By Adedapo Adesanya

The Naira witnessed a depreciation of 1.05 per cent or N16.97 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 10, exchanging at N1,629.94/$1 compared with the previous day’s rate of N1,612.99/$1.

In the same official market, the Nigerian currency, however, traded flat against the Pound Sterling and the Euro during the session at N2,085.01/£1 and N1,805.64/€1, respectively.

As for the black market, the domestic currency depreciated against the greenback yesterday by N5 to sell for N1,620/$1, in contrast to the N1,615/$1 it was exchanged at midweek.

The Naira had stabilise on Wednesday in the spot market after President Donald Trump of the United States announced a 90-day pause on tariffs for more than 75 nations, including Nigeria, that did not retaliate to his sweeping duties announced a week ago.

However, China, which recently placed steeped retaliatory tariffs on US goods, did not get any relief, as Mr Trump hiked the total levy on Chinese goods to 125 per cent.

Market analysts raise worries about a secondary effect of a trade war between the US and China, and how it can have effected on other nations’ economies.

Even as the Central Bank of Nigeria (CBN) continued to prop up the local currency, in the last week, the Naira has exchanged between the N1,570 and N1,620 mark.

Meanwhile, the cryptocurrency market was mixed on Thursday after exchange-traded funds (ETFs) saw outflows even as prices surged after President Trump announced a 90-day pause in tariffs on most countries, excluding China.

The dwindling demand can be attributed to the macroeconomic uncertainty caused by the US-China trade tensions that has led to macro investors selling every asset, including crypto ETFs, for cash.

Litecoin (LTC) gained 1.9 per cent to trade at $75.88, Cardano (ADA) jumped by 1.4 per cent to $0.6321, Dogecoin (DOGE) appreciated by 0.3 per cent to $0.1575, and Solana (SOL) rose by 0.2 per cent to $116.94.

On the flip side, Ethereum (ETH) dropped 3.6 per cent to settle at $1,533.42, Bitcoin (BTC) shed 1.2 per cent to end at $81,017.23, Ripple (XRP) slumped by 0.2 per cent to $1.99, and Binance Coin (BNB) went south by 0.1 per cent to $579.45, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited was rescued from the claws of the bears on Thursday by 0.58 per cent in an operation led by Caverton and other price gainers.

This was triggered by renewed bargain-hunting in the financial services sector during the trading session, with the insurance counter expanding by 2.69 per cent.

Further, the banking index grew by 2.65 per cent, the consumer goods sector appreciated by 0.59 per cent, and the energy counter rose by 0.08 per cent, while the industrial goods industry depreciated by 0.03 per cent, with the commodity index closing flat.

At the close of business, the All-Share Index (ASI) went up by 601.24 points to 104,788.25 points from 104,187.00 points and the market capitalisation increased by N378 billion to N65.848 trillion from N65.470 trillion.

Investor sentiment was strong on Thursday as there were 45 price gainers and 11 price losers, representing a positive market breadth index.

Caverton flew higher by 10.00 per cent to N2.31, Neimeth leapt by 9.92 per cent to N2.88, Japaul gained 9.52 per cent to close at N1.84, Union Dicon soared by 9.45 per cent to N6.95, and Mutual Benefits improved by 9.30 per cent to 94 Kobo.

On the flip side, ABC Transport crashed by 10.00 per cent to N1.26, Eterna slipped by 9.90 per cent to N32.30, CAP depreciated by 7.45 per cent to N43.50, Regency Alliance crumbled by 3.64 per cent to 53 Kobo, and NGX Group lost 3.23 per cent to trade at N34.50.

A total of 432.6 million shares valued at N9.7 billion exchanged hands in 12,027 deals at Customs Street yesterday, in contrast to the 376.6 million shares worth N11.9 billion transacted in 11,576 deals at midweek, indicating a shortfall in the value of trades by 18.49 per cent, and a rise in the volume of transactions and number of deals by 14.87 per cent and 3.90 per cent, respectively.

The most active equity was Access Holdings after it traded 77.9 million units for N1.6 billion, Ellah Lakes exchanged 44.2 million units worth N132.8 million, Fidelity Bank sold 32.5 million units valued at N614.8 million, Zenith Bank transacted 30.2 million units worth N1.5 billion, and UBA traded 20.5 million units valued at N719.0 million.

By Adedapo Adesanya

Crude oil was down by about 3 per cent on Thursday as investors reassessed the planned pause in US tariffs and shifted focus to the escalating trade war between the US and China.

Yesterday, Brent crude futures fell by $2.15 or 3.3 per cent to $63.33 a barrel and the US West Texas Intermediate (WTI) crude futures depreciated by $2.28 or 3.7 per cent to settle at $60.07 per barrel.

Prices had risen on Wednesday after US President Donald Trump paused the heavy tariffs he had announced against dozens of trading partners a week ago, marking an abrupt U-turn less than 24 hours after the levies took effect.

At the same time, however, President Trump also raised tariffs against China bringing US tariffs on Chinese imports to a total of 145 per cent.

China announced an additional import levy on US goods, imposing an 84 per cent tariff.

Since returning to the White House in January, Mr Trump has repeatedly threatened an array of measures on trading partners, only to revoke some of them at the last minute.

The on-again, off-again approach has baffled world leaders and spooked markets, including the oil markets.

Higher tariffs against China are likely to prompt lower US crude imports by China, backing up supply and raising US storage levels.

Early signs from Kpler data show that US crude oil exports to China fell to 112,000 barrels per day  in March, nearly half of last year’s 190,000 barrels per day.

The US Energy Information Administration (EIA) on Thursday lowered its global economic growth forecasts and warned that tariffs could weigh heavily on oil prices, as it slashed its US and global oil demand forecasts for this year and 2026.

The EIA data had showed that US crude stockpiles rose by 2.6 million barrels last week on Wednesday.

There are high expectations that they will be another build this week.

Market analysts noted that the tariff-driven expectation of reduced demand amid the continued possibility of a US recession will remain front and center of trader concerns in likely keeping a lid on near-term price gains.