By Adedapo Adesanya

The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, April 8, by N55.66 or 3.5 per cent to N1,612.97/$1 from the preceding day’s rate of N1,628.89/$1.

The pressure on the local currency eased as the Nigerian government said it would make plans to address the impact of the tariffs from the United States, which have now gone into effect and upon announcement impacted the Nigerian currency.

The development will complement recent efforts to stabilise the market by the Central Bank of Nigeria (CBN) which injected  $197.71 million in the FX market last week through sales to authorised dealers to ensuring adequate liquidity and supporting orderly market functioning.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N3.80 to sell for N2,060.21/£1 versus Monday’s price of N2,056.41/£1 and lost N1.03 on the Euro to settle at N1,762.56/€1, in contrast to the previous session’s N1,761.53/€1.

In the black market, the Nigerian Naira tumbled against the Dollar yesterday by N35 to close at N1,615/$1 compared with the preceding session’s value of N1,580/$1.

In the cryptocurrency market, it was bearish as US President Donald Trump sweeping global tariffs went into effect and traders retreated from crypto majors, removing all gains from Tuesday’s relief rally as President Trump pushes forward efforts to drastically reorder global trade.

Tariffs on any Chinese goods were hiked to 104 per cent, along with import taxes on over 60 trading partners.

Ethereum (ETH) dropped 6.1 per cent to trade at $1,473.36, Bitcoin (BTC) lost 2.6 per cent to finish at $77,483.73, Ripple (XRP) slumped by 1.9 per cent to $1.82, and Dogecoin (DOGE) depreciated by 1.8 per cent to $0.1463.

Further, Cardano (ADA) went down by 1.3 per cent to $0.5751, Solana (SOL) declined by 1.2 per cent to $107.36, Litecoin (LTC) slipped by 0.9 per cent to $70.41, and Binance Coin (BNB) shrank by 0.5 per cent to $554.70, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.15 per cent on Tuesday, though weak investor sentiment remained as market participants watch happenings in the global economy.

During the trading session, the banking index went up by 1.89 per cent due to buying interest and the energy industry improved by 0.04 per cent.

However, the insurance sector went down by 4.07 per cent as a result of sustained selling pressure, as the consumer goods shrank by 0.16 per cent, and the industrial goods space tumbled by 0.11 per cent, with the commodity sector closing flat.

At the close of transactions, the All-Share Index (ASI) was up by 159.86 points to 104,376.73 points from 104,216.87 points and the market capitalisation grew by N100 billion to N65.589 trillion from N65.489 trillion.

Secure Electronic Technology ended as the best-performing equity after it gained 8.89 per cent to 49 Kobo, Abbey Mortgage Bank grew by 8.35 per cent to N5.58, Sterling Holdings rose by 6.85 per cent to N5.15, VFD Group jumped by 5.26 per cent to N66.00, and Mutual Benefits improved by 4.55 per cent to 92 Kobo.

On the flip side, UH REIT finished the session as the worst-performing equity after it shed 9.95 per cent to trade at N46.15, NAHCO lost 9.94 per cent to settle at N62.95, NEM Insurance depreciated by 9.92 per cent to quote at N11.80, Lasaco Assurance dropped 9.86 per cent to sell for N1.92, and Royal Exchange slipped by 9.78 per cent to 83 Kobo.

Business Post reports that the bourse ended the day with 16 price gainers and 42 price losers, implying a negative market breadth index and weak investor sentiment.

Yesterday, Customs Street recorded the trading of 460.6 million shares worth N10.1 billion in 14,528 deals compared with the 444.1 million shares valued at N11.2 billion on Monday, representing a growth in the volume of transactions by 3.72 per cent, and a decline in the value of trades and the number of deals by 9.82 per cent and 7.41 per cent, respectively.

The busiest stock on Tuesday was Access Holdings, which exchanged 56.5 million units valued at N1.2 billion, GTCO traded 51.6 million units worth N3.4 billion, Fidelity Bank transacted 24.1 million units for N431.6 million, FCMB sold 23.4 million units worth N208.1 million, and United Capital traded 23.3 million units valued at N319.9 million.

By Adedapo Adesanya

The value of Brent crude shrank by 2.16 per cent or $1.39 to $62.82 per barrel on Tuesday as investors smell an increasing likelihood of a recession due to the escalating trade war between the United States and China, the world’s two biggest economies.

Also, the US West Texas Intermediate (WTI) crude futures went down by 1.85 per cent or $1.12 to $59.58 per barrel as the American government plans to impose a 104 per cent tariff on China from Wednesday, a White House official said.

This is an addition of 50 per cent more to tariffs after China failed to lift its retaliatory tariffs on US goods by a noon deadline on Tuesday set by President Donald Trump.

China vowed not to bow to what it called US blackmail after President Trump threatened the additional 50 per cent tariff on Chinese goods if the country did not lift its 34 per cent retaliatory tariff.

China’s Commerce Ministry said the country would fight to the end, boosting fears about a contraction of the global economy and likely recession.

Meanwhile, the US Trade Representative said that China has not indicated it wants to work toward trade reciprocity.

The European Union, too, is readying a full spectrum of countermeasures, including potentially taxing Silicon Valley giants.

Other major American trading partners are exacting pressure in other ways as Canada matched US auto tariffs and launched an advertising campaign across the border against President Trump’s trade policy.

This has led analysts to reduce their price forecasts with Goldman Sachs forecasting that Brent and WTI crude prices would be at $62 and $58 a barrel, respectively, by December 2025, and at $55 and $51, respectively, a year after that, under different scenarios.

Meanwhile, US crude and distillate inventories fell while gasoline (petrol) stocks rose last week, according to the American Petroleum Institute (API) figures on Tuesday.

Crude stocks fell by 1.1 million barrels in the week ended April 4, gasoline inventories rose by 210,000 barrels and distillate stocks fell by 1.8 million barrels, the API said.

Official weekly oil inventory data from the US Energy Information Administration (EIA) is due later on Wednesday.