By Adedapo Adesanya

The Naira maintained stability against the United States Dollar in the parallel market segment of the foreign exchange (FX) market on Wednesday at N1,380/$1, according to data obtained by Business Post.

However, at the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback by N9.22 or 0.67 per cent to quote at N1,357.34/$1 versus Tuesday’s closing value of N1,366.56/$1.

Equally, the local currency gained N5.58 against the Pound Sterling in the same market window at midweek to close at N1,847.20/£1 compared with the previous day’s N1,852.78/£1, and against the Euro, it was strengthened by N3.74 to N1,595.00/€1 from N1,598.74/€1.

In the same vein, the Nigerian Naira improved its rate against the US Dollar at the GTBank forex counter yesterday by N9 to sell at N1,375/$1, in contrast to the preceding session’s N1,384/$1.

Market activity improved notably, with total deals rising to 287 on Wednesday, a 25 per cent increase from 262 recorded on Tuesday. FX turnover climbed by 59.22 per cent or $157.88 million to $424.46 million from $266.58 million posted the previous day.

Activity in the interbank segment also strengthened. The number of deals rose by 62.6 per cent to 161 on Wednesday from 99 on Tuesday, while turnover surged by 120.95 per cent to $158.18 million from $71.59 million.

The improved liquidity conditions saw Nigeria’s external reserves continue their downward trend, declining to $48.33 billion as of May 5, 2026, according to data from the apex bank.

The Naira could face mild pressure from maturing securities, particularly the large volume of Open Market Operations (OMO) maturities exceeding N7 trillion. However, inflows from autonomous sources are expected to provide some cushion against potential volatility, analysts at the FMDA said.

Meanwhile, the cryptocurrency market was mixed as global stock markets ripped to fresh records on US-Iran ceasefire hopes, with reports indicating the two countries are working on a proposal to end the nearly 10-week conflict.

Binance Coin (BNB) gained 1.9 per cent to sell for $646.39, Solana (SOL) appreciated by 1.4 per cent to $88.55, Cardano (ADA) rose by 1.0 per cent to $0.2661, and TRON (TRX) increased by 0.3 per cent to $0.3447.

On the flip side, Dogecoin (DOGE) fell by 4.1 per cent to $0.1108, Ethereum (ETH) declined by 1.4 per cent to $2,329.51, Ripple (XRP) slipped by 1.7 per cent to $1.41, and Bitcoin (BTC) decreased by 0.3 per cent to $81,025.93, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

By Dipo Olowookere

The bulls returned to the Nigerian Exchange (NGX) Limited on Wednesday, helping the platform to close in green territory by 0.41 per cent.

Bargain-hunting activity by investors lifted the stock market at midweek, with all but one sector pointing northwards.

The banking counter appreciated by 0.78 per cent, the insurance sector grew by 0.62 per cent, the consumer goods industry improved by 0.26 per cent, and the industrial goods index expanded by 0.05 per cent, while the energy segment lost 0.01 per cent.

When the closing gong was struck to close trading activity, the All-Share Index (ASI) was up by 979.36 points to 242,729.51 points from 241,750.15 points, and the market capitalisation increased by N629 billion to N155.781 trillion from the previous day’s N155.152 trillion.

Airtel Africa gained 10.00 per cent to close at N3,323.40, CAP appreciated by 9.99 per cent to N193.20, Zichis expanded by 9.97 per cent to N27.58, RT Briscoe advanced by 9.95 per cent to N14.15, and FTN Cocoa rose by 9.92 per cent to N7.31.

Conversely, SUNU Assurances lost 10.00 per cent to trade at N4.05, Guinness Nigeria slipped by 9.99 per cent to N402.60, Caverton depreciated by 8.33 per cent to N5.50, Fortis Global Insurance shrank by 7.69 per cent to N1.08, and May and Baker decreased by 6.82 per cent to N32.00.

Investor sentiment was strong after the bourse finished with 46 appreciating equities and 24 depreciating equities, indicating a positive market breadth index.

CWG was the most active stock with a turnover of 421.7 million units worth N8.9 billion, Access Holdings transacted 85.4 million units valued at N2.1 billion, Chams traded 83.4 million units worth N267.0 million, Secure Electronic Technology sold 59.8 million units valued at N59.5 million, and Zenith Bank exchanged 56.0 million units for N7.2 billion.

In all, a total of 1.4 billion shares valued at N59.4 billion were bought and sold by investors in 85,804 deals at midweek versus the 1.3 billion shares worth N75.2 billion transacted in 102,665 deals a day earlier, representing an increase in the trading volume by 7.69 per cent, and a decline in the trading value and number of deals by 21.01 per cent, and 16.42 per cent, respectively.

By Adedapo Adesanya

The oil market fell sharply on Wednesday on optimism that the US and Iran were close to an agreement to end the conflict that has caused the largest energy supply disruption in history.

Brent crude futures tumbled nearly 8 per cent to close at $101.27 per barrel, while the US West Texas Intermediate (WTI) crude futures lost about 7 per cent to trade at $95.08.

Reuters reported that Pakistan said the United States and Iran were closing in on an agreement on a one-page memorandum ​of understanding.

Iran said on Wednesday it was reviewing a new US proposal and would convey its response soon via Pakistan. The country had said earlier that it would only accept ⁠a fair and comprehensive agreement.

US media outlet Axios reported that America expects Iranian responses on several key points in the next 48 hours, ​citing sources that said this was the closest the parties had agreed since the war began.

However, President Donald Trump on Wednesday expressed doubt that a deal would be finalised. He said it was “perhaps a big assumption” to think that Iran would accept the proposal. He threatened to resume military strikes on Iran if it did not agree.

Equally, a senior Iranian parliament member said the US proposal was more of a wish list than a reality.

Earlier this week, the ​US military said that it destroyed several Iranian small boats as part of efforts to help stranded ships exit the Strait of Hormuz, a waterway responsible for 20 per cent of crude and Liquified Natural Gas (LNG) flows. Market analysts noted that the global oil flow would take time to normalise even if the strait is restored.

The Strait of Hormuz closure has resulted in a drawdown in global oil and fuel inventories as refineries try to offset production shortfalls. Surging oil and energy costs are already creating demand destruction globally.

The US Energy Information Administration (EIA) said on Wednesday that US crude and fuel inventories continued to draw down last week as countries around the globe scrambled to fill supply gaps caused by disruptions from the conflict in the Middle ⁠East. Crude oil stocks ​fell by 2.3 million barrels to 457.2 million barrels last week.