Naira Upswings as U.S Dollar Supply Covers FX Demand
The Naira rebounded by 11 basis points, or ₦1.64, to close at ₦1,441.4445 per U.S. dollar, having traded within a range of ₦1,539.35/$ and ₦1,437.00/$ during the session.
The spot FX rate decline was driven by unmet demand from the previous session as the US dollar supply remained thin. Nigeria’s gross external reserves rose by more than $30 million day on day to close at $43.427 billion as of November 11, 2025.
The naira to remain at similar level amid robust external reserve despite crude oil price fluctuation in the global commodity market. On Thursday, oil prices ticked up after easing nearly 4% in the previous session as investors weighed concerns about global oversupply with looming sanctions against Russia’s Lukoil.
Brent crude rose by 88 cents, or 1.42%, to $63.05 per barrel, while U.S. West Texas Intermediate (WTI) inched up by 29 cent, or 0.50%, to $58.78.
However, gold prices climbed to more than a three-week high, supported by expectations the release of economic data following the reopening of the U.S. government could bolster the case for a Federal Reserve interest rate cut next month.
Spot gold spiked 0.02% to $4,199.37/oz, while U.S. gold futures dipped by 0.25% to $4,203.12/oz.
The market expects oil to remain under pressure amid indications of rising U.S. inventories and a looming supply glut, while gold will likely hold firm or edge higher as interest‐rate cut expectations gain traction following the U.S. shutdown resolution. Dangote Cement Falls by 10% in Post-Earnings Sell Action
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