October 29, 2025
The Central Bank on Tuesday reported that the official spot FX rate appreciated 67 basis points (bps) to close at ₦1,448.2050/$ compared with the previous position.
Naira rose against the dollar in the Nigerian Foreign Exchange Market,NFEM, on the back of strong US dollar liquidity in the currency market.
The exchange rate settled at ₦1,448 per US dollar after trading within a range of ₦1,445.00/$ and ₦1,456.00/$ during the session.
READ MORE; Naira Rises To N1457.96 Despite Healthy Dollar Supply.
However, updated FX data revealed that external reserves remained unchanged amidst the plan to take on additional external borrowing
Amidst the fluctuating crude oil price in the global commodity market, the Nigeria gross external reserves remained at $42.87 billion.
Marking a third straight day of declines, Oil prices slipped further on Tuesday, as investors considered the impact of U.S. sanctions against Russia’s two biggest oil companies on global supply, along with a potential OPEC+ plan to raise output.
READ MORE; British Pound Remains Strong At $1.34
While Brent crude shed 54 cents, or 0.83%, to $64.36 per barrel, U.S, West Texas Intermediate (WTI) dipped by $1.23, or 2.01%, to $60.08.
In the same vein, gold slipped to a three-week low as hopes for progress in U.S.–China trade talks dimmed its safe-haven allure, while investors’ focus tipped over to the Federal Reserve’s interest rate decision this week.
Spot gold dipped 1.09% to $3,954.91/oz, while U.S. gold futures receded by 1.06% to $3,970.24/oz. AIICO Capital said in a note. “We anticipate a cautious outlook tomorrow as oil prices fall on oversupply concerns while gold receives modest support from a softer U.S. dollar and interest-rate cut expectations.”
