DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,347.4445 (NFEM)
Previous Average = 1,350.8401
Change = +0.2514%
Forex Analysis
Our Naira to Dollar moving average rose by about 0.25%. The biggest factor this week in the movement of the naira against the dollar seems to be the sweeping victory of Democrats in US midterm elections granting them control of Congress. This outcome initially caused the global U.S. dollar index to suffer its sharpest daily percentage decline in three weeks. The weaker international dollar gave the naira a strong fundamental cushion in the regulated interbank window.
In the parallel market however, local retail buyers, businesses, and importers seeking fast liquidity outside formal banking channels aggressively accumulated dollars to hedge against potential final-quarter volatility. This sudden surge in informal demand caused the parallel rate to drop by over 1.6% in a single day.
Matters weren’t helped by a contraction in liquidity within the official market. Daily interbank transaction volumes, which had opened the week above $227 million, gradually trickled down to $82.16 million by Thursday Nov 5th. This tightening of official dollar distribution forced peripheral demand onto the black market, capping the Naira’s ability to appreciate.
As a result, the spread between the official and parallel rates widened to about ₦45 to ₦61.
Daily Crude Oil Prices
Moving Average = $107.02
Previous Average = $109.55
Change = -2.310%
Crude Oil Analysis
Our Brent Crude moving average fell by about 2.3%. The primary reason for this was again, the sweeping Democrat victory during the US midterm elections. This victory immediately reshaped market expectations regarding future energy policies. Institutional investors quickly priced in a potential ramp-up in U.S. domestic drilling permits and strategic clean-energy initiatives, triggering an aggressive risk-off liquidation of oil futures contracts.
Other reasons include sudden, unexpected rises in US crude inventories as the U.S. Energy Information Administration (EIA) midweek revealed a much larger-than-expected accumulation of commercial crude and gasoline stockpiles; Easing of Middle East tensions as oil tankers in the Strait of Hormuz maintained safe and uninterrupted transit schedules, leading speculative fund managers to rapidly unwind their geopolitical hedge positions, and dumping massive volume onto the market.
NGX Top 10 Gainers for the week closing 6th Nov 2026
NGX Top 10 Losers for the week closing 6th Nov 2026
Stock Market Index Activity for the week closing 6th Nov 2026
Stock Market Index Analysis
Twenty-nine (29) equities appreciated in price during the week, lower than thirty-three (33) equities in the previous week. Fifty-seven (57) equities depreciated in price, higher than forty-eight (48) equities in the previous week, while sixty (60) equities remained unchanged, lower than sixty-five (65) recorded in the previous week.
The equity market leaned back into bearish territory this week. This downturn was driven by broad-based profit-taking and the intensifying pressure of high fixed-income yields pulling institutional capital away from equities. Liquidating stock portfolios allowed institutional fund managers to lock in highly attractive, risk-free double-digit fixed-income returns.
The top 10 losers’ chart highlights sharp corrections in counters that had enjoyed massive rallies earlier in the autumn. Aradel Holdings Plc and Eterna Plc both collapsed into the top losers’ column. Investors aggressively locked in profits on these high-profile energy assets, using the cash to fund short-term liquidity needs or transition into other sectors.
Amid the wider sell-off, investors sought refuge in robust consumer staples and power generation infrastructure. Honeywell Flour Mill Plc maintained its top gainer momentum for a second consecutive week, supported by strong Q4 festive volume projections. Concurrently, Transcorp Power Plc broke into the top gainers’ list as institutional investors hunted for reliable defensive counters with stable cash flows.
The insurance sector experienced a strong divergence suggesting that investors are executing a “flight to quality,” favoring heavily capitalized insurance firms over cheaper penny stocks.
Below is a sector by sector breakdown of performance for the week October 30 to November 06
Fixed-Income Analysis
The fixed-income this week was defined by massive liquidity-mopping operations by the Central Bank of Nigeria (CBN), which withdrew₦3.46 trillion in from the banking system.
High system liquidity—bolstered by trillions in maturing short-term debt—triggered massive institutional oversubscriptions, while the monetary authorities maintained a strict cap on primary market yields.
In Nigerian Treasury Bills (NTBs), there was an auction on November 4. The pertinent details are in the table below:
The monetary authorities chose cheap fiscal borrowing over sheer volume, rejecting roughly ₦1.54 trillion in bids and allotting only₦509.41 billion.
In Federal Government (FGN) Bonds, there were no new auctions. Activity was concentrated in the secondary market, with secondary market turnover estimated to be about ₦820 billion. This reflects a sharp decline compared to earlier October weeks (which saw up to ₦2.18 trillion in weekly trades) as institutional portfolios actively moved their rolling capital out of long-duration bonds and over to the high-yielding primary OMO bills. Average yields were about 16.18%
In OMO Bills, there was an auction on November 3. The pertinent details are in the table below:
The auction was swamped with an immense₦3.52 trillion in investor subscriptions (2.35x oversubscribed). To maximize liquidity withdrawal, the apex bank over-allotted the auction, selling a massive₦2.95 trillion nearly double what was originally offered. Demand was heavily concentrated on the 133-day tenor, which absorbed ₦2.36 trillion of the total sales.
Daily Bitcoin Prices
Moving Average = $77,607.31
Previous Average = $79,658.11
Change = -2.5750%
Bitcoin Analysis
Our Bitcoin moving average fell about 2.6% this week. Yet again, the major cause was the sweeping Democratic victory at the US midterm elections. Further exacerbating the downturn is bitcoin’s correlation with tech stocks. Major U.S. technology stocks suffered severe pullbacks following consecutive weak quarterly projections from mega-cap firms. The broad equity sell-off spilled directly into crypto desks because macro hedge funds treat Bitcoin as a high-liquidity proxy for tech. The final major factor in the downslide was the single day plunge of Brent crude oil futures on November 4. The price plunged by 8.6% in a single day. The sheer velocity of the crash triggered a cross-asset liquidity crunch, forcing multi-asset funds to trim across all risk portfolios—including Bitcoin—to rebalance their cash reserves.
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