General News
Naira to Find Support From Rising Oil Prices; Dollar softens
By Lukman Otunuga, Research Analyst at FXTM,
The Dollar tumbled against a basket of major currencies on Wednesday evening, after minutes from the latest FOMC meeting revealed policymakers had adopted a more cautious approach towards raising rates.
Most policymakers expressed concern over the volatile financial markets, plateauing global growth, and ongoing trade tensions. With officials also believing that inflation remained muted, the US central bank could “afford to be patient” about further policy tightening. External and domestic risks have made the future path of interest rate hikes “less clear”, and this may end up fuelling expectation over the Fed taking a pause on rate hikes this year.
Appetite towards the Dollar diminished further following the cautious Fed minutes with prices sinking towards 95.20 as of writing. A solid breakdown and daily close below the 95.00 level could open a clean path towards 94.65 in the near term.
A dovish Fed was good news for emerging market currencies with the Chinese Yuan, South African Rand, and Naira among many others holding ground against the Dollar. Attraction towards EM currencies is likely to be boosted further by optimism over US-China trade talks. While the improving market mood is a welcome development for emerging markets, the geopolitical risks weighing on global sentiment remain present. With Brexit-related uncertainty, chaos in Washington and lingering growth fears on the mind of many investors, EM currencies remain in the crosshairs.
In Nigeria, the Naira traded around 361N on the parallel exchange due to trade talk optimism and rising oil prices. Oil prices were elevated by Dollar weakness today while optimism over US-China trade negotiations easing tensions between the world’s two largest economies supported upside gains. While the commodity is seen extending gains in the near term amid the improving market mood, the upside remains limited by supply and demand dynamics. Oversupply fears coupled with concerns over falling demand are poised to create headwinds for oil bulls down the road. Depressed oil prices will continue impacting confidence over Nigeria’s ability to move ahead with its 2019 budget which pegged oil prices at $60.
A cautious Fed pushed gold prices back above $1,290 yesterday evening. While market optimism over US-China trade talks continues to weigh on the precious metal, dollar weakness and expectations over the Fed taking a pause on rate hikes are likely to keep prices buoyed. With rising geopolitical risks and global growth fears fuelling risk aversion down the road, the outlook for gold points to further upside. In regards to the technical picture, the precious metal is firmly bullish on the daily charts. A breakout above $1,290 is likely to encourage an incline higher towards the $1,300 psychological level.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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