By Adedapo Adesanya

The Naira rallied against the United States Dollar by N4.68 or 0.34 per cent to trade at N1,371.51/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, March 12, compared with the N1,376.19/$1 it was traded on Wednesday.

The local currency also appreciated against the Pound Sterling in the same market window during the session by N10.67 to quote at N1,834.80/£1 versus midweek’s price of N1,845.47/£1, and strengthened against the Euro by N49.62 to finish at N1,581.89/€1, in contrast to the previous session’s N1,631.51/€1.

At the parallel market, the Naira also gained N10 against the Dollar yesterday to close at N1,410/$1 versus the preceding day’s rate of N1,420/$1, and gained N16 at the GTBank’s FX desk to settle at N1,391/$1 compared with the N1,407/$1 it was exchanged a day earlier.

Pressure further eased on the FX market as a result of inflows from foreign investors, exporters and non-bank corporates, among others.

With gross external reserves standing above $50 billion, the highest since 2009, analysts said the Naira has a positive outlook, amidst projections that the FX rate could rise to N1,300 per dollar in the first half of 2026.

However, external pressure threatens this, as increased demand for the US Dollar has strengthened globally due to the war triggered by the United States and Israel against Iran, which has been ongoing for two weeks.

A look at the digital currency market showed that prices extended a quiet stretch of consolidation that has kept the market largely unmoved by turbulence in global equities.

Amid geopolitical tensions in the Middle East and supply disruptions, crypto markets appear to be largely ignoring those pressures for now. Analysts noted that until a clear macro catalyst or wave of new capital arrives, the market appears content to consolidate gains rather than chase a breakout.

Cardano (ADA) appreciated by 6.0 per cent to $0.2743, Dogecoin (DOGE) grew by 4.9 per cent to $0.0966, Solana (SOL) added 4.6 per cent to sell for $88.99, Ethereum (ETH) rose by 4.3 per cent to $2,111.22, Ripple (XRP) jumped 3.9 per cent to $1.42, Bitcoin (BTC) expanded by 3.0 per cent to $71,546.01, Binance Coin (BNB) improved by 2.6 per cent to $661.08, and TRON (TRX) increased by 0.1 per cent to $0.2897, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

By Adedapo Adesanya

Brent crude crossed $100 a barrel again on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, while vowing to keep the vital Strait of Hormuz shut.

The oil grade chalked up $8.48 or 9.2 per cent to trade at $100.46 a barrel, while the US West Texas Intermediate (WTI) crude settled at $95.70, up $8.48 or 9.7 per cent.

At least six vessels in the strait were damaged in incidents across the Strait of Hormuz, where about a fifth of the world’s oil and gas supplies travel.

Commercial ships sailing under the flags of Thailand, Japan, and the Marshall Islands were targeted by unknown projectiles across the Persian Gulf’s key maritime artery.

Meanwhile, Iran’s Islamic Revolutionary Guards Corps (IRGC) said it had struck a Liberian-flagged vessel in the strait that it claimed was owned by Israel.

The country has indicated it considers the ships transferring oil to the US, Israel, and “their partners” as “legitimate” targets, with its new Supreme Leader, Mojtaba ​Khamene,i saying on ‌Thursday that the Strait of Hormuz should ​remain closed as ​a tool of pressure.

Oman shifted all vessels out of its main oil export terminal at Mina Al Fahal outside the Strait of Hormuz in a precautionary move.

In Iraqi waters, Iranian explosive-laden boats reportedly attacked two fuel tankers, setting them ablaze and killing one crew member, while a Japan-flagged container ship sustained minor damage from an unknown projectile 46 kilometres northwest of Ras Al Khaimah in the United Arab Emirates (UAE).

The war is causing the biggest oil-supply disruption in the history of global markets, the International Energy Agency said on Thursday, a day after approving the release of a record volume of 400 million barrels of oil from strategic stockpiles.

It also said that Middle East Gulf countries have cut total oil production by at least 10 million barrels per day – a volume equaling almost 10 per cent of world ​demand.

The energy watchdog warned that in the wake of the war, global oil supply is set to plunge by 8 million barrels per day in March, with curtailments in the Middle East partly offset by higher output from non-OPEC+ producers, Kazakhstan, and Russia. It added that the emergency stock release wouldn’t be able to offset a prolonged supply loss.

Meanwhile, the Group of Seven (G7) nations, consisting of the United States, Canada, Japan, Italy, Britain, Germany, and France, is exploring the possibility of escorting ships through the Gulf region, including the crucial Strait of Hormuz.

By Dipo Olowookere

After going down for two straight trading sessions, the Nigerian Exchange (NGX) Limited returned to winning ways on Thursday, closing higher by 0.52 per cent.

Renewed bargain-hunting rescued Customs Street from the snarl of the fowler, as the bears were not ready to let go.

Data obtained by Business Post from the bourse confirmed this, as investor sentiment remained bearish after a negative market breadth index. There were 31 price gainers and 35 price decliners yesterday.

Also, the sustained selling pressure weakened three of the five indices tracked by this newspaper, with the insurance space down by 0.71 per cent, the banking counter down by 0.45 per cent, and the energy industry down by 0.29 per cent.

However, the industrial goods sector appreciated by 1.88 per cent, while the consumer goods index improved by 0.25 per cent.

As a result, the All-Share Index (ASI) went up by 1,010.23 points to 196,908.76 points from 195,898.53 points, and the market capitalisation expanded by N649 billion to N126.399 trillion from N125.750 trillion.

FTN Cocoa topped the advancers’ chart after it grew by 10.00 per cent to N6.27, Fidson surged by 9.97 per cent to N105.35, Deap Capital advanced by 9.89 per cent to N7.00, Caverton rose by 9.40 per cent to N6.40, and Livestock Feeds increased by 9.30 per cent to N7.05.

On the flip side, Eterna lost 10.00 per cent to trade at N42.30, Omatek deflated by 10.00 per cent to N2.52, SCOA Nigeria crashed by 9.94 per cent to N22.65, Fortis Global Insurance contracted by 9.24 per cent to N1.08, and Sovereign Trust Insurance slipped 9.09 per cent to N2.10.

During the session, market participants traded 549.8 million equities worth N44.7 billion in 55,465 deals versus the 671.3 million shares valued at N26.1 billion transacted in 58,792 deals on Wednesday.

This indicated that the value of transactions soared by 71.26 per cent, while the volume of trades and the number of deals decreased by 18.10 per cent and 5.66 per cent apiece.

Fortis Global Insurance finished the day as the busiest stock with 32.2 million units valued at N34.8 million, Access Holdings traded 28.1 million units worth N701.0 million, First Holdco exchanged 27.7 million units for N1.4 billion, Zenith Bank transacted 27.5 million units worth N2.6 billion, and Dangote Cement sold 26.9 million units valued at N20.7 billion.