By Adedapo Adesanya

The Naira improved its value against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, June 19 amid forex liquidity strain.

During the trading session, the domestic currency gained N2.84 or 0.18 per cent against the greenback in the official market to settle at N1,547.71/$1, in contrast to the N1,550.55/$1 traded in the previous day.

In the same vein, the Nigerian Naira gained N2.76 against the Pound Sterling at NAFEM yesterday to quote at N2,081..36/£1 versus Thursday’s closing price of N2,084.12/£1 and closed flat against the Euro to finish at N1,799.35/€1.

Also, in the parallel market, the Naira appreciated against the Dollar on Friday by N5 to sell for N1,580/$1 compared with the N1,585/$1 it was exchanged a day earlier.

This week, the Naira performed well due to continued investor confidence and market optimism boosted by better non-oil exports over the last few months and offshore FX inflows, which eased forex pressure.

In the week, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025 from the 23.71 per cent recorded in April 2025.

In addition, the Central Bank of Nigeria (CBN) signalled that the health of the country’s banking system was okay amid fears of dividend pause for banks facing possible distress.

Meanwhile, the cryptocurrency market turned bearish on Friday following escalating geopolitical tensions — triggered by Israel launching airstrikes on Iran last Thursday — caused cryptos to drop.

The tensions have only been mounting since, with US President Donald Trump calling for Iran’s “unconditional surrender” and threatening Iran’s supreme leader, Ayatollah Ali Khamenei.

Ethereum (ETH) lost 3.8 per cent to sell at $2,424.38, Solana (SOL) fell by 3.5 per cent to close at $140.31, Dogecoin (DOGE) slumped by 2.8 per cent to $0.1630, and Cardano (ADA) declined by 1.3 per cent to trade at $0.5836.

Further, Bitcoin (BTC) tumbled by 1.1 per cent to close at $103,555.63, Ripple (XRP) went down by 0.6 per cent to $2.12, Litecoin (LTC) shrank by 0.6 per cent to $83.97, and  Binance Coin (BNB) slid by 0.3  per cent to $643.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

By Adedapo Adesanya

The oil market closed lower on Friday after the United States imposed new Iran-related sanctions, marking a diplomatic approach that raised the possibility of a negotiated agreement, with Brent losing $1.84 or 2.33 per cent to trade at $77.01 per barrel and the US West Texas Intermediate (WTI) crude declining by 21 cents or 0.28 per cent to quote at $74.93 per barrel.

The administration of President Donald Trump issued fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions a day after he said it could take two weeks to decide the involvement of his country in the Israel-Iran conflict.

According to a notice, an escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to oil at being traded at $100 a barrel.

In the last weeks, Israel bombed nuclear targets in Iran, while Iran, which is the third-largest producer under the Organisation of the Petroleum Exporting Countries (OPEC), fired missiles and drones at Israel as neither side showed any sign of backing down.

As the conflict entered a second week, there was no indication that either side was looking to stand down, and that kept traders on edge.

Although oil exports so far have not been disrupted and there is no shortage of supply, traders will continue to watch possible threats to close the Strait of Hormuz, a vital route for Middle East oil exports.

Each day, about 18 to 21 million barrels of oil and petroleum products move through the strait, roughly one-fifth of the world’s oil supply.

Market analysts warned that an escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to oil selling at $100 – $130 a barrel.

Elsewhere, the European Union has abandoned its proposal to lower the price cap on Russian oil to $45, to stop it from funding its three year aggression against Ukraine.

According to energy services firm, Baker Hughes, US energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since September 2023.  The oil and gas rig count, an early indicator of future output, fell by one to 554 in the week to June 20, the lowest since November 2021.

By Modupe Gbadeyanka

A company, Quintessential Investment Company Limited, has been dragged before Justice Dipeolu of the Federal High Court sitting in Ikoyi, Lagos.

The firm was arraigned on Friday, June 20, 2025, by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC).

It was accused of operating a foreign exchange (FX) trading business in the country without obtaining a license from the Central Bank of Nigeria (CBN).

The EFCC said Quintessential Investment requested funds from members of the public with a promise of delivering a 25 per cent return on investment (ROI).

At the hearing today, the prosecuting counsel, Mr Abdulhamid Tukur, said the commission received a petition from a group of investors over the activities of the organisation.

“That you, Quintessential Investment Company Limited, sometime within January and December 2020 in Nigeria, within the judicial division of this court, being a company incorporated in Nigeria, failed to obtain a valid licence from the CBN to carry on your business of investment management and you thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Sections 57(5) of the same Act,” one of the charges against the suspect read.

After pleading “not guilty,” Mr Tukur called on an investigator with the EFCC, Mr Nnadikwu Izuchukwu Collins, to review the facts.

Mr Collins informed the court that between 2021 and 2022, over 25 petitions were received from various investors, including one Wisdom Odianosen Okoduwa, against the defendant, Quintessential Investment, and its alter ego, Mr Joshua Adeyinka Kayode.

According to him, “The petitioners alleged that the defendant made wide-range adverts in 2020 and 2021 calling on members of the public to invest in his forex trading business, with a promise of 35 per cent monthly ROI.

“Based on the defendant’s assurances, they cumulatively invested the total sum of N1.2 billion and $500,000.

“They further alleged that, at the maturity of their investments, the return on investments and capital were never received. They also alleged that the defendant had been evading all communications, hence they wrote a letter of complaint to the commission.”

“Further analysis on the defendant’s account in United Bank of Africa (UBA) revealed that the defendant received the sum of N1.195 billion and this money was disbursed for personal use and paying back existing investors,” he added.

After admitting and marking the evidences presented by the agency as exhibits, Justice Dipeolu adjourned the case till July 8, 2025 for cross-examination and continuation of trial.