By Adedapo Adesanya

The Naira depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 20, by N6.03 or 0.45 per cent to close at N1,349.67/$1, in contrast to the previous session’s N1,343.64/$1.

In the same vein, the local currency also fell against the Pound Sterling in the trading first session of the week by N2.39 in the official FX market to trade at N1,826.78/£1 compared with the N1,824.39/£1 it was exchanged for last Friday, but appreciated against the Euro by N1.76 to finish at N1,589.38/€1 versus N1,591.14/€1.

A look at the black market window showed that the Nigerian Naira traded flat against the US Dollar yesterday at N1,375/$1, but appreciated by N1 at the GTBank forex counter to sell at N1,354/$1 compared with the preceding session’s N1,355/$1.

The Naira is under pressure from surging international payments at the start of the week, which is expected to put further pressure on the country’s foreign reserve. The reserve is expected to decline further amid fluctuations in crude oil prices in the global commodity market.

The US Dollar is showing slight strength globally due to rising tensions between the US and Iran. Investors are moving towards safer assets like the Dollar because of uncertainty in the Middle East. The situation is tense as Iran has pulled out of talks with the US, and concerns remain about the Strait of Hormuz, an important route for global oil supply.

As for the cryptocurrency market, digital assets were largely up as markets bet on progress in cease-fire talks between Iran and the US, even as the current two-week truce nears its Wednesday deadline.

US President Donald Trump said on Monday that he is not likely to extend it, and market analysts noted that that’s the deadline markets are now trading on.

Solana (SOL) gained 2.0 per cent to sell at $85.64, Bitcoin (BTC) jumped by 1.9 per cent to $75,791.24, Ripple (XRP) increased by 1.9 per cent to $1.43, and Binance Coin (BNB) rose by 1.8 per cent to $630.76.

Further, Ethereum (ETH) improved by 1.7 per cent to $2,311.60, Cardano (ADA) soared by 1.6 per cent to $0.2490, and Dogecoin (DOGE) expanded by 1.3 per cent to $0.0954, while TRON (TRX) depreciated by 0.9 per cent to $0.3286, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) unchanged at $1.00 apiece.

By Dipo Olowookere

The continued strong appetite for local stocks further strengthened the Nigerian Exchange (NGX) Limited by 0.44 per cent on Monday.

The domestic bourse remained in green territory yesterday despite a weakened activity level, which saw the trading volume and value down 24.31 per cent and 6.62 per cent, respectively, while the number of deals increased by 34.23 per cent.

According to trading data from Customs Street, investors transacted 984.0 million shares worth N50.8 billion in 76,410 deals on the first trading day of this week compared with the 1.3 billion shares valued at N54.4 billion traded in 56,923 deals last Friday.

Access Holdings returned to the top of the activity log with 91.7 million equities sold for N3.0 billion, First Holdco exchanged 70.2 million stocks worth N4.8 billion, Zenith Bank traded 54.9 million shares valued at N7.0 billion, Lasaco Assurance transacted 53.8 million equities worth N107.5 million, and UBA recorded a turnover of 52.6 million stocks valued at N2.7 billion.

Business Post reports that investor sentiment was weak on Monday despite the positive outcome, as there were 27 appreciating stocks and 46 depreciating stocks, implying a negative market breadth index.

Bargain-hunting in NAHCO, which went up by 10.00 per cent to N242.00, and others ensured that the NGX remained in green territory. Union Dicon also gained 10.00 per cent to trade at N18.15, Fidelity Bank improved by 9.98 per cent to N22.05, Trans-Nationwide Express expanded by 9.92 per cent to N6.65, and Access Holdings rose by 9.87 per cent to N32.85.

On the flip side, Living Trust Mortgage Bank lost 10.00 per cent to quote at N3.69, Stanbic IBTC also declined by 10.00 per cent to finish at N169.70, Transcorp Power gave up 9.97 per cent to close at N272.70, Abbey Mortgage Bank crashed by 9.88 per cent to N7.30, and Guinea Insurance dropped 8.80 per cent to settle at N1.14.

It was observed that all the major sectors of the market were bullish yesterday, with the banking index growing by 2.56 per cent. The energy space appreciated by 0.75 per cent, the consumer goods counter improved by 0.38 per cent, and the industrial goods sector gained 0.35 per cent, while the insurance segment closed flat.

At the close of business, the market capitalisation went up by N609 billion to N140.436 trillion from N139.827 trillion, and the market capitalisation soared by 946.27 points to 218,113.84 points from 217,167.57 points.

By Adedapo Adesanya

The oil market soared around 6 per cent in Monday trading ​on uncertainty over peace talks between the United States and Iran after violence flared around the Strait ‌of Hormuz.

Brent crude futures went up by $5.10 or 5.64 per cent to $95.48 per barrel, while the US West Texas Intermediate (WTI) crude futures advanced by $5.76 or 6.87 per cent to $89.61 per barrel.

The latest round of escalations in the Middle East pushed prices up, renewing fears of a drastic global energy shock, following a weekend of tensions, where shipping in the Strait of Hormuz has once again ground to a halt after a brief opening on Friday.

More than ⁠20 ships ​passed through the strait on Saturday, carrying oil, liquefied petroleum gas, ​metals and fertilisers, which was the highest number of vessels crossing the waterway since March 1.

However, the new regime in Iran has warned that the latest closure will remain in place until the US blockade is lifted.

Over the weekend, the US seized an ​Iranian cargo ship that tried to break through its blockade while Iran said it would ⁠retaliate, heightening fears of a resumption in hostilities.

Iran has warned that it cannot guarantee safe passage through the Strait of Hormuz if its oil exports continue to be restricted, saying that security for shipping in the waterway cannot be separated from pressure on its own crude flows.

Prior to that, Iran said that passage for all commercial vessels through the ​Strait of Hormuz was open for the remainder of a ceasefire announced earlier. Shipping ​traffic through the Strait of ​Hormuz typically handles roughly ⁠one-fifth of the world’s oil and liquefied gas supply.

The renewed pressure also comes as Iran-aligned Houthis have threatened to target the Bab el-Mandeb Strait, raising concerns about additional risks to alternative export routes for Middle East crude.

With the two-week ceasefire set to expire later this week, the renewed hostilities ​cast doubts over prospects for a second round of talks between the US and Iran in Pakistan.

Meanwhile, US President Donald Trump said he was sending a new delegation to Pakistan for peace talks, which follows a previous 21-hour stint led by Vice President JD Vance, failing to broker an agreement. Reuters reported on Monday that Iran is considering attending the peace talks.