By Adedapo Adesanya

The Naira opened the week stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market segments on Tuesday, March 11.

In the official FX market, the domestic currency gained 0.31 per cent or N4.76 on the greenback to sell for N1,532.29/$1, in contrast to last Friday’s value of N1,537.05/$1, according to data obtained from the Central Bank of Nigeria (CBN).

The local currency also improved its value against the Euro in the spot market during the session by N1.98 to quote at N1,655.83/€1 compared with the preceding session’s rate of N1,657.81/€1 but lost N7.86 against the Pound Sterling to trade at N1,980.75/£1 compared to the previously traded rate of N1,972.89/£1..

In the black market, the Nigerian currency gained N20 against the Dollar yesterday to finish at N1,570/$1 versus the previous trading day’s exchange rate of N1,590/$1.

Business Post reports that the forex market is still under pressure due to a spike in demand, but the recent injections by the apex bank helped to suppress it on Monday.

A look at the digital currency market showed that Dogecoin (DOGE) surged on Monday by 4.7 per cent to $0.1837 due to market optimism fueled by the possibility of milder US tariffs and the Federal Reserve’s plans for two rate cuts in 2025.

Memecoins, being highly speculative assets, often react strongly to broader crypto market trends, offering retail traders higher-risk, higher-reward opportunities.

During the trading session, Binance Coin (BNB) went up by 3.1 per cent to $643.67, Cardano (ADA) expanded by 2.6 per cent to $0.7445, Solana (SOL) grew by 1.4 per cent to $140.04, and the US Dollar Tether (USDT) appreciated by 0.1 per cent to $1.00.

On the flip side, Ripple (XRP) slumped by 1.7 per cent to $2.41, Litecoin (LTC) went down by 0.7 per cent to $92.67, Ethereum (ETH) depreciated by 0.7 per cent to $2,052.59, and Bitcoin (BTC) fell by 0.3 per cent to $86,704.99, while the US Dollar Coin (USDC) closed flat at $1.00.

By Adedapo Adesanya

Crude oil prices went up by 1 per cent on Monday after the US President, Mr Donald Trump, threatened to impose a 25 per cent tariff on countries buying the oil and gas from Venezuela.

The price of Brent crude grew by 84 cents or 1.2 per cent to $73 a barrel and the US West Texas Intermediate (WTI) crude appreciated by 83 cents or 1.2 per cent to $69.11 per barrel.

President Trump’s new policy relieves some pressure on oil major Chevron to quickly exit Venezuela after the US Treasury Department on March 4 gave it 30 days to wind down operations.

Now, it has given the oil producer until May 27 to wind down its oil operations and exports from Venezuela.

Mr Trump had issued the initial wind-down after he accused Venezuelan President, Mr Nicolas Maduro, of not making progress on electoral reforms and migrant returns.

The two moves taken together alleviate some pressure on Chevron while putting more pressure on other consumers of Venezuelan oil.

However, market analysts noted that it is uncertain how the Trump administration will enforce the tariff.

Punishing foreign buyers of Venezuela’s oil with tariffs could hit its crude exports, forcing price discounts, and have a similar effect to secondary sanctions on the country that President Trump imposed during his first term in 2020.

The US last Thursday issued new sanctions intended to hit Iranian oil exports, including targeting Chinese independent refineries processing the country’s crude.

Also, the American President is mulling fresh tariffs on automobiles, aluminum and pharmaceuticals.

He has also urged the US Federal Reserve to lower interest rates after the central bank last week kept them unchanged.

Lower rates decrease the costs of borrowing, and can boost economic activity and demand for oil.

Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will likely proceed with a planned May oil output hike.

This capped priced just as talks continued to end the war in Ukraine, which could increase supply of Russian crude to global markets.

Officials from the US and Russia were in Saudi Arabia on Monday for talks over a broad ceasefire in Ukraine, with the US also targeting a separate Black Sea maritime ceasefire deal while a wider agreement is discussed.

By Dipo Olowookere

A 0.56 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Monday, boosted by renewed bargain-hunting by investors.

Business Post observed buying interest in the banking sectors yesterday, especially as UBA proposed a final dividend of N3 to shareholders after an impressive performance for the 2024 financial year.

Data showed that the banking index outperformed others during the session, closing higher by 3.78 per cent, as the energy space grew by 0.39 per cent and the consumer goods sector appreciated by 0.07 per cent.

However, the insurance counter went down by 1.49 per cent, the industrial goods industry depreciated by 0.01 per cent, and the commodity sector closed flat.

Yesterday, the All-Share Index (ASI) increased by 588.43 points to 105,551.39 points from 104,962.96 points and the market capitalisation gained N369 billion to settle at N66.189 trillion compared with last Friday’s N65.820 trillion.

Investor sentiment was bullish in the first trading session of this week after the bourse finished with 25 price gainers and 22 price losers, representing a positive market breadth index.

Royal Exchange appreciated by 10.00 per cent to close at 88 Kobo, Livestock Feeds expanded by 9.87 per cent to N9.24, Abbey Mortgage Bank rose by 9.62 per cent to N3.95, Universal Insurance improved by 9.62 per cent to 57 Kobo, and Sunu Assurances increased by 9.22 per cent to N5.45.

However, NEM Insurance lost 9.63 per cent to quote at N12.20, United Capital shed 9.29 per cent to end at N16.60, CWG depreciated by 6.67 per cent to N8.40, DAAR Communications went down by 6.06 per cent to 62 Kobo, and Africa Prudential dwindled by 5.56 per cent to N15.30.

A total of 440.5 million shares worth N10.5 billion exchanged hands in 13,314 deals during the trading day compared with the 397.2 million shares valued at N14.2 billion traded in 10,099 deals in the preceding session, showing a decline in the trading value by 26.06 per cent and a growth in the trading volume and number of deals by 10.90 per cent and 31.83 per cent, respectively.

Zenith Bank topped the activity chart with 55.1 million equities sold for N2.6 billion, FCMB traded 49.6 million shares worth N449.1 million, UBA exchanged 47.4 million stocks valued at N1.8 billion, Access Holdings transacted 37.2 million equities worth N834.1 million, and Fidelity Bank traded 31.3 million shares valued at N563.9 million.