Naira Mixed as Nigeria Raises $2.35bn External Loans

The Nigerian naira traded on a mixed note across currency markets at the time the country successfully raised a total of $2.35 billion in external loans from the international market.

The naira lost at the official window, and the spot rate at the unofficial window improved, and this narrowed the gap between the two markets significantly.

The Central Bank of Nigeria (CBN) daily FX indicated that the naira weakened against the U.S. dollar in the official market on Wednesday, depreciating by 0.34% to close at ₦1,438.49/$.

The spot rate touched an intraday high of N1446 per dollar, reflecting growing pressures from increased demand for US dollars for international payments. Some transactions were close to the intraday low of N1435 per dollar.

The naira has lost N17 per dollar since the beginning of the week in the absence of CBN intervention and growing demand for the greenback.  Conversely, in the parallel market, the naira appreciated by 2.49% to close at ₦1,443/$, according to channel check.

MarketForces Africa reported that external reserves surged to $43.278 billion this week, covering more than 12 months of the country’s imports, from $43.197 billion at the end of October, 2025.

Elsewhere, Nigeria has successfully priced $2.35 billion in Eurobonds maturing in 2036 (Long 10-year) and 2046 (Long 20-year) in the international capital market.

According to a statement issued by the Debt Management Office (DMO), 1.25 billion dollars and 1.10 billion dollars of the Eurobonds are placed in the 2036 and 2046 maturities, respectively.

The office said that the Long 10-year bond and the Long 20-year notes were priced at coupons/yields of 8.6308 per cent and 9.1297 per cent respectively.

It said that Nigeria was pleased to have attracted a wide range of investors from multiple jurisdictions, including the United Kingdom, North America, Europe, Asia, Middle East and participation from Nigerian investors. GTCO Falls, Investors Exit Position after Earnings Disappoint

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