Abuja, Nigeria – E be like say naira don waka come dey suffer for the foreign exchange (FX) market. Na Wednesday, get one big wahala as naira depreciate well well. E drop by 0.3 percent, with dollar now going for N1,438.49. Just last Tuesday, e dey N1,433.65 at the Nigerian Foreign Exchange Market (NFEM). Chai, the dollar no dey use small change again o!
For the parallel market, wey dem dey call black market, naira lose N20, close at N1,460 per dollar. This one na 1.4 percent depreciation from N1,440 wey we see the day before. Even GTBank Naira card wey dey used for international transaction no fit escape the wahala, as e close at N1,446 per dollar from N1,443 the day before.
But no be all bad news, sha! Despite this currency wahala, Nigeria’s external reserves still dey grow small small, rising to $43.27 billion as of November 4, 2025. CBN don release dis report, and e clear sey the dollar get demand wey dey mostly from foreign portfolio investors (FPIs) wey dey account for 62.3% of total FX receipts.
Last week, dem collect $1.04 billion inflow through NFEM, but that one don drop from $1.37 billion wey dem see the week before. Na wah! E no dey easy for FX market for Nigeria as everywhere dey gree for dollar!
Ayokunle Olubunmi wey dey head Financial Institutions Ratings for Agusto & Co. don talk sey na Trump’s mouth sharp comments dey cause the naira wahala. E talk say Trump’s comments dey make everybody dey panic, as e make bond market and currency dey jitter. Even di bond market don show signs of pressure, so na true say Trump’s words dey scatter everything.
But no worry, Olubunmi get small hope: “Dis one no be new. Media dey react to am, na his style be this. In the end, if him no do anything, market go settle back.” He even dey optimistic say in a few days, we fit see market calm down again.
Between Monday and Tuesday, naira try to gather itself small as e bounce back from Monday crash, but as Wednesday come, liquidity don low again and dollar dey in high demand, naira don suffer another blow.
Nigeria stock market sef no dey sleep, as e fall by 1.19 percent on Wednesday, the biggest drop so far this month. Investors dey waka comot as dem dey take profit on stocks wey don rally. Na reason why we dey see steep decline of about N1.3 trillion in stocks value, make am total of over N2.1 trillion loss across three days. The market dey react to Trump’s threat wey get everybody dey vex.
As November don swing in, the market don dey drop by 2.15 percent this month while overall return for the year don drop to 46.52 percent. Dey during the early November, NGX All-Share Index and market capitalization dey fall from 152,629.6 points to 150,573.87 points and N96.970 trillion to N95.664 trillion respectively.
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