By Adedapo Adesanya

The Naira depreciated further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX), on Tuesday, April 21, by N1.07 or 0.08 per cent to quote at N1,350.74/$1, in contrast to the N1,349.67/$1 it was traded on Monday.

The Nigerian currency also tumbled against the Euro in the same market segment during the trading session by 4 Kobo to settle at N1,589.42/€1 versus N1,589.38/€1, but appreciated against the Pound Sterling by 31 Kobo to close at N1,826.47/£1 compared to the previous rate of N1,826.78/£1.

At the GTBank FX desk, the local currency slumped against the greenback yesterday by N5 to sell at N1,359/$1 compared with Monday’s closing price of N1,354/$1, and at the black market, it traded flat at N1,375/$1.

The depreciation of the domestic currency came as FX outflows exceeded inflows amid a sustained decline in external reserves to debt service costs on Nigeria’s borrowings.

According to data published by the Central Bank of Nigeria (CBN), interbank liquidity at the market surged to N91.866 million across 106 deals.

Despite intervention in the market to keep the domestic currency stable, traders noted that the FX injections have slowed, reflecting the absence of a significant shock.

Analysts at Coronation Merchant Bank reiterated the expectation that the Naira will remain relatively stable in the near term, supported by sustained FX liquidity at the official window and ongoing foreign portfolio participation.

Meanwhile, the cryptocurrency market remained bullish as traders reacted to President Donald Trump’s decision to extend the Iran cease-fire while Strategy made a $2.54 billion purchase of 34,164 bitcoins, its largest buy since 2024.

The new acquisition lifts Strategy’s holdings to 815,061 bitcoins, putting the position modestly in profit and coinciding with $1.4 billion in weekly inflows to global crypto funds, led by bitcoin and ether.

Ethereum (ETH) gained 3.4 per cent to trade at $2,391.54, Bitcoin (BTC) jumped by 2.9 per cent to $77,953.29, Solana (SOL) appreciated by 2.7 per cent to $88.00, Cardano (ADA) rose by 2.6 per cent to $0.2555, and Binance Coin (BNB) improved by 1.8 per cent to $642.67.

Further, Dogecoin (DOGE) added 1.7 per cent to finish at $0.0971, Ripple (XRP) increased by 1.6 per cent to $1.45, and TRON (TRX) chalked up 1.3 per cent to sell at $0.3329, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

By Aduragbemi Omiyale

The chief executive of the Nigerian Exchange (NGX) Regulation Limited, Mr Femi Shobanjo, has made a strong case for corporate reporting, submitting that it remains critical to enhancing market integrity and boosting investor confidence.

He gave this view at the 3rd edition of the Corporate Reporting Awards organised by his organisation and the Institute of Chartered Accountants of Nigeria (ICAN).

The event recognised listed companies on the local stock exchange for excellence in financial reporting, corporate governance, and sustainability disclosures for the 2024 financial year.

The awards, which cover companies on the NGX 30 Index, assessed performance across three pillars: Financial Reporting (35 per cent), Corporate Governance (30 per cent), and Sustainability Reporting (35 per cent).

Organisers said the 2024 assessment was conducted under strict confidentiality and objectivity, with outcomes based strictly on merit. The exercise builds on earlier editions covering the 2022 and 2023 financial years and continues to serve as a benchmark for corporate disclosure standards in the Nigerian capital market.

Mr Shobanjo highlighted NGX RegCo’s continued adoption of global reporting frameworks, including the International Financial Reporting Standards (IFRS), the Nigerian Code of Corporate Governance, and the IFRS Sustainability Disclosure Standards (IFRS S1 and S2).

According to him, the growing emphasis on environmental, social, and governance (ESG) disclosures reflects an important shift in market expectations, as sustainability considerations are increasingly becoming central to corporate strategy and long-term value creation.

“Strong corporate reporting is fundamental to market integrity and investor confidence. Beyond financial performance, there is now a clear expectation for companies to disclose how environmental, social, and governance considerations are embedded in their strategy.

“Long-term corporate success is increasingly linked to the integration of sustainability into core business decisions,” he said.

He added that the “Most Improved Company” category was introduced to encourage continuous improvement in reporting quality among listed firms.”

On his part, the president of ICAN, Mr Haruna Nma Yahaya, said corporate reporting has evolved significantly beyond compliance, becoming a strategic instrument for communicating purpose, resilience, and direction.

He noted that organisations are now expected not only to report performance but also to demonstrate how they are responding to change and creating sustainable value.

“Corporate reporting has evolved beyond compliance to become a strategic tool that communicates purpose, resilience, and direction.

“In today’s environment, organisations are expected not only to report performance, but also to demonstrate how they are adapting to change and creating sustainable value. Transparency remains central to building trust, strengthening investor confidence, and supporting market stability,” he said.

International Breweries Plc was named Most Improved Company (Overall), while First HoldCo Plc won the Sustainability Reporting Award. Zenith Bank Plc received the Corporate Governance Award, and MTN Nigeria Communications Plc clinched the Financial Reporting Award.

In the top overall category, Access Holdings Plc won Silver, Airtel Africa Plc took Gold, while Seplat Energy Plc emerged Platinum winner.

By Adedapo Adesanya

Crude oil climbed about 3 per cent on Tuesday after Iran said it had yet to decide whether to attend peace talks with the United ​States.

With one day left before the ceasefire runs out in the Iran war, US President Donald Trump said he hoped to ‌reach a deal to end the war. However, he said he did not want to extend the ceasefire, adding that the US military was “raring to go” if negotiations were not successful.

This development raised the price of Brent futures by $3 or 3.1 per cent to $98.48 a barrel, and lifted the US West Texas Intermediate (WTI) futures by $2.52 or 2.8 per cent to $92.13 per barrel.

Crude oil prices have spent most of March-April seesawing up and down, reacting to Iran’s closure of the Strait of Hormuz and President Trump’s Truth Social posts.

The lack of progress in US-Iran talks and their continuous postponement are keeping the oil market on edge, with the American President’s latest comments about no extension sending another wave of anxiety across market watchers.

Shipping traffic through the Strait ​of Hormuz, which normally handles about 20 per cent of global oil and liquefied natural gas supplies, remained broadly halted on ⁠Tuesday with only three ships passing the waterway in the past 24 hours. Over 1 billion barrels of crude have been disrupted due to the blockade.

Meanwhile, the Israeli military said Hezbollah fired rockets at Israeli troops in southern Lebanon, accusing the Iran-backed group of violating a ceasefire ahead of US-mediated talks between the government of Israel and Lebanon this week.

The European Union (EU) said it will provide guidance to airlines on how to handle issues such as airport slots, passenger rights ​and public service obligations in the event of jet fuel shortages because of the Iran war.

Countries continued to feel the effects of the war. In Germany, the biggest economy ​in Europe, investor morale declined to its ​lowest level in more than three ⁠years in April, while in the US, retail sales increased more than expected in March as the war in ​Iran boosted gasoline prices.

Ukrainian President Volodymyr Zelenskiy said the Druzhba oil ‌pipeline, which pumps ⁠Russian oil to Europe, is ready to resume operations, signalling that Ukraine now expects an over $106 billion aid package to be unblocked.

The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 4.4 million barrels in the week ending April 17. In the week prior, US crude oil inventories rose by 6.10 million barrels. Official data from the Energy Information Administration (EIA) will be released later on Wednesday.