By Adedapo Adesanya

The value of the Naira slightly appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, April 24, after coming under pressure in two consecutive trading session.

Yesterday, it gained 0.03 per cent or 50 Kobo on the greenback to sell for N1,603.01/$1 compared with the previous day’s rate of N1,603.51/$1, according to data from the Central Bank of Nigeria (CBN).

Similarly, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N9.05 to close at N2,128.50/£1 compared with Wednesday’s value of N2,137.55/£1 and gained N17.69 against the Euro to finish at N1,819.89/€1, in contrast to midweek’s value of N1,837.58/€1.

However, in the black market, the Nigerian Naira depreciated against the Dollar during the trading session by N2 to settle at N1,607/$1 versus Wednesday’s value of N1,605/$1.

The local forex market reacted to the assurance given by apex bank in the ongoing IMF Spring Meetings in the US that it would continue to drive policies that will support the FX market.

Meanwhile, the cryptocurrency market witnessed recoveries after profit-taking amid declining US Dollar index, which is largely tied to mixed signals out of the world’s largest economy.

Profit-taking and conflicting messages from the President Donald Trump of the United States over a trade war with China have dominated the market, including comments from Treasury Secretary Scott Bessent that there’s no unilateral plan to lift US tariffs on Chinese goods, contradicting Trump’s suggestion that tariff rates could drop in the coming weeks.

Mr Trump has signaled he would not remove Federal Reserve Chair Jerome Powell and suggested a softer stance on trade with China.

Investors continue to struggle to interpret the policy direction as President Trump also hinted at a “fair deal” with the world’s second-largest economy.

Yesterday, Cardano (ADA) rose by 4.7 per cent to $0.7191, Dogecoin (DOGE) appreciated by 4.2 per cent to $0.1811, Solana (SOL) expanded by 2.8 per cent to $152.84, and Litecoin (LTC) improved by 2.4 per cent to $84.66.

Further, Ripple (XRP) jumped by 1.3 per cent to $2.13, Bitcoin (BTC) added 1.1 per cent to sell at $93,534.98, Binance Coin (BNB) soared by 0.7 per cent to $608.65, and Ethereum (ETH) increased by 0.2 per cent to $1,774.57, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

By Dipo Olowookere

The bulls tightened their grip on the Nigerian Exchange (NGX) Limited on Thursday with a further 0.75 per cent rise despite profit-taking in the banking sector.

Data showed that the banking index went down by 0.20 per cent during the session and the commodity sector closed flat.

However, the insurance space grew by 4.32 per cent, the consumer goods counter improved by 2.35 per cent, the industrial goods sector gained 1.29 per cent, and the energy industrial appreciated by 0.27 per cent.

Consequently, the All-Share Index (ASI) surged by 790.59 points to 106,074.26 points from 105,283.67 points and the market capitalisation advanced by N508 billion to N66.667 trillion from N66.159 trillion.

Investor sentiment remained bullish yesterday as Customs Street ended with 43 price gainers and 16 price losers, representing a positive market breath index.

Cadbury Nigeria, Eterna, Ikeja Hotel, and Nestle Nigeria all chalked up 10.00 per cent each to quote at N24.20, N36.30, N11.00, and N1,100.00, respectively, and Academy Press gained 9.96 per cent to trade at N2.87.

However, John Holt lost 10.00 per cent to sell for N6.30, Haldane McCall declined by 9.96 per cent to N4.70, Multiverse depreciated by 9.83 per cent to N7.80, Guinea Insurance depleted by 8.57 per cent to 64 Kobo, and Japaul tumbled by 6.19 per cent to N1.97.

The most active stock for the session was Access Holdings with the sale of 48.5 million units valued at N1.2 billion, Fidelity Bank traded 40.4 million units worth N801.8 million, Zenith Bank exchanged 23.7 million units for N1.1 billion, GTCO sold 17.1 million units worth N1.0 billion, and Chams transacted 13.7 million units valued at N30.1 million.

At the close of trades, a total of 328.3 million equities worth N10.4 billion exchanged hands in 12,142 deals versus the 744.8 million equities valued at N18.3 billion traded in 11,226 deals at midweek, indicating a rise in the number of deals by 8.16 per cent, and a decline in the trading volume and value by 55.92 per cent, and 43.17 per cent, respectively.

By Adedapo Adesanya

Oil prices rose on Thursday as investors weighed a weaker US Dollar as potential troubles may emanate from planned output increase by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), and other US-related issues.

The price of Brent crude increased by 43 cents or 0.7 per cent yesterday to $66.55 per barrel and the US West Texas Intermediate (WTI) crude soared by 52 cents or 0.8 per cent to $62.79 a barrel.

The US Dollar made a broad retreat on Thursday as investor gloom over the lack of any real progress towards defusing the US-China trade war reasserted itself.

A weaker US currency makes Dollar-priced commodities like oil less expensive for buyers using other currencies.

This came as several OPEC+ members suggest the group accelerate oil output increases for a second month in June. Kazakhstan, which produces about 2 per cent of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritise national interest over OPEC+ in deciding production levels.

Market analysts noted that this may lead to Kazakhstan ceasing to exist as a member of OPEC+, although it remains in the alliance for now.

There have previously been disputes among OPEC+ members over compliance with production quotas, one of which resulted in Angola leaving the group in 2023.

Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war.

In the US, the number of people filing for unemployment benefits rose marginally last week, suggesting a resilient labour market despite economic turbulence caused by tariffs on imported goods.

There were reports that businesses are increasing prices and cutting financial guidance due to higher costs stemming from US President Donald Trump’s trade war, which has also affected global supply chains.

US Federal Reserve officials indicated in television interviews they see no urgency to change monetary policy as they seek more information to determine how trade tariffs are affecting the economy.

China called for US tariffs to be cancelled on Thursday, that the White House would be willing to lower its tariffs on China to as low as 50 per cent to open up negotiations.

Also, the US and Iran will hold a third round of talks this weekend on a possible deal to re-impose restraints on Iran’s uranium enrichment programme. The market is watching for any sign that a US-Iran rapprochement could lead to an easing of sanctions on Iranian oil.