By Adedapo Adesanya

The Naira further firmed up against the US Dollar by N5.74 or 0.42 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 2, trading at N1,361.05/$1 compared with the previous day’s N1,366.95/$1.

It was also the same scenario in the official market yesterday, where the Nigerian currency gained 9 Kobo against the Pound Sterling to close at N1,833.19/£1 versus N1,833.28/£1, and against the Euro, it appreciated by N2.73 to sell for N1,584.39/€1 compared with Monday’s rate of N1,587.12/€1.

At the parallel market, the Naira traded flat against the United States Dollar at N1,380/$1, and also closed flat at the GTBank forex counter at N1,378/$1.

Data showed that FX turnover declined to $169.822 million across 168 deals, from $177.927 million in the previous day.

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

The launch of the fourth edition of the CBN’s Foreign Exchange Manual is also expected to make rules clearer in the country’s financial system, including the introduction of new measures covering imports, exports, travel allowances, trade finance, and foreign remittances as the apex bank seeks to improve transparency and efficiency in the FX market.

In the cryptocurrency market, there was a reversal in spikes seen in April price levels amid a price sell-off triggered by geopolitical uncertainties as well as attractiveness of traditional markets, where stocks are near record highs, and the Dollar index remains rangebound.

Bitcoin (BTC) slipped by 4.1 per cent to $67,352.62, Binance Coin (BNB) slumped by 5.6 per cent to $644.72, Solana (SOL) declined by 5.6 per cent to $75.09, Ethereum (ETH) fell by 5.3 per cent to $1,878.96, and Dogecoin (DOGE) depreciated by 5.2 per cent to $0.0942.

Further, Cardano (ADA) dipped by 3.7 per cent to $0.2158, Ripple (XRP) went down by 2.2 per cent to $1.24, TRON (TRX) dropped 2.0 per cent to sell at $0.3330, the US Dollar Tether (USDT) shed 0.14 per cent to settle at $0.9986, and the US Dollar Coin (USDC) slipped by 0.03 per cent to $0.9997.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further weakened by 0.35 per cent on Tuesday due to persistent selling pressure across the key sectors of the bourse.

During the session, the banking index shed 1.63 per cent, the consumer goods space lost 0.50 per cent, the insurance counter declined by 0.44 per cent, and the energy segment slipped by 0.04 per cent, while the industrial goods sector was flat.

Consequently, the All-Share Index (ASI) decreased by 874.00 points to 246,686.66 points from 247,560.66 points, and the market capitalisation went down by N479 billion to N158.219 trillion from N158.698 trillion.

Like the preceding day, investor sentiment was bearish after Customs Street ended with 18 price gainers and 35 price losers, representing a negative market breadth index.

PZ Cussons lost 10.00 per cent to trade at N88.20, CWG also shrank by 10.00 per cent to N21.60, ABC Transport crashed by 9.95 per cent to N6.88, Wema Bank slumped by 9.09 per cent to N30.00, and Sovereign Trust Insurance crumbled by 8.16 per cent to N2.70.

On the flip side, CWG gained 9.86 per cent to finish at N5.46, Trans-Nationwide Express chalked up 7.14 per cent to trade at N5.10, Neimeth appreciated by 6.80 per cent to N11.00, LivingTrust Mortgage Bank rose by 5.00 per cent to N4.20, and Abbey Mortgage Bank improved by 4.44 per cent to N7.05.

A look at the activity log showed that Access Holdings led with 113.1 million shares worth N2.7 billion, Zenith Bank transacted 38.1 million equities valued at N4.8 billion, Consolidated Hallmark exchanged 35.4 million stocks for N243.4 million, Neimeth sold 28.8 million shares worth N298.8 million, and Sterling Holdings traded 28.2 million equities valued at N220.1 million.

At the close of transactions, market participants bought and sold 718.8 million stocks for N29.3 billion in 71,683 deals compared with the 1.1 billion stocks worth N44.3 billion transacted in 91,880 deals a day earlier. This indicated that the trading volume, value, and number of deals depreciated by 34.66 per cent, 33.86 per cent, and 21.98 per cent, respectively.

By Adedapo Adesanya

The prices of the two major crude oil grades climbed about 1 per cent on Tuesday as the market waited for news on the Iran war, with the Iranian government reviewing a proposed agreement with the ‌United States to halt the conflict.

Brent futures rose $1.02 or 1.1 per cent to $96.00 a barrel, while the US West Texas Intermediate (WTI) crude increased by $1.60 or 1.7 per cent to $93.76 per barrel.

Iran is examining the proposed deal with the US to halt their war but has not communicated with the American government for a few days, according to Iranian ​media.

This is even as US President Donald Trump said on Monday that negotiations had been going on, adding there would be a deal in the coming days to extend a ceasefire agreed to in April and reopen the strait.

Meanwhile, US Secretary ‌of State ⁠Marco Rubio told lawmakers yesterday that Iran has agreed to negotiate aspects of its nuclear programme that it previously refused to discuss, but said that was not a guarantee that negotiations would lead to a deal.

More than three months after the US and ​Israel launched strikes against Iran, the conflict is stuck in a stalemate, with a shaky ceasefire in place while the pivotal ⁠Strait of Hormuz remains largely shut to maritime traffic.

Iran has effectively halted most non-Iranian shipping in and out of the Gulf since the war ​began, choking off about a fifth of global oil and liquefied natural gas flows and driving prices up by 50 per cent or more. The US has also ​maintained a blockade on Iranian ports.

The European Union (EU) signalled willingness to support a durable agreement through maritime operations, economic incentives and conditional sanctions relief. This is contingent on a temporary peace agreement between the US and Iran.

The International Energy Agency (IEA) warned that global oil markets could enter a “red zone” in July and August as rapidly depleting crude inventories coincide with the onset of peak summer fuel demand.

According to the energy watchdog, global oil inventories fell by over 250 million barrels between March and May, with on-land commercial and strategic stockpiles draining at a record pace.

The closure of the Strait of Hormuz has knocked out roughly 10 per cent of global oil supply, making this the largest oil supply shock in history. Net cumulative losses from Gulf producers exceed 1 billion barrels, with approximately 14 million barrels per day shut in. Global supply is projected to fall by around 3.9 million barrels per day across 2026, with the IEA projecting that the global oil deficit will average 1.78 million barrels per day for the full year.