By Adedapo Adesanya

The Naira put up a better performance against United States Dollar in the different segments of the foreign exchange (FX) market on Monday, January 26, though it traded flat at the GTBank forex desk at N1,430/$1 at the close of transactions.

In the black market, the Nigerian Naira improved its value against the US Dollar yesterday by N5 to close at N1,480/$1 compared with the preceding trading day’s value of N1,485/$1. It had maintained stability for several days before appreciating on Monday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the domestic currency further gained N2.68 or 0.19 per cent on the greenback to quote at N1,418.95/$1, in contrast to last Friday’s price of N1,421.63/$1.

Equally, the local currency appreciated against the Pound Sterling in the official market by N3.05 to settle at N1,921.12/£1 compared with the previous session’s N1,924.17/£1 and chalked up N3.60 on the Euro to trade at N1,682.31/€1, in contrast to the preceding session’s closing price of N1,669.56/€1.

It has been projected that the Naira will continue to trade at expected range buoyed by improved FX market efficiency, higher capital inflows, a current account surplus, and a broad-based economic recovery. It is thus expected to maintain this momentum in the near-term backed by a favourable supply environment as well as sustained diaspora remittances.

Nigeria’s external reserves have maintained a steady growth trajectory, rising to an eight-year high of $46.01 billion as of January 22, 2025, according to data from the Central Bank of Nigeria (CBN). The last time the country’s foreign currency reserves reached a similar level was on August 24, 2018, when they stood at $46.09 billion.

As for the cryptocurrency market, major tokens closed higher as investors looked ahead of the Federal Reserve decision. However, traders fear that gains may be limited as a weaker Dollar and rising geopolitical uncertainty have fueled gains in equities and precious metals, safer havens than digital assets.

Litecoin (LTC) rose by 2.8 per cent to $69.43, Ethereum (ETH) grew by 2.4 per cent to $2,936.42, Solana (SOL) gained 1.7 per cent to sell at $124.33, Cardano (ADA) increased by 1.6 per cent to $0.3520,Binance Coin (BNB) went up by 1.6 per cent to $883.71, Ripple (XRP) which appreciated by 1.2 per cent to $1.89, Bitcoin (BTC) soared by 0.8 per cent to $88,367.32, and Dogecoin (DOGE) advanced by 0.8 per cent to $0.1223, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

By Modupe Gbadeyanka

The price of premium motor spirit (PMS), otherwise known as petrol, has been increased by the Dangote Petroleum Refinery and Petrochemicals.

The Lagos-based oil facility raised its gantry price to N799 per litre, while MRS retail outlets are expected to dispense the product to consumers at N839 per litre, instead of the old rate of N739 per litre.

In a statement on Monday night, Dangote Refinery noted that this price hike was to “support long term market stability and affordability.”

It explained that the price of the petrol was brought down “during the recent festive period” to cushion Nigerians at a time of heightened household spending.

According to the company, it “absorbed significant costs in the national interest, including logistics support in 2024 and a price reduction in 2025 to promote affordability and market calm.”

The chief executive of Dangote Petroleum Refinery, Mr David Bird, stated that the refinery continues to supply the domestic market with approximately 50 million litres of PMS daily, with nationwide evacuation and distribution operating normally.

He noted that the private refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, enabling continued PMS supply during planned maintenance activities, adding that this capability ensures that domestic supply remains stable and uninterrupted.

As a domestic producer, Dangote Petroleum Refinery says it continues to shield the Nigerian market from import related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector, promising to remain focused on delivering energy security, price stability, and long-term value for Nigerians.

By Adedapo Adesanya

Oil prices settled slightly lower on Monday as investors assessed the impact on output in crude-producing regions in the United States from winter storms and the impact of any tensions between the US and Iran.

Brent crude futures depleted by 29 cents or 0.4 per cent to sell at $65.59 a barrel and the US West Texas Intermediate (WTI) crude futures decreased by 44 cents or 0.7 per cent to $60.63 per barrel.

US oil producers lost up to 2 million barrels per day or roughly 15 per cent of national production over the weekend as a winter storm swept across the country, straining energy infrastructure and power grids.

The occurrence which peaked on Saturday eased on Monday with Reuters reporting that Permian shut-ins were estimated at about 700,000 barrels per day from 1.5 million barrels per day and production set to be fully restored by January 30. There were around two dozen reports of upsets at natural gas processing plants and compressor stations in Texas, according to regulatory filings over the weekend.

Meanwhile, Kazakhstan is poised to resume production at its biggest oilfield, the energy ministry said on Monday. The Caspian Pipeline Consortium, which operates Kazakhstan’s main exporting pipeline, said on Sunday that its Black Sea terminal had returned to full loading capacity after maintenance was completed at one of its three mooring points.

The market continue to weigh tensions between the US and Iran with the US sending an armada toward Iran but President Donald Trump said he hoped he would not have to use it, renewing warnings to Iran against killing protesters or restarting its nuclear programme.

Iran, which is a top producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would treat any attack “as an all-out war against us”.

OPEC and allies (OPEC+) is expected to hold oil production flat in March and reiterate the first-quarter pause in supply hikes when the group meets on February 1 to discuss output level.

The group has not yet held discussions ahead of next Sunday’s online meeting, but it does not see any need of changing the policy despite the expected oversupply and the geopolitical developments that could influence supply from OPEC members Iran and Venezuela.

Early this month, the eight OPEC+ members that have been implementing cuts since 2023 – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – reaffirmed the decision to pause monthly increments during the first quarter of the year.

Bloomberg cited OPEC+ delegates sources saying that there is no indication that the February meeting would change that course.