The Naira extended its depreciation against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, October 14 by N5.72 or 0.39 per cent to trade at N1,463.23/$1, in contrast to the preceding session’s value of N1,457.51/$1.
Equally, the Naira depreciated against the Pound Sterling in the official market yesterday by N2.65 to sell for N1,945.66/£1 versus Monday’s N1,943.01/£1, and lost N8.24 against the Euro to close at N1,694.43/€1 versus the preceding day’s value of N1,686.19/€1.
In the parallel market, the Nigerian currency traded flat against the greenback on Tuesday at N1,480/$1 and was also flat against the Dollar at GTBank at N1,470/$1.
Increased seasonal pressure continued to weaken the local currency, while there is continued disparity in the volume of US Dollars available at the supply side with the central bank reduced intervention indicating comfort with the trading range.
This occurred even as Nigeria’s gross external reserves rose by $43.0 million to $42.63 billion as of October 13, 2025, supported by oil earnings, diaspora remittances, and foreign portfolio inflows, reinforcing confidence in the foreign exchange market.
Market analysts warn that the country’s crude oil earnings may be impacted by reduced geopolitical risks following ease in tension between Israel and Hamas and tariff wars between the US and China.
In the cryptocurrency market, most of the tokens remain in red after China’s trade measures against US entities spurred risk-off sentiment globally.
China sanctioned US units of South Korean shipbuilder Hanwha Ocean in a move that reignited fears that the trade conflict with Washington could spiral, just days after both sides signaled restraint.
The correction extends a volatile stretch that began with US President Donald Trump’s 100 per cent tariff threat on Chinese imports last week, a shock that triggered crypto’s largest-ever liquidation event.
Binance Coin (BNB) declined by 4.1 per cent to $1,193.35, Ripple (XRP) lost 1.3 per cent to close at $2.49, Dogecoin (DOGE) depreciated by 1.1 per cent to $0.2034, Cardano (ADA) shed 0.8 per cent to trade at $0.6970, Bitcoin (BTC) depleted by 0.6 per cent to $112,337.28, and Ethereum (ETH) shrank by 0.2 per cent to $4,100.12.
On the flip side, Litecoin (LTC) jumped by 1.5 per cent to $98.05, and Solana (SOL) appreciated by 0.3 per cent to $203.41, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.