Naira Sells N1,434.8/$1 at NAFEM, N1,450/$1 at Parallel Market

By Adedapo Adesanya

Jitters in the foreign exchange (FX) market eased on Tuesday as the Naira appreciated against the US Dollar and other currencies in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

In the official market, the local currency gained N1.49 or 0.10 per cent against the greenback to close at N1,434.85/$1, in contrast to the N1,436.34/$1 it was traded on Monday.  

Also, the domestic currency improved its value against the Pound Sterling in the spot market by N22.11 to settle at N1,873.36/£1 versus the previous day’s N1,885.77/£1 and firmed up against the Euro by N4.95 to finish at N1,648.42/€1 compared with the previous session’s N1,653.37/€1.

However, the Nigerian Naira weakened against the Dollar in the parallel market yesterday by N5 to sell for N1,450/$1 compared with the preceding day’s N1,445/$1 and lost N3 against the American currency at the GTBank forex counter to end at N1,443/$1 versus N1,440/$1.

Worries about plans by President Trump to carry out a military action in Nigeria and cut aid and assistance to Nigeria faded with the Nigerian government assuring confidence in the country’s sovereignty.  

Optimism about the Naira also shielded any externalities with projected increase in inflows from exporters, non-bank corporate, individuals and foreign investors, becoming reality. 

Also, Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to support the Naira, have remained steady growth, rising to $43.25 billion as of November 3, 2025.

As for the digital currency market, it was down as investors’ sentiments remained negative in the crypto market amid forced liquidations and macroeconomic concerns. Over the last 24 hours, over $2 billion in futures contracts were liquidated, with long traders suffering the majority of losses. 

Liquidations occur when traders using borrowed funds are forced to close their positions because their margin falls below required levels, with Ethereum (ETH) depleting by 5.2 per cent to $3,324.61 and Bitcoin (BTC) down by 2.6 per cent to $101,807.43.

Ripple (XRP) slumped by 1.6 per cent to $2.23, Cardano (ADA) depreciated by 1.4 per cent to $0.5325, Binance Coin (BNB) slid by 1.1 per cent to $943.90, Solana (SOL) shrank by 1.1 per cent to $157.90, and Dogecoin (DOGE) fell by 0.2 per cent to $0.1646.

However, Litecoin (LTC) recouped 0.1 per cent to trade at $86.76, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.