Economy
Brent, WTI Jump 1% on Tightening Supply Risk
By Adedapo Adesanya
The Brent and US West Texas Intermediate (WTI) crude oil benchmarks rose more than $1 a barrel on Friday as markets watched for signs of any direct conflict between Israel and Iran that could further tighten supplies.
Yesterday, Brent crude settled at $91.17 per barrel after it gained 52 cents or 0.57 per cent, and the US crude finished at $86.91 a barrel, up 32 cents or 0.37 per cent.
The two benchmarks recorded more than 4 per cent gains this week after Iran, the third-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), vowed revenge against Israel for an attack that killed high-ranking Iranian military personnel.
Despite the claims, Israel has not claimed responsibility for the attack on Iran’s embassy compound in Syria on Monday.
Iran on Friday warned of harsh retaliation, raising the spectre of a wider war and prompting the Israeli armed forces to suspend leave for all combat units on Thursday, a day after they said they were mobilising more troops for air defence units.
Israeli Prime Minister, Mr Benjamin Netanyahu, said on Thursday his country would harm “whoever harms us or plans to harm us”.
Market analysts noted that if Iran directly attacks Israel, something that has never happened before, it could create yet another geopolitical trouble that would see crude prices rise.
Meanwhile, ongoing Ukrainian drone attacks on refineries in Russia may have disrupted more than 15 per cent of Russian capacity, the North Atlantic Treaty Organisation (NATO) said, hitting the country’s fuel output.
OPEC+, this week kept its oil supply policy unchanged and pressed some countries to increase compliance with output cuts.
OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day until the end of June to support the market. When the voluntary curbs expire at the end of June, the total cuts by the alliance are set to decline to 3.66 million barrels per day as agreed in earlier steps starting in 2022.
In a statement following Wednesday’s meeting, OPEC+ said some countries had promised to improve their adherence to targets.
The panel welcomed pledges from Iraq and Kazakhstan to achieve full conformity and compensate for overproduction, and Russia announced that its cuts in the second quarter will be based on production, not exports. The panel scheduled its next meeting for June 1, the same day as the next full OPEC+ meeting to decide policy.
Also, US job growth soared in March, easily beating expectations, according to official data released on Friday which also showed a steady increase in wages.
The gain of 303,000 jobs last month points to likely robust oil demand but potentially delays anticipated interest rate cuts by the US Federal Reserve later this year.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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