By Adedapo Adesanya

It was another wonderful day for the Nigerian Naira in the different segments of the foreign market (FX) market on Tuesday, February 17, as it appreciated against the United States Dollar at the close of business.

In the parallel market, it improved its value on the greenback by N30 to sell for N1,390/$1 compared with the previous day’s rate of N1,420/$1, and at the GTBank forex desk, it gained N4 to trade at N1,363/$1 versus the preceding session’s N1,367/$1.

As for the official market, which is known as the Nigerian Autonomous Foreign Exchange Market (NAFEX), the local currency gained N11.82 or 0.88 per cent to close at N1,335.96/$1 versus Monday’s price of N1,347.78/$1.

In the same segment of the market, the domestic currency chalked up N32.43 against the Pound Sterling to finish at N1,806.75/£1 compared with the previous day’s N1,839.18/£1, and gained N18.82 on the Euro to close at N1,579.24/€1 compared with the N1,598.06/€1 it was traded a day earlier.

Improved foreign exchange supply levels following recent high demand pressures helped to sustain the currency’s advance. A portion of the delayed demand was eliminated with licensed Bureau De Change (BDC) businesses fully helping to alleviate any development.

While other supply sources, including exporters, non-bank corporations, and other market actors, pause stoked pressures on the exchange rate, their presence is anticipated to increase liquidity and flow.

Foreign reserves were last reported at $47.80 billion after appreciating by $135.75 million. The build-up in reserves has been supported by favourable external conditions, including stronger oil-related inflows and improved FX market stability.

The market is looking forward to a rate cut when the Monetary Policy Committee (MPC) meets next week after inflation decelerated further to 15.10 per cent.

Meanwhile, the cryptocurrency market was down as software stocks continued to plunge, creating a ripple effect on the digital assets.

Market analysts noted that consolidation is expected as crypto searches for a new narrative strong enough to pull capital back from AI stocks and commodities.

Litecoin (LTC) declined by 1.8 per cent to $53.99, Bitcoin decreased by 1.7 per cent to $67,446.46, Cardano (ADA) dropped 1.5 per cent to trade at $0.2810, Binance Coin (BNB) slumped 1.4 per cent to $617.60, Solana (SOL) depreciated by 0.9 per cent to $84.97, Ripple (XRP) shrank by 0.7 per cent to $1.47, and Dogecoin (DOGE) went down by 0.04 per cent to $0.1005.

On the flip side, Ethereum (ETH) appreciated by 0.2 per cent to $1,992.22, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

By Adedapo Adesanya

Oil was down by about 2 per cent on Tuesday on hopes tensions between the United States and Iran were easing after Iran’s foreign minister said the countries had reached an understanding regarding nuclear talks.

Brent futures fell $1.23 or 1.8 per cent to $67.42 a barrel, and the US West Texas Intermediate (WTI) futures slipped 56 cents or 0.9 per cent to $62.33 per barrel.

According to Iranian Foreign Minister, Mr Abbas Araqchi, his country and the United States reached an understanding on the main “guiding principles” in a second round of indirect talks in Geneva, Switzerland, over their nuclear dispute on Tuesday.

However, this does not mean a deal is imminent.

Iran’s supreme leader said on Tuesday that any US attempt to depose his government would fail as the US continued a military buildup exercise in the Middle East.

Iran will close parts of the critical oil shipping lane in the Middle East, the Strait of Hormuz, for a few hours on Tuesday as it is conducting military drills in the area. The government said the partial closure is due to security precautions.

The Strait of Hormuz, the narrow lane between Iran and Oman, is the world’s most critical oil transit chokepoint, and the oil market has time and again feared Iran could attempt to close the lane. In 2024, oil flow through the strait averaged 20 million barrels per day, or the equivalent of about 20 per cent of global petroleum liquids consumption.

Iran and fellow Organisation of the Petroleum Exporting Countries (OPEC) members Saudi Arabia, United Arab Emirates, Kuwait and Iraq export most of their crude via the Strait, mainly to Asia.

Negotiators from Ukraine and Russia concluded the first of two days of US-mediated peace talks in Geneva on Tuesday, with US President Donald Trump pressing Ukraine to act fast to reach a deal to end the four-year conflict.

Meanwhile, Ukraine continued its attacks on Russian energy infrastructure. Its military said on Tuesday it struck the Ilsky refinery, while a drone attack was also reported at the port of Taman.

A peace resolution could see a lifting of sanctions on Russia, bringing Russian oil back to the mainstream market. In 2025, Russia was the third-biggest crude producer in the world behind the United States and Saudi Arabia.

By Adedapo Adesanya

Nigeria is stepping up engagement toward the creation of a regional single currency, following fresh consultations among West African monetary authorities, following constant delay of achieving the goal.

In an update by the Central Bank of Nigeria (CBN) via its X handle, the Governor of the apex bank, Mr Yemi Cardoso, led the country’s delegation to the Committee of Governors meeting held in Monrovia, Liberia, where policymakers reviewed progress and renewed discussions on establishing the long-proposed single currency known as the Eco.

Last year, the West African bloc announced that the single regional currency would be launched by 2027 to foster greater economic integration among member states by facilitating trade through a unified payment system, enhancing price stability and reducing inflationary pressures.

In the latest development, the CBN statement noted that the Nigerian delegation also included Deputy Governor (Economic Policy), Mr Muhammad Sani Abdullahi.

“The meeting formed part of statutory engagements jointly organised by the Economic Community of West African States alongside the West African Monetary Agency, the West African Monetary Institute, and the West African Institute for Financial and Economic Management. The consultations brought together financial regulators and economic policymakers across the sub-region to assess convergence benchmarks required for launching the unified currency”, the apex bank said.

The Eco project is designed to deepen economic integration among ECOWAS member states by providing a common legal tender that would facilitate cross-border trade, enhance price transparency and reduce transaction costs tied to multiple currency exchanges. The initiative has been under discussion for over two decades but has experienced repeated postponements as member countries struggle to meet strict macroeconomic convergence criteria.

The apex bank noted that the meeting focused on evaluating member states’ performance against key economic indicators. These include inflation rate ceilings, fiscal deficit thresholds relative to gross domestic product, and foreign reserve adequacy, all considered critical safeguards for ensuring stability within a potential monetary union.

Despite many delays, ECOWAS latest move shows it may be aligning with Nigeria’s Minister of Foreign Affairs, Mr Yusuf Tuggar, saying last year that member states have started attaining benchmarks to see the goal actualised.