Market News
Naira Gains N3.05 on Dollar at Official Market, Trades N1,444/$1 - BUSINESS POST
By
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, December 2 by 0.21 per cent or N3.05 to close at N1,445.39/$1, in contrast to the previous day’s N1,448.44/$1.
Equally, the local currency appreciated against the Pound Sterling in the official market by N12.86 to sell for N1,909.65/£1 compared with the preceding day’s N1,922.51/£1 and chalked up N8.02 against the Euro to close at N1,679.26 /€1, in contrast to the previous session’s closing price of N1,687.28/€1.
However, the Nigerian Naira weakened against the US Dollar at the GTBank forex counter yesterday by N5 to sell at N1,455/$1 compared with the N1,450/$1 it was traded on Monday and remained unchanged at the parallel market at N1,460/$1.
Recent year-end demand pressure abated on Tuesday as speculative traders saw a rise in foreign reserves as a signal that the Central Bank of Nigeria (CBN) may make an intervention that could broaden losses from hoarding.
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 CBN.
This accumulation of reserves has been attributed to improved FX inflows, stronger remittances, and renewed foreign investor interest supported by the reforms in the FX market.
In the cryptocurrency market, benchmarked tokens saw a broad recovery, with large valued digital coins posting significant gains, recovering part of the steep losses that triggered nearly half a billion dollars in liquidations on Monday.
Despite the rebound, market sentiment remains cautious amid ongoing structural concerns and regulatory developments, including the pending MSCI methodology review — which has weighed on risk appetite in recent sessions.
Cardano (ADA) appreciated by 13.1 per cent to $0.4419, Solana (SOL) went up by 12.9 per cent to $143.06, Dogecoin (DOGE) rose by 11.0 per cent to $0.1508, Litecoin (LTC) increased by 9.9 per cent to $85.20, Ethereum (ETH) jumped by 9.7 per cent to $3,073.47, Ripple (XRP) grew by 9.6 per cent to $2.20, Binance Coin (BNB) expanded by 8.7 per cent to $903.62, and Bitcoin (BTC) gained 7.9 per cent to trade at $93,823.64, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
