Nigeria’s foreign exchange market saw renewed momentum on Thursday as the naira advanced against the US dollar, driven largely by a wave of dollar sell-offs from offshore investors repositioning into naira-denominated fixed-income instruments.
Analysts monitoring the market said the improvement in the official exchange window was further boosted by a fresh $50 million liquidity intervention from the Central Bank of Nigeria (CBN), introduced to ease pressure after days of sustained currency depreciation.
According to data published by the CBN, the spot exchange rate appreciated by 14 basis points, gaining ₦2.05 to close at ₦1,452.1342/$. During the session, the local currency traded between ₦1,459.99/$ and ₦1,450.00/$, reflecting increased supply conditions.
Foreign exchange dealers noted that the uptick was a direct outcome of the central bank’s injection, which pushed market supply above existing demand, reversing the losses recorded earlier in the week when dollar shortages triggered back-to-back declines.
Meanwhile, the CBN’s latest figures show Nigeria’s external reserves climbed by $71.1 million, rising to $44.1 billion as of November 19, 2025. Market strategists believe this strengthened reserve position will help guide the naira’s performance in the coming sessions, particularly as liquidity levels stabilise.
On the global energy front, crude oil prices dipped following reports that the U.S. administration under President Donald Trump intensified efforts to pressure Ukraine into accepting a peace deal with Russia, aimed at ending the three-year conflict.
Brent crude rose 32 cents (0.51%) to $63.32 per barrel, while U.S. West Texas Intermediate (WTI) slid 30 cents (0.51%) to $58.95 as traders assessed the geopolitical implications for energy supply.
Gold prices also weakened as markets processed stronger-than-expected U.S. jobs data for September, which lowered expectations of a potential Federal Reserve rate cut in December. Spot gold slipped 0.63% to $4,055.91/oz, while U.S. gold futures edged down 0.19% to $4,075.11/oz.
Investors are expected to trade cautiously heading into Friday, with sentiment tilted toward safe-haven assets amid ongoing geopolitical uncertainties.
