By Adedapo Adesanya

The value of the Naira improved against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N1.44 or 0.11 per cent on Thursday, April 16, to N1,342.30/$1 from Wednesday’s N1,343.74/$1.

In the same vein, the domestic currency appreciated against the Pound Sterling in the official market during the session by N3.56 to close at N1,819.36/£1  compared with the previous rate of N1,822.92/£1, and against the Euro, it gained N3.99 to trade at N1,581.09/€1, in contrast to the N1,585.08/€1 it was traded at midweek.

At the black market segment, the Naira appreciated against the greenback yesterday by N5 to sell at N1,375/$1 versus the preceding session’s N1,380/$1, and at the GTBank FX desk, it improved by N16 to settle at N1,355/$1 compared with the previous day’s N1,371/$1.

The Central Bank of Nigeria (CBN) data revealed that NFEM interbank turnover decreased to N72.255 million across 82 deals on Thursday, from N114.347 million.

The relative appreciation of the official spot rate suggests there is no significant demand for foreign payments. Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.

The global market is looking at forthcoming peace talks between the US and Iran with hopes that it would resolve disruptions to Middle Eastern energy supplies caused by the ongoing war.

As for the cryptocurrency market, it recorded a mixed outcome, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.

The market is heavily short, raising the risk of a sharp short squeeze that some traders say could push prices toward $125,000 in the coming months.

Solana (SOL) appreciated by 2.4 per cent to $87.41, Ripple (XRP) jumped 1.5 per cent to $1.42, Cardano (ADA) rose 0.9 per cent to $0.2525, Binance Coin (BNB) increased by 0.5 per cent to $628.32, Dogecoin (DOGE) gained 0.3 per cent to finish at $0.0969, and TRON (TRX) expanded by 0.1 per cent to $0.3257.

On the flip side, Ethereum (ETH) depreciated by 1.6 per cent to $2,320.35, and Bitcoin (BTC) went down by 0.5 per cent to $74,677.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

By Aduragbemi Omiyale

The 60-megawatt (MW) Independent Power Plant (IPP) in Yenagoa, Bayelsa State, commissioned about a week ago by President Bola Tinubu, will receive gas supply from Oando Plc.

The indigenous energy solutions provider secured this exclusive gas supply deal through its upstream Joint Venture (JV) with Nigerian National Petroleum Company E&P Limited (NEPL).

Under the agreement, the company will deliver 11.2 million standard cubic feet per day (11.2 MMSCFD) through the Elebele Valve Station, interconnected with a major trunkline, ensuring an uninterrupted feedstock supply to the power plant.

This supply is underpinned by a long-term gas supply arrangement, providing a stable and predictable revenue stream while supporting higher-value domestic gas monetisation and diversifying the JV’s revenue base, Oando said in a statement on Thursday.

The Bayelsa State IPP is expected to deliver stable electricity to tens of thousands of homes, alongside commercial and industrial users in Yenagoa and its environs, reducing reliance on self-generation and lowering end-user power costs.

The plant operates as a fully integrated system, combining gas supply, embedded generation, and a ring-fenced distribution network.

The reliance on Oando for gas supply to the facility underscores its commitment to strengthening Nigeria’s power sector.

This builds on a proven track record of delivering first-of-its-kind projects, including the development and operation of Nigeria’s first combined cycle power plant, the flagship Okpai IPP, Akute IPP in Ogun State, and the Alausa IPP in Lagos, one of the earliest embedded generation projects in the country.

“This project reflects our long-standing commitment to Bayelsa State and its people. By enhancing power reliability, we are helping to unlock new opportunities for businesses, improve living standards, and stimulate broader economic growth across the State.

“Our integrated approach, connecting gas to demand and delivering stable energy where it is needed most, ensures that development is both sustainable and inclusive. As one of the largest employers in Bayelsa, we are proud to deepen our contribution to the state’s progress,” the chief executive of Oando, Mr Wale Tinubu, stated.

The deal demonstrates the potential for gas-to-power developments across the JV’s infrastructure footprint, reinforcing Oando’s strategy to deepen participation in Nigeria’s domestic gas value chain.

It further highlights public-private collaboration as an effective model for infrastructure delivery, with scope for broader application across future developments in Nigeria.

By Adedapo Adesanya

Oil ​prices were up on Thursday amid scepticism that forthcoming peace talks between the US and Iran would  ‌resolve disruptions to Middle Eastern energy supplies caused by the ongoing war.

Brent crude futures climbed $4.46 or 4.7 per cent to $99.39 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $3.40 or 3.7 per cent to settle at $94.69 a barrel.

The US-Israeli war with Iran stands as the largest-ever disruption of global oil and gas supplies due to Iran’s ​interruption of traffic through the Strait of Hormuz, which typically carries about 20 per cent of the world’s oil and liquefied natural ​gas flows.

Reuters reported that American and Iranian negotiators have scaled back their expectations for a comprehensive peace deal and are instead ​seeking a temporary memorandum to prevent a return to conflict.

Iran, which has faced crippling US sanctions for years, wants a memorandum to include unfreezing some Iranian funds ​in return for allowing more ships through the strait. The US is demanding a halt to Iran’s nuclear enrichment work for 20 years, while Iran wants to limit it to three to five years. It also wants a timetable for lifting the sanctions imposed on the country by the United Nations, the US and the European Union (EU).

US President Donald Trump later said the Middle East nation is very close to a deal with Iran, an assertion he has previously made.

With the US blockade of Iranian ports announced after the collapse of peace talks over the weekend, the disruption ⁠could ​increase, although some US-sanctioned tankers have made it through.

Oil benchmarks barely reacted to his remarks, just as the markets also did not ​react to his announcement of a 10-day ceasefire between Israel and Lebanon in their related conflict, starting Thursday.

The supply disruptions are straining global ​oil inventories, particularly for jet fuel in parts of Asia and Africa. For instance, Nigerian airlines threatened to ​suspend all flight operations from April 20, unless there is an easing of crippling jet fuel ‌prices, which they accused the country’s fuel marketers of artificially inflating.

The International Monetary Fund (IMF) has downgraded global growth and warns of a potential recession if the Iran war drags on.