By Adedapo Adesanya

The Naira opened the week heading south against the US Dollar on Monday, January 19 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) after it lost N2.33 or 0.16 per cent to sell for N1,420.28/$1 compared with the preceding trading day’s N1,417.95/$1.

Equally, the Nigerian Naira depleted against the Pound Sterling in the same market window during the session by N4.56 to close at N1,905.8/£1 compared with last Friday’s value of N1,901.32/£1 and depreciated against the Euro by N5.27 to quote at N1,652.78/€1 versus the preceding session’s N1,647.51/€1.

But at the GTBank FX desk, the domestic currency appreciated against the greenback yesterday by N3 to sell at N1,424/$1, in contrast to last Friday’s price of N1,427/$1, and at the black market, it remained unchanged at N1,485/$1.

The weakening of the Nigerian currency in the official market on Monday was driven by relatively higher demand than the available supply as the Central Bank of Nigeria (CBN) made no visible intervention.

Regardless, there are expectations that improved supply conditions from the apex bank will be readily available to keep the market within range supplemented by exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity.

Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.

The Chartered Institute of Bankers of Nigeria (CIBN) projected a single interest rate for the year, while it made further positive forecasts regarding the Nigerian economy.

Despite oil earnings fluctuations, Nigeria’s gross external reserves balance increased by $40.71 million to the previous day’s balance, bringing total reserves to $45.90 trillion.

In the cryptocurrency market, benchmarked tokens were largely down as renewed tariff threats between the US and Europe, tied to President Donald Trump’s comments on Greenland, have pushed investors back toward traditional safe havens. Gold and silver rallied, while cryptocurrencies underperformed.

Ethereum (ETH) declined by 2.3 per cent to $3,119.97, Bitcoin (BTC) slumped by 1.7 per cent to $90,940.76, Binance Coin (BNB) went down by 0.9 per cent to $915.39, Solana (SOL) dipped by 0.9 per cent to $131.81, Ripple (XRP) slipped by 0.2 per cent to $1.95, US Dollar Tether (USDT) slid by 0.1 per cent to $0.9990, and US Dollar Coin (USDC) lost 0.01 per cent to settle at $0.9997.

On the flip side, Cardano (ADA) jumped by 1.5 per cent to $0.3666, Litecoin (LTC) appreciated by 0.3 per cent to $70.17, and Dogecoin (DOGE) went up by 0.2 per cent to $0.1269.

By Dipo Olowookere

It was bearish start of the week for the Nigerian Exchange (NGX) Limited after it printed a marginal 0.01 per cent loss on Monday due to mild profit-taking.

It was observed that the 0.47 per cent decline recorded by the consumer goods index and the 0.06 per cent shrink posted by the insurance counter crumbled the Nigerian bourse during the session, as they overpowered the gains achieved by the other key sectors of Customs Street.

The banking space grew by 0.28 per cent, and the energy industry expanded by 0.06 per cent, while the commodity and the industrial goods indices closed flat.

At the close of business, the All-Share Index (ASI) decreased by 17.00 points to 166,112.50 points from last Friday’s 166,129.50 points and the market capitalisation contracted by N11 billion to N106.343 trillion from the previous session’s N106.354 trillion.

Industrial and Medical Gases gave up 9.95 per cent to sell for N34.85, Haldane McCall lost 9.88 per cent to close at N3.83, LivingTrust Mortgage Bank depreciated by 9.57 per cent to N4.44, Ikeja Hotel slipped by 7.28 per cent to N32.50, and Union Dicon dipped by 5.26 per cent to N9.00.

Conversely, Learn Africa gained 10.00 per cent to sell for N7.15, Champion Breweries appreciated by 10.00 per cent close at N19.25, NCR Nigeria also grew by 10.00 per cent to N141.40, Trippe G jumped by 9.94 per cent to N5.86, and Neimeth soared by 9.90 per cent to N11.10.

Business Post reports that 45 stocks ended on the gainers’ log during the session and 24 stocks finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.

Traders bought and sold 629.6 million shares worth N14.8 billion in 57,858 deals on Monday versus the 539.9 million shares valued at N16.7 billion transacted in 48,023 deals last Friday, showing a moderation in the value of trades by 11.38 per cent, and a spike in the volume of trades and the number of deals by 16.61 per cent and 20.48 per cent apiece.

Secure Electronic Technology led the activity log with 83.3 million equities valued at N98.2 million, Access Holdings traded 52.9 million units worth N1.2 billion, Jaiz Bank exchanged 39.7 million units for N339.1 million, Tantalizers sold 34.2 million units valued at N103.1 million, and Fidelity Bank transacted 23.7 million units worth N473.5 million.

By Adedapo Adesanya

The oil market steadied on Monday as civil unrest in Iran subsided, reducing the likelihood of a US attack that could disrupt supplies.

Brent crude was up by 4 cent or 0.02 per cent to $64.14 a barrel while the US West Texas Intermediate traded at $59.44 a barrel due to a US federal holiday in honour of Martin Luther King Jr.

Pressure eased from last week’s highs over Iran tensions and its handling of the protests started to ease and US President Donald Trump appeared to back off from a strike on Iran, for now.

Officials say over 5,000 people have been killed in the protest which was sparked by economic conditions and graduated to call for a regime change in the country which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).

Meanwhile, President Trump stirred a commotion in another part of the world after saying the US would slap tariffs on its European and NATO allies Denmark, Norway, Sweden, France, Germany, the United Kingdom, The Netherlands, and Finland, for supporting Greenland’s status as an autonomous Danish territory.

The return of the US-EU tariff row, now over Trump’s obsession to take over Greenland, threatens to return the cross-Atlantic trade row as European leaders have suggested the EU could pull out of the trade deal with the US.

The European leaders will convene in Brussels, Belgium, on Thursday for an emergency summit.

Following renewed threats from the US against Greenland, gold and silver prices jumped on Monday, while European equities fell. However, as Greenland does not produce oil, market analysts noted that there is no direct connection for crude markets.

Also, the Dollar eased against the safe-haven Yen and Swiss Franc on Monday on concerns about the possible trade war between the US and Europe.

The market was also looking at the risk of damage to Russian infrastructure and distillate supplies at a time when colder weather is forecast to cross North America and Europe, adding to market unease.