Daily Nigerian Foreign Exchange Market (NFEM) Rates (₦/US$)
Moving Average = 1,465.3595 (NFEM)
Previous Average = 1,467.8408
Change = +0.16%
Forex Analysis
The forex market seemed a bit nervous this week, with the naira gaining against the dollar, then falling, then gaining again slightly towards the end of week, with the moving average rising by 0.16% over the previous average, the lowest in a 7-week run of rises. This skittish market movement likely reflects a mix of market sentiment, policy signals and liquidity dynamics.
The early week appreciation could be likely due to post-holidays FX inflows. Renewed FX demand from the retail and corporate sectors, with limited CBN intervention, could be responsible for the naira’s fall midweek. The CBN’s rate cut late September may also be stoking renewed inflation concerns, especially around food and energy prices, possibly contributing to the midweek fall. FX settlements or market corrections may be possibly responsible for the end of the week uptick.
Daily Crude Oil Prices
Moving Average = $63.16
Previous Average = $65.41
Change = -3.490%
Crude Oil Analysis
Brent crude has fallen for the third straight week, the longest streak since March. This time the moving average fell by about 3.5%. Announcements by US President Donald Trump to meet Russian President Vladimir Putin in the coming weeks to discuss a possible resolution to the war in Ukraine, seemed to have stoked bearish fears. Further fueling bearish concerns was the announcement by the US Energy Information Administration (EIA) that energy firms added 3.5 million barrels of crude to storage last week, raising concerns about weak consumption and further weighing on the demand outlook amid ongoing US–China trade tensions.
OPEC’s October Monthly Oil Market Report has not helped matters, as it noted sluggish demand growth, particularly in Asia and Europe.
NGX Top 10 Gainers for the week closing 17th Oct 2025
NGX Top 10 Losers for the week closing 17th Oct 2025
Stock Market Index Activity for the week closing 17th Oct 2025
Stock Market Index Analysis
Fifty-two (52) equities appreciated in price during the week, higher than fifty-one (51) equities in the previous week. Forty-one (41) equities depreciated in price, same as forty-one (41) equities in the previous week, while fifty-three (53) equities remained unchanged, lower than fifty-five (55) recorded in the previous week.
This week saw a mixed but active trading session at the NGX. Rotation into undervalued stocks continued this week, ahead of Q3 earnings releases. The rise in gainers and drop in unchanged stocks points to active portfolio adjustments. Top losers like Living Trust Mortgage Bank reflected profit-taking in some sectors. Overall, there was sustained investor interest, again, possibly driven by expectations of positive Q3 earnings and repositioning by institutional investors.
Daily Bitcoin Prices
Moving Average = $112,802.00
Previous Average = $122,935.21
Change = -8.243%
Bitcoin Analysis
The bitcoin moving average fell by a jaw dropping 8.24%this week in the month of “Uptober”. Ouch!!! How did this happen? October is historically a good month for bitcoin. Well bitcoin did surge early in the month, hitting a new all-time high of $126,293. This triggered heavy profit-taking, especially among short-term traders and institutions, leading to a sharp pullback. Also the ETF surge we mentioned last week has cooled off, causing prices to stabilize and then dip. The dollar is also seeing a slight rebound after a period of weakness, thus reducing bitcoin’s appeal as a hedge.
Despite the significant fall, the long-term outlook for bitcoin remains bullish.
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