DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)
Moving Average = 1,450.0038 (NFEM)
Previous Average = 1,446.9621
Change = -0.2102%
Forex Analysis
Our moving average slightly deteriorated (by about 0.21%), but the naira ended the week stronger than it did last week in the official market, possibly because of CBN’s reported $36.6m intervention. This and CBN’s other managed liquidity measures helped to keep the official rate within a trading band of ₦1,441-₦1,458/$. The differential with the parallel (black) market widened as black market dealers that were quoting ₦1,460–₦1,474/$, at the beginning of the week, were quoting ₦1,480–₦1,490/$ towards the end, signaling that demand for dollars in the informal channels was increasingly outpacing supply.
Key drivers of demand in the parallel markets continue to be year‑end import orders and holiday‑related spending. Retailers and businesses sought dollars to pay for goods ahead of December, increasing cash demand. Seasonal diaspora remittances haven’t been enough to offset demand partly because some receivers prefer to hold dollars as a store of value, partly because the above-mentioned import orders and travel-related spending are quickly absorbing any inflows, among other factors.
Daily Crude Oil Prices
Moving Average = $62.75
Previous Average = $63.86
Change = -1.7382%
Crude Oil Analysis
Our Brent crude moving average dropped by roughly 1.74%. Oil prices generally fell from mid‑$63 range to the low‑$62s per barrel. Key drivers for this week’s market activity include:
- Global softening of demand pattern reasserting itself. Last week’s short-term rebound was largely concentrated in Q3 but only first reported mid-November. The news temporarily lifted prices.
- U.S. inventory reports. Mid‑week data showed a build‑up in U.S. crude stockpiles, signaling oversupply and putting downward pressure on prices.
- OPEC+ policy uncertainties ahead of December meetings. Markets were cautious about whether OPEC+ would extend or deepen production cuts. Lack of clarity kept prices subdued.
- The U.S. dollar strengthened slightly, making oil (priced in dollars) more expensive for non‑U.S. buyers, dampening demand.
- Geopolitical calm. No major supply disruptions occurred, so risk premiums were low. This removed upward pressure that often supports prices.
NGX Top 10 Gainers for the week closing 28th Nov 2025
NGX Top 10 Losers for the week closing 28th Nov 2025
Stock Market Index Activity for the week closing 28th Nov 2025
Stock Market Index Analysis
Thirty-eight (38) equities appreciated in price during the week, higher than twenty (20) equities in the previous week. Thirty-six (36) equities depreciated in price, lower than sixty (60) equities in the previous week, while seventy-three (73) equities remained unchanged, higher than sixty-seven (67) recorded in the previous week.
This is the 5th week in a row that the All-Share Index (ASI) has fallen, though by a marginal 0.14%. Overall, market breadth was positive, even though the All‑Share Index declined slightly. This suggests that the market may be bottoming out or entering a consolidation phase. The narrow loss reflects cautious trading: investors were selective, rewarding certain sectors while avoiding weaker names.
The presence of Nigerian Exchange Group among gainers is notable — investor confidence in the exchange operator itself often signals optimism about market infrastructure. The ASI’s 0.14% decline shows that while sentiment improved, large‑cap stocks didn’t rally enough to reverse the overall downtrend. After weeks of declines, traders were cautious but opportunistic, picking undervalued stocks while avoiding structurally weak sectors.
Daily Bitcoin Prices
Moving Average = $88,972.06
Previous Average = $88,772.79
Change = +0.2245%
Bitcoin Analysis
This week saw modest gains in the bitcoin market. Our moving average improving slightly by roughly 0.23% suggests a stabilization after prior volatility, as opposed to a strong rally. Key drivers this week include the following:
- U.S. spot Bitcoin Exchange Trade Funds (ETFs) continued to attract modest inflows, supporting demand and helping prices hold above $86k.
- Global equity markets were relatively calm, and risk appetite improved slightly, which often spills into crypto.
- No major negative regulatory headlines emerged, which helped sentiment stabilize compared to earlier weeks.
- Traders who had sold during the prior dip began re‑entering, creating mild upward pressure.
Professional corporate finance and consulting services.
barnabyandedgar.com/
