By Adedapo Adesanya

The Naira resumed from the Christmas holiday on Monday, December 29, with an 87 Kobo or 0.06 per cent gain against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to sell for N1,442.51/$1, in contrast to last Wednesday’s price of N1,443.38/$1.

Equally, the Naira appreciated against the Pound Sterling in the official market yesterday by N3.91 to close at N1,945.66/£1 compared with the preceding session’s rate of N1,949.57/£1 and gained N3.91 on the Euro to finish at N1,697.40/€1 versus the previous session’s closing price of N1,701.65/€1.

At the GTBank FX counter, the Nigerian currency improved its value against the greenback during the session by N8 to settle at N1,457/$1 compared with the preceding trading day’s rate of N1,465/$1 and at the black market, the Naira gain N5 to finish at N1,480/$1.

The value of the Naira firmed up on Monday after receiving support from the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who reassured investors and international partners that Nigeria’s economy remains stable and resilient despite a recent joint security operation conducted by Nigerian and the US forces in Sokoto on Christmas Day.

The operation, carried out on December 25, targeted ISIS-linked camps in Sokoto, with no reported civilian casualties.

US President Donald Trump described the strikes as “powerful and deadly” against “ISIS terrorist scum,” endangering Christian communities.

Ahead of the market reopening from the long Christmas break, Mr Edun stressed that Nigeria was “not at war with itself, nor with any nation,” but was decisively confronting terrorism in collaboration with trusted international partners.

This alongside efforts by the Central Bank of Nigeria (CBN) helped eased pressure on the local currency. The apex last week stepped up FX intervention with $150 million.

The market expects near-term exchange rate stability to persist underpinned by policy measures and improving market confidence.

As for the cryptocurrency market, major tokens declined in thin year-end trading, with Bitcoin (BTC) hovering around $87,300, down about more than 2 per cent alongside some top coins, with BTC losing 2.3 per cent to finish at $87,366.73.

Further, Cardano (ADA) declined by 6.5 per cent to $0.3521, Solana (SOL) went down by 3.1 per cent to $123.76, Ethereum (ETH) lost 2.9 per cent to quote at $2,944.55, Dogecoin (DOGE) depreciated by 2.8 per cent to $0.1232, Ripple (XRP) shrank by 2.1 per cent to $1.86, Litecoin (LTC) slumped by 1.7 per cent to $78.15, and Binance Coin (BNB) fell by 1.3 per cent to $853.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

By Adedapo Adesanya

Crude oil prices rose by more than $1 on Monday as traders braced for potential supply disruptions in the Middle East due to rising tensions in Yemen.

Brent crude futures rose $1 or 1.7 per cent to $61.64 a barrel and the US West Texas Intermediate (WTI) crude futures were up $1.10 or 1.9 per cent to $57.84 per barrel.

In Yemen, the Saudi-led coalition has vowed to retaliate against any military ‌moves by the main southern separatist group backed by the United Arab Emirates (UAE).

Meanwhile, Iran declared a “full-scale war” against the US, Israel, and Europe.

Reuters reported that an escalation of fighting on Thursday killed two people from the separatist group Southern Transitional Council’s Hadhrami Elite Forces in Hadramout, the group said in its statement. Saudi airstrikes followed early on Friday, targeting the STC forces in the area.

Ongoing conflicts and political friction have been creating market jitters and the risk of supply disruptions over the past couple of weeks.

Recent developments, such as the Ukraine war (including attacks on Russian energy infrastructure) as well as unrest in the Middle East has led investors to price in a small risk premium for crude.

Russia accused Ukraine of launching a drone attack on the Russian presidential residence in northern Russia, due to which Moscow now plans to review its position in peace talks.

Ukraine dismissed Russian statements about the drone attack and its foreign minister said Russia was seeking “false justifications” for further strikes against its neighbour, which it has been attacking since February 2022.

Prior to these developments, Ukrainian President Volodymyr Zelenskiy had said on Monday that significant progress had been made in talks with US  counterpart Donald Trump and agreed that US and Ukrainian teams would meet next week to finalise issues aimed at ending Russia’s war in Ukraine.

The US government also said President Trump had also held a “positive call” with Russian President Vladimir Putin about the war in Ukraine.

Data on US stockpiles for the week ended December 19 remain missing as the report, which was expected to be published on Monday was delayed without assigning a new publication time.

By Aduragbemi Omiyale

Business mogul, Mr Femi Otedola, has resigned as the chairman of Geregu Power Plc, a company listed on the Nigerian Exchange (NGX) Limited.

He stepped down from the position after selling 95 per cent equity stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited.

As a result of this transaction, completed on Monday, December 29, 2025, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola, CON in Geregu Power Plc has been transferred to MA’AM Energy Limited.

The deal, believed to be worth about $750 million, has made Mr Abdul-Aziz Abubakar Yari the new chairman of the board of Geregu Power.

A statement from the power generating firm today disclosed that the change in the ownership of the company’s majority shareholder results in a change in the ultimate beneficial ownership of 77 per cent of the organisation’s issued share capital.

The new chairman of Geregu is a distinguished Nigerian statesman and public servant. His career spans education, politics, and public administration, beginning as a classroom teacher and progressing through key political and governance roles at state and national levels, including membership of the House of Representatives.

He holds qualifications in Public Administration, Finance and Investment Management (MSc) from the University of Salford, and a Certificate in Leadership and Change from the London School of Economics, complementing his foundational Islamic and formal education.

It was also disclosed that the chief executive of Geregu Power, Mr Akin Akinfemiwa; and his deputy, Mr Julius Omodayo-Owotuga, have resigned, but will be collaborating with the newly appointed directors to ensure a smooth transition.

The board has appointed Abdulkadeer Babangida Njiddah as Non-Executive Director, Usman Gur Mohammed-Independent as Non-Executive Director, Mohammed Sani Jaafaru as Independent Non-Executive Director, Neka Uzoamaka Adogu as Independent Non-Executive Director, and Mahmud Abubakar Magaji (SAN) as Independent Non-Executive Director.