The Nigerian naira weakened further against the US dollar for the second consecutive day, closing at ₦1,463 per dollar at the official foreign exchange window on Tuesday, as dollar demand continued to mount across the market.
Increased foreign exchange (FX) demand — particularly from importers and investors — exerted downward pressure on the naira, even as the Central Bank of Nigeria (CBN) maintained strong intervention capacity.
At the global level, the US dollar appreciated against major currencies as investors sought safety amid renewed concerns over a potential U.S. government shutdown.
Official data from the CBN showed that the naira depreciated by 39 basis points to close at ₦1,463.23/$, trading within the range of ₦1,457 to ₦1,474 during the day’s session. Similarly, the parallel market rate moved in tandem, reflecting consistent demand pressures.
Despite the depreciation, Nigeria’s external reserves continued their upward trend, rising by $43 million to $42.63 billion as of October 13, 2025 — a sign of healthy FX buffers to stabilise market volatility.
Analysts predict that the naira is likely to remain around current levels, supported by the resilience of external reserves and cautious CBN intervention.
Meanwhile, global commodity markets remained volatile. Brent crude futures fell 1.39% to $62.44 per barrel, while U.S. West Texas Intermediate (WTI) slipped 0.56% to $58.74 per barrel after the International Energy Agency (IEA) warned of a potential oil glut in 2026.
Conversely, gold prices surged to a new all-time high above $4,100 per ounce, as investors shifted toward safe-haven assets amid heightened U.S.-China trade tensions and expectations of an upcoming rate cut by the U.S. Federal Reserve. Spot gold rose 0.52% to $4,149.82/oz, while gold futures gained 0.47% to $4,165.10/oz.
Experts from AIICO Capital Limited said sentiment in the financial markets is expected to remain cautious, with investors likely to maintain preference for safe-haven assets as global uncertainties persist.
