Recent foreign exchange (FX) pressure on the Naira eased on Thursday as its against the US Dollar closed stronger in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.64 or 0.11 per cent to N1,441.44/$1 from the N1,443.08/$1 it was exchanged a day earlier.
Equally, the Nigerian Naira improved its value against the Pound Sterling in the official market by N2.44 to sell for N1,898.96/£1 versus the previous day’s N1,901.40/£1. However, it depreciated against the Euro by 99 Kobo to close at N1,674.96/€1, in contrast to Wednesday’s closing price of N1,673.97/€1.
At the GTBank forex counter, the domestic depreciated against the Dollar yesterday by N3 to settle at N1,450/$1 versus the preceding session’s rate of N1,447/$1, and in the black market, the exchange rate of the Naira to the Dollar remained unchanged at N1,455/$1.
The local currency is trying to claw back some losses recorded this week as unmet demand from thin US dollar supply has invited pressure across key segments.
However, positive signals like Nigeria’s gross external reserves rising by more than $30 million day on day to close at $43.427 billion as of November 11, 2025, gives the Central Bank of Nigeria (CBN) enough power to make significant intervention.
In recent weeks, the apex bank FX injection has been minimal and erratic due to increasing FX inflows from foreign portfolio investors and exporters. FX inflow into currency market has fallen from peaked of $1.37 billion to $899 million.
In the cryptocurrency market, there were significant declines on Thursday as short and long-term investors liquidated their positions. More than $1 billion in leveraged crypto positions were wiped out over 24 hours, with roughly $887 million coming from longs.
Ethereum (ETH) slumped by 10.9 per cent to $3,160.25, Solana (SOL) went south by 10.3 per cent to $140.65, Cardano (ADA) depreciated by 9.6 per cent to $0.5146, Ripple (XRP) fell by 9.2 per cent to $2.27, Dogecoin (DOGE) slipped by 8.2 per cent to $0.1620, Bitcoin (BTC) dropped 6.9 per cent to $96,351.91, Binance Coin (BNB) shrank by 6.1 per cent to $909.83, and Litecoin (LTC) went down by 5.4 per cent to $95.57, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.