By Adedapo Adesanya

The Naira extended its loss against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 1.45 per cent or N22.49 on Friday, April 4.

Data from the Central Bank of Nigeria (CBN) showed that the local currency was exchanged to a Dollar at N1,573.23/$1 during the session compared with the N1,550.74/$1 it was transacted on Thursday.

Similarly, the domestic currency weakened against the Euro in the official market yesterday by N2.91 to settle at N1,725.29/€1, in contrast to the previous day’s N1,722.38/€1 but on the British Pound Sterling, it appreciated by N12.27 to sell for N2,031.02/£1 versus the preceding session’s N2,043.29/£1.

In the black market, the Nigerian currency lost N10 against the greenback on Friday to trade at N1,570/$1 compared with the N1,560/$1 it was transacted a day earlier.

The Naira’s negative outcome aligns with a wider slowdown in the global financial markets as retaliatory tariffs weaken outlook and raise possibility of a recession.

Already, Nigeria could face lower foreign exchange earnings from oil, which could be impacted heavily by tariffs.

As for the cryptocurrency market, it remained mixed after China announced retaliatory tariffs on all goods, responding to President Donald Trump’s Wednesday decision to boost the overall levy on Chinese goods to 54 per cent.

The concensus is that China’s response is not only negative for the US but it is also impacting the global outlook.

Binance Coin (BNB) shed 0.5 per cent to close at $594.69, Cardano (ADA) went down by 0.5 per cent to $0.6561, Litecoin (LTC) dropped 0.4 per cent to close at $84.09, Bitcoin (BTC) tumbled by 0.05 per cent to $83,444.13, Ethereum (ETH) declined by 0.04 per cent to $1,810.12, and the US Dollar Tether (USDT) moderated by 0.03 per cent to $0.9997.

On the flip side, Ripple (XRP) jumped by 3.1 per cent to $2.13, Solana (SOL) appreciated by 2.8 per cent to $120.63, and Dogecoin (DOGE) leapt by 2.4 per cent to $0.1690, while the US Dollar Coin (USDC) closed flat at $1.00.

By Adedapo Adesanya

Crude oil prices plunged by 7 per cent on Friday as China ramped up tariffs on US imports, escalating a trade war that has led investors to believe a recession is near.

This brought down the price of Brent crude by $4.56 or 6.5 per cent to sell at $65.58 per barrel and the US West Texas Intermediate (WTI) crude lost $4.96 or 7.4 per cent to end at $61.99 per barrel.

For the week, Brent was down by 10.9 per cent, its biggest weekly loss in percentage terms in a year and a half, while WTI posted its biggest decline in two years with a drop of 10.6 per cent.

As a result of this, prices slipped to their lowest level in almost four years Friday.

China said on Friday that it will impose a 34 per cent tariff on all US imports from April 10, in a response to US President Donald Trump levying 34 per cent duties on Chinese imports as part of a wider spree on 180 countries.

Retaliation from nations around the world could hurt economic growth and demand for key commodities such as crude oil and refined products.

China, the world’s largest oil importer, also imposed export controls on several rare earth elements — crucial for advanced technologies and almost exclusively mined in China — and banned Chinese firms from selling components to an additional 11 American companies.

Market  analysts warned that China’s retaliatory measures have boosted fears of a global recession.

JP Morgan raised the probability of a US and global recession by year end to 60 per cent on Friday, forecasting that the effects of President Trump’s levies are “likely to be magnified through retaliation, a slide in US business sentiment and supply chain disruptions.”

On its part, Goldman Sachs analysts cuts their 2025 targets for Brent and WTI by $5 each to $66 and $62 respectively.

Further pressuring oil prices, the Organisation of the Petroleum Exporting Countries and 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.

A ruling by a Russian court that the Caspian Pipeline Consortium’s (CPC) Black Sea export terminal facilities should not be suspended also pressured prices lower. This decision could avert a potential fall in Kazakhstan’s oil production and supplies.

By Adedapo Adesanya

Nigeria’s first-ever domestic US Dollar bond has been named as the West Africa Deal of the Year at the 2025 Global Banking & Markets Africa Awards, following a highly successful issuance that raised $917 million.

Announced by the Debt Management Office (DMO) on August 19, 2024, the bond initially targeted $500 million but was oversubscribed by 180 per cent.

The raise came with a five-year tenor and was listed on both the Nigerian Exchange (NGX) and FMDQ Securities Exchange.

The landmark issuance attracted a broad spectrum of investors, including local institutions, diaspora Nigerians, and international players. Africa Finance Corporation (AFC) served as Global Coordinator.

The Ministry of Finance said in a statement on X, formerly Twitter, that the Minister of State for Finance, Mrs Doris Uzoka-Anite, received the award at the Bonds, Loans & ESG Capital Markets Conference in Cape Town, South Africa.

She formally presented it to the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun in his office in Abuja on Thursday.

“This award marks an important step in our ambition to position Nigeria—and Lagos—as a leading international financial centre,” Mr Edun said.

“It also reflects growing confidence in the expertise and resilience of Nigeria’s financial system, which has once again delivered under challenging global conditions”, the Minister affirmed.

The ministry noted that the prestigious award underscores Nigeria’s commitment to developing its capital markets, improving its investment landscape, and attracting foreign investment, adding that it is also a testament to the country’s potential for economic growth and its determination to become a leading international financial centre.