Economy
Oil Drops as Market Escapes Serious Hurricane Beryl Damage
By Adedapo Adesanya
Oil fell on Tuesday following traders’ discovery that extended supply interruptions were unlikely since Hurricane Beryl’s damage to the US oil-producing powerhouse in Texas was less than anticipated.
Brent crude futures settled at $84.66 a barrel after it lost $1.09 or 1.3 per cent, and the US West Texas Intermediate (WTI) crude traded at $81.41 per barrel after it shed 92 cents or 1.1 per cent.
Although some offshore US production sites were evacuated, ports closed and refining slowed, major refineries along the country’s Gulf Coast appeared to sustain minimal impact after Beryl weakened into a tropical storm.
Major Texas oil shipping ports were reopened on Tuesday, and some facilities were ramping up output again. Texas accounts for more than 40 per cent of crude supplied in the US, the world’s top oil producer.
Comments by Federal Reserve Chair Jerome Powell, who told a Congressional committee on Tuesday that the employment market had cooled and the economy was no longer hot, also generated conflicting responses from oil investors.
Although there was an indication of a probable slowing down of interest rate reductions, oil prices dropped further after the comments as a poor economy would affect crude demand.
Market participants are also watching the situation in the Middle East. On Monday, oil prices settled down 1 per cent on hopes a possible ceasefire deal in Gaza between Israel and Hamas could reduce worries about global crude supply disruption.
While senior US officials were in Egypt for negotiations on Monday, the White House reported that there were divisions between the two sides and Hamas claimed a fresh Israeli attack into Gaza jeopardised a possible accord.
Crude oil inventories in the United States fell this week by 1.9 million barrels for the week ending July 5, according to The American Petroleum Institute (API), after analysts had expected a 250,000-barrel draw.
For the week prior, the API reported a surprise 9.163-million-barrel draw in crude inventories.
Official data from the Energy Information Administration (EIA) will be released later on Wednesday.
On Tuesday, the EIA raised its 2024 demand estimate to 1.11 million barrels per day—up from 1.08 million barrels per day—while also raising the 2025 estimate from 1.53 million barrels per day to 1.77 million barrels per day, noting that the global oil market is heading for a supply deficit next year.
By Adedapo Adesanya
The Naira extended its gain on the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 10, by 0.18 per cent or N2.43 to trade at N1,356.89/$1 compared with the previous day’s N1,359.32/$1.
It also improved its value against the Pound Sterling in the same market window by N16.01 to close at N1,828.82/£1 versus N1,844.83/£1, but lost N3.40 against the Euro to sell at N1,592.58/€1 versus N1,589.18/€1.
In the parallel market, the Nigerian Naira further appreciated against the Dollar during the session by N5 to settle at N1,385/$1 compared with the previous day’s rate of N1,390/$1.
With the FX market operating with greater liquidity and efficiency, market participants now transact without extraordinary interventions from the Central Bank of Nigeria (CBN).
However, external reserves fell for 16 straight days through April 8, the longest declining run since July 2025. The central bank’s foreign exchange holdings declined by $1.1 billion in the period to $48.94 billion, the lowest level since February 19, the lender’s data show.
After initially weakening, as the Iran war broke out, the Nigerian currency has recovered losses and is one of only four of 23 African currencies still standing in the period.
The CBN had pledged to stabilise the Naira and has boosted sales of high-yield short-term debt to attract inflows of Dollars.
As for the cryptocurrency market, Bitcoin (BTC) and other major cryptocurrencies fell after US Vice President J.D. Vance announced that the country and Iranian negotiators had failed to agree to an extended ceasefire. BTC lost 1.9 per cent to sell at $71,549.08.
The parties met in Pakistan on Saturday to negotiate an agreement after the US’s nearly six-week-long campaign against Iran. VP Vance said at a press conference afterwards that the US had “not reached an agreement.”
Cardano (ADA) fell 4.3 per cent to $0.2398, Solana (SOL) depreciated by 2.7 per cent to $82.22, Binance Coin (BNB) slumped 2.2 per cent to $593.61, Dogecoin (DOGE) went down by 1.9 per cent to $0.0912, Ethereum (ETH) weakened by 1.4 per cent to $2,214.56, and Ripple (XRP) crashed by 1.3 per cent to $1.33.
However, TRON (TRX) appreciated by 0.9 per cent to $0.3217, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Modupe Gbadeyanka
The deadline for filing individual annual income tax returns for residents of Lagos State has again been extended to April 21, 2026.
This information was revealed via a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude, on Saturday.
The agency thanked some taxpayers for their continued compliance and commitment to the filing of their individual annual income tax returns, but charged those who have yet to file theirs to do so before the new deadline.
LIRS had earlier moved the deadline from its statutory period of March 31, 2026, to April 14, 2026, but due to “the overwhelming response and to enhance taxpayer convenience, while maintaining the integrity and accuracy of submissions,” the date was moved forward to April 26.
The tax-collecting organisation said it “observed a significant increase in traffic on its eTax platform as more taxpayers endeavour to meet the filing deadline.”
“In view of this development, and to ensure that all taxpayers are provided with adequate opportunity to successfully complete their filings, LIRS hereby announces a further extension of the deadline, now set for April 21, 2026,” it stated.
The agency reiterated that all filings must be completed electronically via the LIRS eTax platform: https://etax.lirs.net, which remains the only approved channel for submission.
Taxpayers were reminded that the filing of annual income tax returns remains a statutory obligation and were encouraged to take advantage of this final extension to fulfil their civic responsibility.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was in green on Friday after it closed higher by 0.30 per cent as a result of sustained bargain hunting.
Customs Street was up yesterday after three of the five major sectors came under buying pressure, with the consumer goods index up by 1.64 per cent, the industrial goods space up by 1.12 per cent, and the banking counter up by 0.64 per cent.
Business Post observed that profit-taking brought down the insurance by 2.61 per cent, and weakened the energy sector by 0.01 per cent.
At the close of business, the market capitalisation increased by N707 billion to N131.166 trillion from N130.459 trillion, and the All-Share Index (ASI) expanded by 1,097.86 points to 203,770.42 from 202,672.56 points.
Transactions by Nigerian stock investors shrank during the session, as 548.6 million shares worth N31.5 billion exchanged hands in 48,538 deals compared with the 652.9 million shares valued at N39.8 billion transacted in 51,101 deals a day earlier.
This implied that the trading volume went down by 15.98 per cent, the trading value depreciated by 20.85 per cent, and the number of deals crashed by 5.02 per cent.
Access Holdings finished the day as the busiest equity after selling 52.7 million units valued at N1.4 billion, Zenith Bank exchanged 47.8 million units worth N5.4 billion, UBA traded 38.9 million units for N1.8 billion, Secure Electronic Technology transacted 36.7 million units worth N35.5 million, and GTCO sold 34.9 million units valued at N4.6 billion.
The market breadth index was negative during the session with 20 price gainers and 38 price losers, indicating weak investor sentiment.
Trans Nationwide Express appreciated by 9.91 per cent to N3.77, International Breweries grew by 9.88 per cent to N13.35, Chams rose by 9.84 per cent to N3.35, Guinea Insurance improved by 9.38 per cent to N462.90, and Lafarge Africa gained 8.52 per cent to close at N233.20.
On the flip side, Omatek lost 10.00 per cent to trade at N2.07, Austin Laz declined by 9.93 per cent to N3.99, Coronation Insurance dipped by 9.88 per cent to N2.92, Zichis crashed by 9.58 per cent to N12.55, and Cornerstone Insurance retreated by 8.77 per cent to N5.20.
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