Economy
Naira Halts Rally at I&E Window, Loses by 0.17%

By Adedapo Adesanya
There was a halt to the Naira’s rally against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday.
During the session, the local currency depreciated by 0.17 per cent or 70 kobo to quote at N394.50/$1 compared to its previous rate of N393.83/$1.
In the first two sessions of the week, the domestic currency had appreciated at the market, making this the first time the local currency was depreciating this year at the market window.
The depreciation of the local currency came on the back of a rise in demand for FX at the I&E segment. During the session, transactions worth $52.50 million were recorded, 56.7 per cent or $18.99 million higher than the $33.51 million recorded at the preceding session.
Meanwhile, the Naira extended its flat outcome against the greenback at the parallel market to sell at N470/$1 on Wednesday. This was also the same pattern for the local currency against the Pound as it finished the midweek session selling at the rate of N628/£1.
It, however, the local currency depreciated by N1 in value against the Euro as it dropped to N573/€1 from the preceding day’s N572/€1.
Also, the Nigerian currency traded flat against the greenback on Wednesday at the Bureaux De Change (BDC) market segment at N395/$1 just as the value of the Naira against the American currency remained unchanged at the interbank segment at N379/$1.
At the cryptocurrency market, Bitcoin (BTC)’s rally continued as its value appreciated on Wednesday by 8.7 per cent to trade at N17,405,001.02.
Despite recent headwinds, Ripple (XRP) made a 15.8 per cent gain to trade at N123.92 while Ethereum (ETH), in the same pattern, grew by 12.3 per cent to sell at N572,862.77.
Marking a 4.7 per cent growth, Litecoin (LTC) traded at N79,800.00, Dash (DASH) made a 2.9 per cent gain to sell at N45,313 while Tron (TRX) gained 8.7 per cent to sell at N14.69
On the loser’s list, the day’s only loss was recorded by the US Dollar Tether (USDT), which marked a 0.6 per cent depreciation to sell for N480.00.
Economy
Naira Plunges 3.5% to N1,628/$1 at Official Market on FX Liquidity Squeeze

By Adedapo Adesanya
The Naira experienced a significant decline against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 7, amid a wider roil caused by tariffs from the United States, which has severely affected markets, while efforts to cushion this has so far not yielded a direct resolve.
At the official market yesterday, the Nigerian currency lost N55.66 or 3.5 per cent against the American currency to settle at N1,628.89/$1, in contrast to the preceding session’s rate of N1,573.23/$1, according to data from the Central Bank of Nigeria (CBN).
Equally, the Naira depreciated against the Pound Sterling at NAFEM during the session by N25.39 to close at N2,056.41/£1 versus last Friday’s value of N2,031.02/£1 and shed N36.24 against the Euro to sell for N1,761.53/€1 compared with the preceding trading day’s N1,725.29/€1.
In the parallel market, the value of the domestic currency declined against the US Dollar on Monday, by N15 to sell for N1,580/$1 versus the preceding session’s N1,565/$1.
Over the weekend, the CBN revealed that it boosted the market with $197.71 million through sales to authorised dealers.
According to the apex bank, the move is in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, adding that the measured step aligns with its broader objective of fostering a stable, transparent, and efficient FX market.
It raised worry about declining oil prices – which accounts for over 70 per cent of Nigeria’s FX earnings – which has dropped below $65 per barrel and could hit the country’s FX reserves.
Meanwhile, the cryptocurrency market turned bullish yesterday as the US President, Mr Donald Trump, while adamant of not reversing the tariffs on countries around the world, said some countries are ready to come to the table, helping to ease some of the panic with the European Union also confirming that it was planning to negotiate with the US.
Solana (SOL) gained 8.0 per cent to trade at $109.50, Cardano (ADA) rose by 7.7 per cent to $0.5876, Dogecoin (DOGE) appreciated by 7.2 per cent to $0.1495, and Litecoin (LTC) grew by 6.9 per cent to $71.51.
Further, Ripple (XRP) jumped by 6.8 per cent to $1.87, Bitcoin (BTC) expanded by 4.2 per cent to $79,397.68, Binance Coin (BNB) went up by 3.4 per cent to $560.40, and Ethereum (ETH) added 3.3 per cent to close at $1,575.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
Economy
NGX All-Share Index Drops Below 105,000 Points After 1.23% Fall

By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further depreciated by 1.23 per cent on Monday following persistent selling pressure amid global financial markets crisis.
All the major key sectors of Customs Street were in red on the first trading session of the week, with the insurance index down by 7.56 per cent.
Further, the banking sector went down by 5.48 per cent, the consumer goods space shrank by 0.79 per cent, the energy index shrank by 0.65 per cent, the commodity counter declined by 0.10 per cent, and the industrial goods industry tumbled by 0.01 per cent.
Consequently, the All-Share Index (ASI) crashed by 1,295.02 points to 104,216.87 points from 105,511.89 points and the market capitalisation depreciated by 1.00 per cent or N658 billion to N65.489 trillion from last Friday’s N66.147 trillion.
Business Post reports that the bourse was under heavy profit-taking yesterday, resulting in nine stocks finishing on the gainers’ chart, with 51 stocks on the losers’ table. This showed a negative market breadth index and weak investor sentiment.
The quartet of Oando, Secure Electronic Technology, Cornerstone Insurance, and RT Briscoe lost 10.00 per cent each to trade at N37.80, 45 Kobo, N2.97, and N2.16, respectively, and Honeywell Flour crumbled by 9.98 per cent to N10.19.
On the flip side, VFD Group gained 10.00 per cent to quote at N62.70, TotalEnergies expanded by 9.61 per cent to N745.00, Guinea Insurance grew by 9.52 per cent to 69 Kobo, International Energy Insurance improved by 9.33 per cent to N1.64, and Abbey Mortgage Bank surged by 8.88 per cent to N5.15.
Banking shares dominated the activity chart during the trading day, with FCMB selling 65.5 million units worth N589.0 million, Fidelity Bank traded 42.5 million units for N818.4 million, GTCO exchanged 34.5 million units valued at N2.3 billion, Access Holdings transacted 31.8 million units worth N687.2 million, and Zenith Bank traded 31.7 million units valued at N1.5 billion.
At the close of transactions, investors bought and sold 444.1 million equities for N11.2 billion in 15,690 deals versus the 348.3 million equities valued at N8.1 billion traded in 11,444 deals in the preceding session, representing a surge in the trading volume, value, and number of deals by 27.51 per cent, 38.27 per cent, and 37.10 per cent apiece.
Economy
Oil Prices Dip 2% as Recession Fears Heighten

By Adedapo Adesanya
Oil prices slid by 2 per cent on worries that the US President Donald Trump’s latest trade tariffs could push economies around the world into recession and reduce global demand for energy.
Brent futures fell by $1.37 or 2.1 per cent to settle at $64.21 per barrel, while US West Texas Intermediate (WTI) crude futures tumbled by $1.29 or 2.1 per cent to sell at $60.70 per barrel.
The market had expected some ease after a widespread news report said President Trump was considering a 90-day pause on tariffs.
However, White House officials quickly denied the report, sending crude prices back into the red.
China, the world’s second-biggest economy behind the US, said it would impose additional levies of 34 per cent on American goods in retaliation for Trump’s latest tariffs.
Mr Trump responded that the US would impose an additional 50 per cent tariff on China if the country does not withdraw its retaliatory tariffs on his country.
The European Commission also proposed counter-tariffs of 25 per cent on a range of US goods on Monday in response to President Trump’s tariffs on steel and aluminum.
Market analysts noted that this confirmed that a trade war was in full swing and has made recession possible.
Goldman Sachs forecast a 45 per cent chance of recession in the US over the next 12 months, and made downward revisions to its oil price projections while JPMorgan said it sees a 60 per cent probability of recession in the US and globally. Citi and Morgan Stanley also cut their Brent outlooks.
Adding to the downward momentum, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) decided to advance plans for output increases.
The group now aims to return 411,000 barrels per day to the market in May, up from the previously planned 135,000 barrels per day.
During the weekend, OPEC+ ministers emphasised the need for full compliance with oil output targets and called for over-producers to submit plans by April 15 to compensate for pumping too much.
Meanwhile, Saudi Arabia on Sunday announced sharp cuts to crude oil prices for Asian buyers, dropping the price in May to the lowest level in four months.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN