Olumide Adesina

1 week ago | nairametrics.com | Olumide Adesina

The Nigerian currency showed weakness during midweek trading at the unofficial market, despite improved fundamentals in the country’s official market. The Nigerian naira faced increased pressure in the black market, trading at N1,620 to $1, compared to N1,605 to $1 the previous day. Market activity indicates that the Nigerian spot value appears stronger than traders had projected in the forward market, despite improvements in market liquidity and a weaker U.S. dollar index globally.

1 week ago | nairametrics.com | Olumide Adesina

Nigerian crude concluded Tuesday’s trading session positively amid significant uncertainty stemming from U.S. economic policies. The average price of Nigerian major oil blends on Tuesday was $68 per barrel, approximately $4 higher than the benchmark Brent Crude. Brent crude opened the mid-week trading session at about $64 a barrel.

1 week ago | nairametrics.com | Olumide Adesina

The Nigerian currency posted marginal gains in the country’s foreign exchange market, while the U.S. Dollar Index fell to its lowest level since 2022. Market activity showed the naira trading at the N1600/$ borderline in the official market, while fluctuating between N1620 and N1630/$ across various segments of the unofficial market.

2 weeks ago | nairametrics.com | Olumide Adesina

The Nigerian naira has failed to benefit from the declining U.S. dollar index, even as new tariffs imposed by the U.S. take effect. Market activity showed the naira trading at N1,625/$ in the unofficial market, despite the dollar index dropping by over 2% within two days. Fundamentals present mixed signals.

3 weeks ago | nairametrics.com | Olumide Adesina

Brent Oil Futures dropped approximately $10 a barrel since Thursday. The implementation of new tariffs and a surprise OPEC+ supply increase have negatively impacted the market. Oil prices sank dramatically as a new barrage of tariffs fueled fears of a global economic downturn, adversely impacting oil demand. Brent crude also reported its most significant sell-off since August last year, losing over 10% in less than two days, posting its worst daily decline since 2022.