Naira Weakens to N1463 at Official Window – CBN FX Update

The naira weakened against the US dollar for the second day and traded at N1463 at the Nigerian foreign exchange market on Tuesday. The local currency fell as demand for the dollar increased.

At the global forex market, the US dollar posted gain against all the major trading partners amidst U.S shutdown. FX demand in Nigeria has been on the rise, reflecting seasonal demand.

The spot rate at the official and parallel market depreciated versus US dollar, though analysts said the Central Bank has strong buffer to tame demand pressures.

At the official window, the CBN reported that the Naira weakened by 39bps to close at ₦1,463.2342/$, having traded within a range of ₦1,457.00 to ₦1,474.00 during the session.

Meanwhile, Nigeria’s gross external reserves rose by $43.0 million to $42.63 billion as of October 13, 2025. The naira to remain at similar level amid robust external reserve.

External reserves sustain uptrend despite uncertainties in the global commodity market, and reduced output in Nigeria.  Global oil prices fell by more than 2% on Tuesday as the IEA warned of a huge supply glut in 2026, and as persisted trade tensions between the U.S. and China intensify.

Brent crude dipped 88 cents, or 1.39%, to $62.44 per barrel, while U.S. West Texas Intermediate (WTI) recede 33 cents, or 0.56%, to $58.74.

Conversely, gold notched a fresh record high above the $4,100 level, lifted by expectations of a rate cut this month by the U.S. Fed and a flight to safety after a flare-up in trade tensions between the U.S. and China. Spot gold climbed 0.52% to $4,149.82/oz, while U.S. gold futures advanced 0.47% to $4,165.10/oz.

Analysts at AIICO Capital Limited expect market sentiment to remain cautious tomorrow, with safe-haven assets like gold likely to stay supported on rising U.S. rate cut expectations, while risk assets may face pressure amid ongoing geopolitical and supply concerns weighing on oil prices. Transcorp Power Hits All-Time High as Q3 Earnings Renew Investors Confidence