US Dollar Shifts for Naira, Spot FX Rate Rally to N1452
The US dollar shifted position against the Nigerian naira at the local currency market as foreign investors sold off dollars to take positions in naira-priced fixed-income assets.
In addition, market analysts reported that the naira exchange rate improvement at the official currency market was also supported by the Central Bank of Nigeria’s (CBN) $50 million injection into the official window.
The CBN reported that the spot rate for the day appreciated by 14 basis points, or ₦2.05, to close at ₦1,452.1342/$, having traded within a range of ₦1,459.99/$ and ₦1,450.00/$ during the session.
FX traders and analysts reported that the rally was driven by the intervention level, which drove the supply higher than the available demand.
The CBN was forced to act as US dollar scarcity in the official FX platform caused exchange rate depreciation for consecutive trading sessions.
Latest data from the CBN shows that the gross balance in Nigeria’s external reserves rose by $71.1 million on the day to close at $44.1 billion as of November 19, 2025. Investment analysts expect the naira to trade in line with the demand and supply level amidst robust external reserves.
Elsewhere, global oil prices fell on Thursday as the administration of U.S. President Donald Trump pushed for Ukraine’s acceptance of a peace agreement with Russia to end a war that has gone on for more than three years.
Brent crude gained 32 cents, or 0.51%, to $63.32 per barrel, while U.S. West Texas Intermediate (WTI) declined by 30 cents, or 0.51%, to $58.95.
Similarly, gold prices eased as investors digested the September U.S. jobs report, which showed stronger-than-expected employment figures and dampened prospects for a December rate cut.
Spot gold shed 0.63% to $4,055.91/oz, while U.S. gold futures dipped 0.19% to $4,075.11/oz.
The market is expected to trade cautiously on Friday, with investors possibly favouring safe-haven flows and gaining sentiment in oil due to geopolitical supply concerns. # US Dollar Shifts for Naira, Spot FX Rate Rally to N1452 # GTCO Slides Amidst Multiple Block Transactions
