DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,452.0400 (NFEM)
Previous Average = 1,467.4790
Change = +1.0520%
Forex Analysis
The markets generally seem to be in a good mood this week. Forex, Oil, Bitcoin are all up this week, with our forex moving average rising by roughly 1.05% from last week, and the naira was consistently appreciating throughout the week. This comes on the heels of a two-week period that was marked by considerable volatility. The stability we are seeing this week suggests some market intervention on the part of CBN, though there are no public announcements to that effect. However, the market behavior observed during the week, such as the narrowing of the spread between the official and parallel (black) market, often signals better dollar supply, which itself is often due to interventions in the market by CBN. This was possibly bolstered by increased export proceeds and remittances; as foreign reserves continue to climb despite the reduction in foreign investment flows we reported last week. Support for the export proceeds argument comes World Bank’s Nigeria Development Update (October 2025). The report highlighted export diversification and resilience as key economic strengths.
Daily Crude Oil Prices
Moving Average = $64.66
Previous Average = $61.73
Change = +4.7465%
Crude Oil Analysis
As I noted earlier, even oil had an unusually good week, with our moving average jumping nearly 5%. Unfortunately, this seems to be the result of temporary supply constraints as opposed to a reversal of the broader trend. Renewed geopolitical tensions raised concerns about supply security, prompting traders to bid up prices despite weak fundamentals. Also OPEC+ production adjustments seem to have created some short-term supply constraints.
Long-term outlook for oil remains bearish though with the US Energy Information Administration (EIA) forecasting that global oversupply may build through 2026, potentially dragging Brent down to around USD 52/barrel next year. The World Bank also projects commodity prices to fall 7% in both 2025 and 2026, driven by an expanding oil glut and weak global growth.
NGX Top 10 Gainers for the week closing 31st Oct 2025
NGX Top 10 Losers for the week closing 31st Oct 2025
Stock Market Index Activity for the week closing 31st Oct 2025
Stock Market Index Analysis
Twenty-nine (29) equities appreciated in price during the week, lower than forty-four (44) equities in the previous week. Seventy (70) equities depreciated in price, higher than forty-nine (49) equities in the previous week, while forty-seven (47) equities remained unchanged, lower than fifty-three (53) recorded in the previous week.
The market this week seemed to have experienced a broad-based decline. The All-Share Index (ASI) fell by about 0.98%. This comes on the heels of a 4.48% surge in the previous week, so it would seem that this week’s activity was mainly characterized by heavy profit-taking. There also seems to have been reduced foreign participation possibly as result of global uncertainty. The uncertainty has been brought on by sluggish growth outlook (The IMF’s World Economic Outlook (October 2025) revised global growth projections downward for 2026, citing fading temporary boosts and policy uncertainty), fears of an AI-driven tech bubble (Valuations of major tech firms are thought to be reaching unsustainable levels.), and confusion about global tariff regimes.
Daily Bitcoin Prices
Moving Average = $112,215.87
Previous Average = $110,633.44
Change = +1.4303%
Bitcoin Analysis
Our moving average for bitcoin increased by roughly 1.4% this week. Reports from industry watchers suggest that this rise was driven by steady accumulation by long-term holders, technical rebounds from previously oversold positions, and renewed optimism following October’s earlier price bottom.
This week’s market activity signals confidence without excessive exuberance, encouraging holders to retain positions and accumulate more. Around October 22nd, bitcoin had fallen as low as $107,000. That sparked debates in the bitcoin community as to whether the market was capitulating or whether a rebound was around the corner. This week’s activity suggests that it might be the latter. Some analysts believe that that low point marked a bottoming phase and that now, short-term traders have been encouraged to re-enter the market and their activity is pushing prices higher.
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