By Adedapo Adesanya

The Naira closed stronger against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N9.35 or 0.58 per cent on Monday, May 12 at at N1,600.29/$1 compared with the N1,609.64/$1 it traded last Friday.

Similarly, the Nigerian Naira improved its value against the Pound Sterling in the official market during the trading session by N31.46 to settle at N2,114.02/£1 versus the preceding trading day’s rate of N2,145.48/£1 and appreciated against the Euro by N37.61 to sell for N1,780.81/€1, in contrast to the previous session’s value of N1,818.42/€1.

The improvement in the value of the local currency yesterday happened after a temporary relief from the US-China tensions and further commitments by the Central Bank of Nigeria (CBN) to intervene in the market.

However, the Nigerian currency depreciated against the Dollar in the black market on Monday by N5 to close at N1,630/$1 compared with the preceding session’s rate of N1,625/$1.

As for the cryptocurrency market, it was red during the trading session after the US and China agreed to suspend most tariffs on each other for 90 days.

The 90-day tariff pause gave market participants a “clear, short-term positive signal” that’s supportive for risk assets including crypto, even though headwinds could rise again without a broader deal in place once the pause expires.

According to market analysts, this is a temporary arrangement and volatility will likely return as the 90-day window approaches its end.

Dogecoin (DOGE) slumped by 6.6 per cent to sell at $0.2232, Cardano (ADA) fell by 3.0 per cent to $0.7890, Solana (SOL) went down by 2.1 per cent to $170.80, Ethereum (ETH) declined by 2.0 per cent to $2,451.16, Bitcoin (BTC) depreciated by 1.6 per cent to $102,394.53, and Binance Coin (BNB) shrank by 1.1 per cent to $648.78.

But, Ripple (XRP) gained 4.5 per cent to quote at $2.49, and Litecoin (LTC) increased its value by 1.7 per cent to $102.78, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

By Dipo Olowookere

The Minister of State for Finance, Ms Doris Uzoka-Anite, has advised global investors to quickly key into the federal government’s economic reforms so as not to bite their fingers later because of a missed opportunity.

Speaking during the Milken Institute Global Conference 2025 in the United States, she said the administration of President Bola Tinubu was implementing some initiatives designed to support the startup ecosystem.

She described Nigeria’s startup ecosystem as dynamic, with opportunities for investment in fintech, agritech, edtech, logistics, and health, assuring that the government is committed to supporting players in the sector through regulatory reforms, catalytic funding, and talent development.

According to her, the government is carrying out some necessary reforms to achieve its economic objectives, including streamlining the investment climate, improving infrastructure, and enhancing trade efficiency.

The Minister said the main aim of the administration is to position Nigeria as a hub for sustainable growth and innovation in Africa, urging investors to explore opportunities in the country.

Ms Uzoka-Anite emphasised that Nigeria is deepening intra-African trade and investment through the African Continental Free Trade Area (AfCFTA), unlocking value across the continent.

The AfCFTA’s phased implementation, she said, will reduce tariffs on 90 per cent of goods traded within Africa, promoting intra-African trade and regional value chain development.

This strategic move positions Nigeria for high-potential investment opportunities in key sectors such as agriculture, energy, digital economy, manufacturing, infrastructure, mining, and healthcare.

“We are not simply seeking aid or short-term capital, but strategic collaborations that recognize the continent’s potential as the next frontier for sustainable growth and innovation,” she said.

By Dipo Olowookere

The federal government is looking to borrow about N300 billion from investors through the issuance of a fresh Sukuk, with an annual rental income of 19.75 per cent.

The Islamic debt instrument will have a tenor of seven years and will mature in May 2032, according to the Debt Management Office (DMO), which is in charge of the sale.

Proceeds from the exercise will be used mainly to finance road projects across the country to meet the ethical and faith considerations of some segments of the investing public.

The interest will be paid every six months and is tax-free, providing a good route for wealth accumulation and investment compounding.

Speaking on Monday during an investor meeting in Abuja, the Director General of the DMO, Ms Patience Oniha, emphasised that the recent credit rating upgrade of Nigeria by Fitch Ratings reflects the progress in economic and debt management reforms.

“Being upgraded by Fitch means we are doing something right. Growth and development is a journey—it doesn’t happen all at once.

“But with the right fiscal and monetary policies in place, we are making tangible progress,” she told investors present at the gathering, stressing that the upgrade directly affects investment decisions, business performance, and market pricing.

She used the occasion to announce the repayment of the N100 billion Sukuk sold in 2017 by the federal government.

“All those who subscribed to the Sukuk in 2017 have now received full repayment of their investments, in addition to the interest they were paid upfront,” Ms Oniha declared.

Business Post reports that the 2027 Sukuk was used to fund road projects across the six geo-political zones of Nigeria, including the Lagos/Abeokuta Expressway, which has yet to be completed.

For the new N300 billion Sukuk, the minimum investment amount is N10,000. It is fully backed by the full faith of the Nigerian government and can be purchased through a stockbroker.

Subscription for the debt instrument commenced on Monday, May 12, 2025, and will end on Tuesday, May 20, 2025.