Economy
Fresh Lockdowns, Stronger Dollar Depress Oil Prices

By Adedapo Adesanya
Oil prices went the bearish route on Monday as continued coronavirus lockdowns around the world spurred renewed concerns about global fuel demand.
At the market yesterday, the Brent crude went southwards by 56 cents or 1 per cent to sell at $55.43 per barrel, while the US West Texas Intermediate (WTI) dipped by 21 cents or 0.4 per cent to trade at $52.03 per barrel.
Latest data showed that coronavirus cases surpassed 90 million globally as key economies continued recording rise in cases.
Despite strict national lockdowns, Britain is facing the worst weeks of the pandemic, and in Germany, cases are still rising.
The world’s largest oil importer, China, further restricted movement amid doubled new COVID cases, prompting renewed concerns about oil demand.
According to reports, Mainland China saw its biggest daily increase in virus infections in more than five months. Other areas like Hebei, Beijing, and Shijiazhuang also recorded more outbreaks with restrictions by the Chinese government.
China has so far supported the oil market and oil prices with its healthy crude demand, while Europe and the US were on lockdowns.
A rising US Dollar also weighed on oil prices on Monday, as a stronger American currency makes crude buying more expensive for holders of other currencies. The strength in the greenback, which is the currency that the commodity is priced, was supported by hopes for more stimulus to boost the world’s largest economy.
The opening day losses follow a strong week for oil prices. Brent and WTI rose by almost 8 per cent last week, supported by Saudi Arabia’s pledge for a voluntary oil output cut of 1 million barrels per day February and March.
This followed the meeting of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) which hopes to keep the market afloat in the face of present circumstances.
According to market analysts, the Saudi cut is expected to bring the oil market into deficit for most of 2021 even though lockdowns are hitting demand.
There is also good news for Brent crude which could rise to $65 per barrel by summer 2021 according to Goldman Sachs. This will be driven by Saudi cuts and the implications of a shift in power to the Democrats in the United States.
Economy
FrieslandCampina Lifts NASD Index by 0.03%

By Adedapo Adesanya
FrieslandCampina Wamco Nigeria led the NASD Over-the-Counter (OTC) Securities Exchange to a 0.03 per cent growth on Friday, June 20.
During the session, the NASD Unlisted Security Index (NSI) went up by 24.15 points to close at 3,320.91 points, in contrast to the previous day’s 3,319.78 points while the market capitalisation added N670 million to finish at N1.944 trillion compared with the N1.943 trillion quoted at the preceding session.
Business Post reports that the share price of FrieslandCampina Wamco Nigeria Plc was up by 34 Kobo yesterday to N69.38 per unit from N69.04 per unit.
In the final trading day of the week, the volume of securities decreased by 14.9 per cent to 223,039 units from the 262,134 units traded a day earlier, but the value of securities soared by 233.2 per cent to N15.2 million from N4.6 million, and the number of deals slumped by 16 per cent to 21 deals from 25 deals.
At the close of transactions, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units sold for N524.7 million, followed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and Geo-Fluids Plc with 268.5 million units worth N475.8 million.
Okitipupa Plc was also the most traded stock by value on a year-to-date basis with 153.7 million units valued at N4.9 billion, trailed by Air Liquide Plc with 507.2 million units traded at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 40.5 million units sold for N1.7 billion.
Economy
Naira Appreciates to N1,547/$1 at NAFEM, N1,580/$1 at Parallel Market

By Adedapo Adesanya
The Naira improved its value against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, June 19 amid forex liquidity strain.
During the trading session, the domestic currency gained N2.84 or 0.18 per cent against the greenback in the official market to settle at N1,547.71/$1, in contrast to the N1,550.55/$1 traded in the previous day.
In the same vein, the Nigerian Naira gained N2.76 against the Pound Sterling at NAFEM yesterday to quote at N2,081..36/£1 versus Thursday’s closing price of N2,084.12/£1 and closed flat against the Euro to finish at N1,799.35/€1.
Also, in the parallel market, the Naira appreciated against the Dollar on Friday by N5 to sell for N1,580/$1 compared with the N1,585/$1 it was exchanged a day earlier.
This week, the Naira performed well due to continued investor confidence and market optimism boosted by better non-oil exports over the last few months and offshore FX inflows, which eased forex pressure.
In the week, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025 from the 23.71 per cent recorded in April 2025.
In addition, the Central Bank of Nigeria (CBN) signalled that the health of the country’s banking system was okay amid fears of dividend pause for banks facing possible distress.
Meanwhile, the cryptocurrency market turned bearish on Friday following escalating geopolitical tensions — triggered by Israel launching airstrikes on Iran last Thursday — caused cryptos to drop.
The tensions have only been mounting since, with US President Donald Trump calling for Iran’s “unconditional surrender” and threatening Iran’s supreme leader, Ayatollah Ali Khamenei.
Ethereum (ETH) lost 3.8 per cent to sell at $2,424.38, Solana (SOL) fell by 3.5 per cent to close at $140.31, Dogecoin (DOGE) slumped by 2.8 per cent to $0.1630, and Cardano (ADA) declined by 1.3 per cent to trade at $0.5836.
Further, Bitcoin (BTC) tumbled by 1.1 per cent to close at $103,555.63, Ripple (XRP) went down by 0.6 per cent to $2.12, Litecoin (LTC) shrank by 0.6 per cent to $83.97, and Binance Coin (BNB) slid by 0.3 per cent to $643.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
Economy
Oil Market Falls as US Sanctions Ease Israel-Iran Conflict Escalation

By Adedapo Adesanya
The oil market closed lower on Friday after the United States imposed new Iran-related sanctions, marking a diplomatic approach that raised the possibility of a negotiated agreement, with Brent losing $1.84 or 2.33 per cent to trade at $77.01 per barrel and the US West Texas Intermediate (WTI) crude declining by 21 cents or 0.28 per cent to quote at $74.93 per barrel.
The administration of President Donald Trump issued fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions a day after he said it could take two weeks to decide the involvement of his country in the Israel-Iran conflict.
According to a notice, an escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to oil at being traded at $100 a barrel.
In the last weeks, Israel bombed nuclear targets in Iran, while Iran, which is the third-largest producer under the Organisation of the Petroleum Exporting Countries (OPEC), fired missiles and drones at Israel as neither side showed any sign of backing down.
As the conflict entered a second week, there was no indication that either side was looking to stand down, and that kept traders on edge.
Although oil exports so far have not been disrupted and there is no shortage of supply, traders will continue to watch possible threats to close the Strait of Hormuz, a vital route for Middle East oil exports.
Each day, about 18 to 21 million barrels of oil and petroleum products move through the strait, roughly one-fifth of the world’s oil supply.
Market analysts warned that an escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to oil selling at $100 – $130 a barrel.
Elsewhere, the European Union has abandoned its proposal to lower the price cap on Russian oil to $45, to stop it from funding its three year aggression against Ukraine.
According to energy services firm, Baker Hughes, US energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since September 2023. The oil and gas rig count, an early indicator of future output, fell by one to 554 in the week to June 20, the lowest since November 2021.
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