By Adedapo Adesanya

The Naira appreciated against the United States Dollar by N8.46 or 0.62 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 1, to trade at N1,366.79/$1 compared to the previous rate of N1,375.25/$1.

Also, the local currency further gained N15.34 against the Pound Sterling in the official market during the session to settle at N1,833.28/£1 versus last Friday’s value of N1,848.62/£1, and improved against the Euro by N14.36 to sell for N1,587.12/€1, in contrast to the preceding session’s N1,601.48/€1.

At the GTBank FX bench, the Nigerian Naira chalked up N1 against the Dollar during the session to quote at N1,378/$1 compared with last Friday’s N1,379/$1, but at the black market, it maintained stability at N1,380/$1.

Nigeria’s gross external reserves settled at $49.58 billion at the end of May, a sharp rebound from the previous downtrend, driven by foreign debt service and FX intervention in the official window.

The improvement in reserve levels was likely supported by increased foreign exchange inflows, particularly from crude oil export proceeds, amid sustained strength in global oil prices.

With the stellar performance witnessed in the first half of 2026, there are expectations that the Central Bank of Nigeria (CBN) will continue to inject forex into the official market, while elevated oil prices in the global commodity market will buoy the country’s FX reserves.

As for the cryptocurrency market, prices dipped after Strategy (MSTR), the largest publicly traded holder of Bitcoin (BTC), sold some of its holdings for the first time in four years. BTC slipped 3.6 per cent to a session low of $71,014.37.

Increased risk also came as Iran reportedly halted talks with the US in protest over Israel, which has continued incursions into Lebanon. The news sent crude oil prices surging by more than $5 per barrel and US stock index futures from modest gains to modest losses.

Ripple (XRP) slumped by 2.7 per cent to $1.29, Binance Coin (BNB) declined by 2.4 per cent to $690.41, Cardano (ADA) dipped by 2.0 per cent to $0.2291, TRON (TRX) dropped by 1.8 per cent to $0.3437, Solana (SOL) lost 1.5 per cent to trade at $80.61, and Ethereum (ETH) depreciated by 0.8 per cent to $1,991.03.

But Dogecoin (DOGE) marginally grew by 0.1 per cent to $0.0998, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

By Dipo Olowookere

Losses suffered by BUA Cement and 34 other equities due to profit-taking by investors sank Nigeria’s stock market by 1.13 per cent on Monday.

During the first trading session of this week, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited tumbled by 2,824.81 points to 247,560.66 points from 250,385.47 points, and the market capitalisation crashed by N1.811 trillion to N158.698 trillion from last Friday’s N160.509 trillion.

Sell-offs were witnessed in the industrial goods, banking and energy sectors, resulting in them closing lower yesterday by 3.86 per cent, 1.49 per cent, and 0.23 per cent, respectively. However, bargain-hunting lifted the insurance index by 0.79 per cent and raised the consumer goods by 0.02 per cent.

Business Post reports that the market breadth index was negative on a day the T+1 settlement cycle became effective. There were 25 price gainers and 35 price losers, indicating weak investor sentiment.

BUA Cement lost 10.00 per cent to trade at N378.00, Trans-Nationwide Express shed 9.85 per cent to finish at N4.76, John Holt declined by 9.73 per cent to N15.30, Red Star Express went down by 9.71 per cent to N30.70, and Deap Capital depreciated by 9.15 per cent to N5.16.

Conversely, International Energy Insurance gained 9.96 per cent to sell for N4.97, Consolidated Hallmark improved by 9.92 per cent to N6.87, The Initiates rose by 9.86 per cent to N31.20, RT Briscoe went up by 9.16 per cent to N14.90, and Ikeja Hotel soared by 8.71 per cent to N43.70.

Yesterday, investors transacted 1.1 billion shares valued at N44.3 billion in 91,880 deals compared with the 1.2 billion shares worth N43.4 billion traded in 93,626 deals in the preceding session, showing a jump in the trading value by 2.07 per cent, and a shrink in the trading volume and number of deals by 8.33 per cent and 1.87 per cent, respectively.

Abbey Mortgage Bank was the most equity for the day with 291.2 million units sold for N1.8 billion, Access Holdings exchanged 130.3 million units worth N3.1 billion, Neimeth traded 77.9 million units valued at N802.2 million, UBA transacted 76.4 million units for N3.4 billion, and The Initiates traded 61.3 million units worth N1.9 billion.

By Adedapo Adesanya

Oil prices were up by more than 5 per cent on Monday after Iran reportedly halted indirect negotiations with the United States, stoking fears of a renewed escalation of the tension that has gripped the markets.

Brent crude futures ​soared by $4.80 or 5.2 per cent to $95.92 a barrel, while the US West Texas Intermediate (WTI) crude futures rose $5.46 or 6.2 per cent to $92.82 a barrel.

According to a report from Iran’s state-affiliated Tasnim news agency, Iranian negotiators will immediately stop exchanging messages with the US through intermediaries. The dramatic pivot is reportedly a direct retaliation for ongoing ceasefire violations, specifically homing in on Israel’s military operations against the Iran-backed militia Hezbollah in Lebanon.

Plans are also being made for Iranian forces and their allies to completely block the Strait of Hormuz and take action elsewhere, including another key shipping route.

However, US President Donald Trump shrugged off the suspension of indirect talks with Iran in an interview with ⁠CNBC on Monday, saying he did not care if they were over.

Iran and the US have traded strikes in recent days, and Israel ordered troops to move further into Lebanon in its battle with the Tehran-backed Hezbollah militant group.

The Iranian government said the delay in the diplomatic process to end the war can be explained by a lack of trust as well as the Trump administration’s contradictory positions and Israel’s attacks on Lebanon.

The US has reviewed the draft agreement with advisers before sending it back for changes, with discussions expected to continue for at least another week. The latest proposal reportedly includes a 60-day cessation of hostilities, provisions to reopen the Strait of Hormuz, and a framework for future nuclear negotiations.

However, major sticking points remain, including the fate of Iran’s highly enriched uranium stockpile, the scope of sanctions relief, and the guarantees that Iran is demanding before signing a final agreement.

Alongside ​oil supply concerns, economic data from China over the ​weekend showed that stalling factory activity ⁠has added to fears the world’s second-largest economy is losing momentum.

Reuters also reported that Saudi Arabia is likely to cut its official selling prices for crude oil to Asia in July for a second consecutive month.