Naira Falls to N1,447/$1 at NAFEM amid Forex Supply Volatility

By Adedapo Adesanya

A 0.16 per cent or N2.26 loss was suffered by the Naira against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 3, closing at N1,447.65/$1 compared with the N1,445.39/$1 it was exchanged a day earlier.

It was similar story for the local currency against the Pound Sterling in the same market window at midweek as it lost N15.43 to trade at N1,925.08/£1 versus the preceding session’s N1,909.65/£1 and tumbled against the Euro by N9.28 to settle at N1,688.54/€1, in contrast to the previous day’s N1,679.26/€1.

However, the Nigerian Naira appreciated against the Dollar at the GTBank FX counter yesterday by N2 to sell at N1,453/$1 compared with Tuesday’s closing price of N1,455/$1 and traded at N1,460/$1 in the parallel market, the same rate it was sold a day earlier.

Volatility in year-end demand put fresh pressure abated in midweek even though FX market confidence has significantly reduced speculative activities.

Signals, however, point to prices trading withing the N1,440 per Dollar range as improved FX inflows, stronger remittances, and renewed foreign investor interest supported by the reforms in the FX market continue.

Nigeria’s external reserves have maintained steady growth over the last year, rising by $4.37 billion or 10.9 per cent to $44.66 billion as of November 28, 2025, from $40.29 billion recorded on December 2, 2024, according to the Central Bank of Nigeria (CBN).

A look at the cryptocurrency market showed that the landscape remains fragile after a sharp liquidation cycle at the start of the week, though the broader crypto market is still attempting to carve out higher lows after its late-November drawdown.

Ethereum (ETH) grew by 4.2 per cent to $3,210.75, Cardano (ADA) appreciated by 1.1 per cent to $0.4502, Binance Coin (BNB) jumped by 0.9 per cent to $913.24, Litecoin (LTC) increased by 0.8 per cent to $85.87, and Solana (SOL) went up by 0.2 per cent to $143.97.

But, Ripple (XRP) depreciated by 1.3 per cent to $2.18, Dogecoin (DOGE) slid by 0.9 per cent to $0.1504, and Bitcoin (BTC) fell by 0.6 per cent to $93,232.70, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained at $1.00 each.