to target power plants and Kharg Island unless the Strait of Hormuz was reopened. Iran’s effective closure of the Strait of Hormuz, ⁠a chokepoint for roughly a fifth of global oil and gas supplies, continues to be a point of focus.

In an interview with the Financial Times on Sunday, the US president said his preferred option in Iran would be to “take the oil,” likening it to the country’s actions in Venezuela, where the US effectively gained control over the country’s oil sector after the capture of its leader, Nicolás Maduro.

His remarks come as the conflict between the US, Israel, and Iran entered another week, with attacks spreading across the region, heightening risks to energy infrastructure and driving a sharp rally in crude prices.

Previously, the American president said he would pause attacks on Iran’s ​energy network until April 6 and ​that the US and Iran have been ⁠meeting “directly and indirectly”, but Iran described US proposals to end a month of war in the Middle East as “unrealistic, illogical and excessive” and unleashed more missiles on Israel.

Meanwhile, US ​Treasury Secretary Scott Bessent said on Monday that the global oil market is well supplied, with more boats travelling through the Strait of Hormuz. Two Chinese container ships sailed through the ​strait on their second attempt to leave the Gulf after turning back on Friday.

Market analysts noted that the potential for further disruption through the Bab el-Mandeb Strait, a key shipping channel linking the Gulf of Aden to the Red Sea, could push prices even higher.

Yemen’s Houthis said Saturday they had launched missiles at Israel, marking their first direct involvement in the US- Israel war against Iran.

Prices eased a bit after the Group of Seven (G7) finance leaders signalled ​readiness to act to stabilise energy markets. Alongside their central banks, they indicated readiness to take “all necessary measures” to safeguard energy market stability ​and limit broader economic spillovers from recent volatility.