DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,438.9063 (NFEM)
Previous Average = 1,435.4806
Change = -0.2387%
Forex Analysis
Trading this week in the official forex market is being described as calm though with the naira-dollar rate fluctuating as can be plainly seen in the table above. There remained considerable volatility in the parallel (black) market, much like last week albeit, with a reduction (going from about 45-50 naira per dollar to about 18-28 naira per dollar) in the spread between the official and parallel rates.
The official market remained calm because of relatively strong FX inflows into the official market. Sources of the inflows include somewhat resumed foreign investment portfolio inflows encouraged by CBN’s return to orthodox monetary policy (i.e. divesting from its unofficially assumed fiscal responsibilities), its removal of distortions and preferential access to FX. Other sources include festive season-driven diaspora remittances. The Association of Bureau De Change Operators of Nigeria (ABCON) noted that diaspora inflows typically rise sharply from mid-November through December.
The key drivers of volatility in the parallel market this week include continual demand for forex by importers seeking short-term dollar cover particularly for fuel imports, dollar sourcing by electronics and spare-part dealers, and international travel-related demand. The global softness of oil prices adds downward pressure to the naira.
Daily Crude Oil Prices
Moving Average = $63.43
Previous Average = $64.80
Change = -2.1142%
Crude Oil Analysis
Our Brent crude moving average fell by about roughly 2% this week. We have for a while now been reporting weakening demand and rising inventories. This week saw more of the same. Added to that this week was some bearish trading by hedge funds and other money managers.
It had been noted that oil demand momentum slowed in Q4 2025. OPEC’s November report highlighted global oil inventory increases. These factors led to bearish sentiment among money managers who maintained short positions on oil futures despite tight supply in the physical market for oil.
NGX Top 10 Gainers for the week closing 14th Nov 2025
NGX Top 10 Losers for the week closing 14th Nov 2025
Stock Market Index Activity for the week closing 14th Nov 2025
Stock Market Index Analysis
Forty-eight (48) equities appreciated in price during the week, higher than twenty (20) equities in the previous week. Forty-five (45) equities depreciated in price, lower than seventy-five (75) equities in the previous week, while fifty-three (53) equities remained unchanged, higher than fifty-one (51) recorded in the previous week.
The stock market this week showed a mixed breadth of activity: more equities appreciated compared to the prior week, fewer depreciated, yet the All-Share Index (ASI) still fell 1.68%. This paradox reflects the dominance of large-cap stocks (like Dangote Cement and Transcorp Power) in dragging the index lower, even as many smaller-cap equities posted gains.
The Nigerian market is market-cap weighted. Losses in large-cap stocks (Dangote Cement, Transcorp Power) overshadowed gains in smaller-cap equities. The improved breadth showcased retail and mid-cap strength, but institutional selling in big names drove the overall index down.
In a nutshell, the week highlighted a divergence: retail-driven rallies in smaller stocks versus institutional selling in heavyweights, producing a net decline in the ASI.
Daily Bitcoin Prices
Moving Average = $102,868.71
Previous Average = $106,555.19
Change = -3.4600%
Bitcoin Analysis
It is beginning to look like there is no end to bitcoin misery. Profit-taking after ETF inflows continued this week, though it eased somewhat but liquidity constraints and cautious sentiment kept bitcoin from rebounding strongly. Global uncertainty added to bitcoin misery by causing investors to rotate into safer assets like gold and equities. It wasn’t all bad for crypto in general. Altcoins like Supra gained traction in November, drawing speculative capital away from bitcoin, which added to the downward pressure on bitcoin. Also, bitcoin fundamentals do seem healthy, so this week’s fall seems to be more of short-term positioning as opposed to structural weakness.
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