Naira Appreciates to N1436/$ as FX Pressures Ease

The naira climbed against the US dollar to N1436 at the official window as pressures from rising FX demand for international payments eased on Thursday.

According to updated FX data released by the Central Bank of Nigeria today, the spot fx rate hit an intraday high of N1441, a sharp appreciation from N1446 in the previous day.

The local currency hit an intraday low of N1434 per dollar, reflecting the absence of significant demand for US dollar that total supply cannot handle sufficiently at the official window.

The official spot FX rate closed at N1436.7420 on Thursday as against the exchange rate of N1438.4950 reported by the CBN on Wednesday.

In the parallel market, the naira settled at ₦1,450/$ as CBN halts supply amidst growing external reserves. The nation’s foreign reserves rose to about $43.3 billion, covering 12 months of imports.

The naira is projected to trade strong, with Eurobond raises totalling $2.35 billion providing additional support for the local currency outlook.

“We expect market stability to depend on global oil prices, continued CBN FX interventions, and overall investor sentiment—particularly the Federal Government’s response to President Trump’s comments on attacks in Nigeria and his threats of possible military action or aid suspension.

“However, strong external reserves and expectations of sustained high crude oil prices are also expected to provide additional support to the Naira,” AIICO Capital Limited said in a report.

The World Bank said in a report that oil prices rose by 5 percent toward the end of the month after new U.S. sanctions were announced on Russian oil companies, with Brent closing at about $65 per barrel (bbl) on October 29.

On Thursday, Brent traded at $63 per barrel as US inventories rose, while OPEC+’s decision to pause the output hike reduced oversupply concerns.

Throughout 2025, oil prices declined due to ongoing trade policy tensions and concerns over excess supply, with occasional short-term increases in response to geopolitical events.

The decline in Brent contributed to the Urals price falling below $60/bbl — the price cap in place since February 2025 — before a lower cap of $47.6/bbl was introduced in September.

Global oil demand is estimated to have increased by only 0.8 million barrels per day (mb/d), or 0.7 percent year-on-year, in 2025Q3, indicating continued sluggish growth relative to the 2015-19 average.

This trend is expected to continue, resulting in an annual demand of 103.8 mb/d in 2025 and 104.5 mb/d in 2026.

Oil consumption in advanced economies is projected to remain stable, whereas growth in China will likely moderate due to the accelerated adoption of electric and hybrid vehicles.

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