
DAILY NIGERIAN FOREIGN EXCHANGE MARKET (NFEM) RATES (₦/US$)

Moving Average = 1,446.9621
Previous Average = 1,438.9063
Change = -0.5600%
Forex Analysis
It was hardly a good week in the forex market. The naira mostly slid against the dollar, with the parallel (black) market maintaining a premium 20-25 naira per dollar, a range within last week’s range of 18-28 naira.
This week’s market activity suggested continued persistent demand pressures and limited supply in the official market, as well as thin liquidity. Drivers continue to be importers and retail buyers seeking FX outside formal channels. Without significant intervention on the part of CBN, the naira continued to drift.
Daily Crude Oil Prices

Moving Average = $63.86
Previous Average = $63.43
Change = +0.6779%
Crude Oil Analysis
Our Brent crude moving average improved marginally by like 0.678%. This seems to have mostly stemmed from an unexpected short term rebound, reported in the International Energy Agency’s (IEA) November report, particularly in China, US and Nigeria.
China’s demand was driven by a petrochemical demand surge, stemming largely from largely from booming petrochemical feedstock needs, and ethane inflows from the US, amid easing trade tensions. America’s demand seems to be seasonal, driven by mainly by heating needs, holiday travel, and industrial activity. Nigeria saw rising use of petroleum products for transport and backup power generation amid grid reliability issues.
Please note that the IEA still maintains its long-term structural decline of the oil market.
NGX Top 10 Gainers for the week closing 21st Nov 2025

NGX Top 10 Losers for the week closing 21st Nov 2025


Stock Market Index Activity for the week closing 21st Nov 2025

Stock Market Index Analysis
Twenty (20) equities appreciated in price during the week, lower than forty-eight (48) equities in the previous week. Sixty (60) equities depreciated in price, higher than forty-five (45) equities in the previous week, while sixty-seven (67) equities remained unchanged, higher than fifty-three (53) recorded in the previous week.
The All-Share Index (ASI) has fallen for 4 straight weeks now, this time falling by slightly over 2%. The imbalance in the number of equities, that appreciated, depreciated and remained unchanged highlights a negative breadth, with sellers dominating buyers. The persistent weakness reflects profit‑taking, risk aversion, and thin liquidity in the market.
The gains and losses were largely sector-specific, with hospitality, publishing, and consumer services showing resilience despite broader weakness. The dominance of insurance and financial services stocks among losers suggests sector‑wide pressure, possibly linked to weak investor confidence and regulatory concerns like the uncertainty surrounding the implementation of the new Nigerian Insurance Industry Reform Act (NIIRA) 2025 and recapitalization pressures.
It is also worth noting that limited foreign inflows and cautious domestic participation weighed on trading volumes.
Daily Bitcoin Prices

Moving Average = $88,772.79
Previous Average = $102,868.71
Change = -13.7028%
Bitcoin Analysis
Blood continues to flow in the bitcoin market. Bitcoin has dropped from $91,703.13 (Nov 19) to $82,431.94 (Nov 20), a 10% decline in one day, with our average dropping 13% overall for the week. Bitcoin’s 13% plunge was driven by a combination of heavy selling pressure, liquidation of leveraged positions, and broader crypto market weakness, with nearly all major coins falling.
Analysts noted that bitcoin slipping the psychologically important $100,000 triggered stop‑loss orders and margin calls.
On Nov 21, the total crypto market capitalization fell 7.6% in a single day, dropping below $3 trillion. 99 of the top 100 coins declined, showing that Bitcoin’s fall was part of a systemic downturn. The downturn was brought on by the across-the-board unwinding of leveraged positions. This is because a large share of crypto trading is margin‑based. As Bitcoin broke below key support levels, margin calls and forced liquidations cascaded across exchanges, creating a feedback loop which pushed prices even lower.
Also global investors shifted into safer assets amid concerns about slowing growth, high interest rates and regulatory uncertainty.
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Author: Ejiose Ikunenobe

