By Adedapo Adesanya

The Nigerian Naira maintained stability against the United States Dollar on Wednesday in the different segments of the foreign exchange (FX).

At the parallel market, the exchange rate of the Naira to the Dollar remained unchanged at N1,380/$1 at midweek, and also traded flat at the GTBank forex counter at N1,371/$1.

Also, the Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) at N1,343.74/$1.

However, it further gained N1.65 against the Pound Sterling in the official market to close at N1,822.92/£1  compared to the previous rate of N1,824.57/£1, and appreciated against the Euro by 43 Kobo to N1,585.08/€1 from N1,585.51/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank turnover at the Nigerian foreign exchange market declined to N114.347 million from N141.315 million.

The relative stability of the official spot rate suggests there is no significant demand for foreign payments.

The outlook for the Naira remains positive despite a sharp decline in foreign reserves, which now stand below $49 billion. Previously, gross external reserves had crossed $50 billion, the highest level seen since 2009.

The amount reduced as the central bank maintained its FX intervention policy to keep the Naira within an acceptable range.

A boost in oil prices and sustained reforms have considerably alleviated liquidity challenges that have long plagued the Nigerian economy, although it has yet to translate to households.

Meanwhile, the cryptocurrency market was bullish, driven largely by derivatives and leveraged positioning, with on-chain activity and daily active addresses still trending lower.

Cardano (ADA) rose 4.4 per cent to $0.2497, Ripple (XRP) jumped 3.9 per cent to $1.40, Dogecoin (DOGE) grew by 3.6 per cent to $0.0965, Solana (SOL) appreciated by 2.9 per cent to $85.38, Binance Coin (BNB) increased by 1.8 per cent to $625.16, Ethereum (ETH) soared 1.6 per cent to $2,356.04, Bitcoin (BTC) chalked up 1.5 per cent to sell at $75,035.47, and TRON (TRX) went up by 0.8 per cent to $0.3257, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

By Dipo Olowookere

The local equity market maintained the bullish momentum on Wednesday, further appreciating by 1.69 per cent at the close of business.

The sustained appetite for stocks buoyed the growth reported by the Nigerian Exchange (NGX) Limited yesterday, although the buying pressure was on the energy and banking sectors, which gained 4.24 per cent and 3.15 per cent, respectively.

Business Post observed that selling pressure caused the insurance index to give up 1.33 per cent, the consumer goods industry to lose 0.20 per cent, and the industrial goods counter to shrink by 0.09 per cent.

But when trading activities came to an end, the All-Share Index (ASI) soared by 3,486.03 points to 209,317.41 points from 205,831.38 points, and the market capitalisation surged by N2.281 trillion to N134.773 trillion from N132.492 trillion.

The market breadth index was negative at midweek after the bourse ended with 35 price gainers and 37 price losers, showing weak investor sentiment.

Airtel Africa topped the advancers’ log after it chalked up 10.00 per cent to trade at N2,746.70. Aradel also appreciated by 10.00 per cent to N1,406.90, Ecobank grew by 9.98 per cent to N55.65, Trans-Nationwide Express improved by 9.89 per cent to N5.00, and Fortis Global Insurance jumped 9.82 per cent to N1.23.

Conversely, Austin Laz lost 9.77 per cent to close at N3.60, John Holt depreciated by 9.72 per cent to N13.00, CWG dropped 7.22 per cent to settle at N21.20, Conoil gave up 6.80 per cent to sell for N190.50, and Omatek decreased by 5.48 per cent to N2.07.

Zenith Bank led the activity with 73.3 million shares worth N8.8 billion, Tantalizers traded 56.5 million equities valued at N220.4 million, UBA sold 49.9 million stocks for N2.3 billion, Access Holdings exchanged 38.1 million shares worth N1.0 billion, and Secure Electronic Technology transacted 32.7 million equities valued at N31.7 million.

In general, investors bought and sold 706.4 million stocks worth N41.9 billion in 46,231 deals during the session versus the 569.3 million stocks valued at N32.3 billion traded in 45,777 deals on Tuesday, indicating an improvement in the trading volume, value, and number of deals by 24.08 per cent, 29.72 per cent, and 0.99 per cent, respectively.

By Adedapo Adesanya

Crude oil marginally appreciated on Wednesday as ongoing worries about supply disruptions offset ​comments by US President Donald Trump that the war in Iran could be over soon.

Brent futures rose 14 cents or 0.1 per cent to $94.93 a barrel, while the US West Texas Intermediate (WTI) futures gained one cent to settle at $91.29 per barrel.

It was reported that Iran could consider allowing ships to ‌sail freely through the Omani side of the Strait of Hormuz without risk of attack as part of proposals it has offered in negotiations with the United States, providing a deal is clinched to prevent renewed conflict.

Iran’s Revolutionary Guards declared the strait closed more than 40 days ago, ​effectively shutting in about 20 per cent of global oil and LNG shipments. Transit through the waterway remains at only a fraction of the 130-plus daily crossings before the ​war.

Also, the US has enacted a blockade of shipping leaving Iranian ports that its military said has completely halted trade going in and out of the country by sea.

US Treasury Secretary Mr Scott Bessent said the US will not be renewing the waivers that allowed the purchase of some Iranian and Russian oil without facing sanctions.

Finance ministers from almost ​a dozen countries, led by Britain, called on the US, Israel and Iran to implement their ceasefire in full and said the conflict would weigh on the global economy ​and markets even if it was resolved soon.

Meanwhile, President Trump threatened to fire Jerome Powell from his separate seat on the US central bank’s Board of Governors if the Federal Reserve chair does not vacate that post as well when his term as chairman ends on May 15.

Analysts worry that involving more politics in interest rate decisions could reduce the Federal Reserve’s ability to control inflation. President Trump wants the US central bank to cut rates, which would reduce consumer costs and could boost economic growth and demand for oil.

The International Monetary Fund (IMF) expects at least a dozen countries to seek new loan programmes to cope with surging ​energy prices and supply ⁠chain disruptions caused by the Middle East war.

Japan said it would establish a financial framework worth about $10 billion to help Asian countries procure energy resources and bolster their stockpiles.

Crude oil inventories in the US decreased by 900,000 barrels during the week ending April 10, according to new data from the US Energy Information Administration (EIA) released on Wednesday. This follows figures by the American Petroleum Institute (API) that were released a day earlier, which reported that crude oil inventories saw a build of 6.10 million barrels in the period.