Nigerian Naira gains against the dollar and pound amid rising reserves, while cryptocurrency markets see sharp declines over $1 billion in liquidations.
Nigerian Naira strengthened on Thursday November 13, 2025, reversing some of the recent pressure in the foreign exchange market. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira closed at ₦1,441.44 per US dollar, up ₦1.64 or 0.11% from Wednesday’s ₦1,443.08/$1.
The local currency also gained against the British Pound, rising ₦2.44 to ₦1,898.96/£1 from ₦1,901.40/£1 the previous day. Against the Euro, however, the Naira dipped slightly by 99 kobo to ₦1,674.96/€1, compared with Wednesday’s ₦1,673.97/€1.
At retail forex counters, the Naira depreciated against the dollar. GTBank quoted the currency at ₦1,450/$1, down ₦3 from the preceding session, while the black market rate held steady at ₦1,455/$1. Analysts attribute the market’s mixed movements to thin dollar supply and unmet demand, which has exerted pressure across key FX segments.
Positive signals from Nigeria’s gross external reserves, which rose by more than $30 million to $43.427 billion as of November 11, 2025, provide the Central Bank of Nigeria (CBN) with the capacity for significant intervention if needed. Recent FX injections by the apex bank have been minimal and irregular, reflecting growing inflows from foreign portfolio investors and exporters. However, overall FX inflows have declined from a peak of $1.37 billion to $899 million.
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Meanwhile, cryptocurrency markets experienced significant losses as investors liquidated positions. Over 24 hours, more than $1 billion in leveraged crypto holdings were wiped out, with roughly $887 million coming from long positions. Ethereum (ETH) dropped 10.9% to $3,160.25, Solana (SOL) fell 10.3% to $140.65, and Cardano (ADA) declined 9.6% to $0.5146. Ripple (XRP) slid 9.2% to $2.27, Dogecoin (DOGE) fell 8.2% to $0.1620, Bitcoin (BTC) dropped 6.9% to $96,351.91, Binance Coin (BNB) fell 6.1% to $909.83, and Litecoin (LTC) lost 5.4% to $95.57. Stablecoins USDT and USDC remained steady at $1.00.
Financial analysts note that the Naira’s modest recovery in the official market reflects a stabilizing effect from improved reserves, but pressure in retail segments may persist until FX liquidity improves. Meanwhile, the cryptocurrency sell-off highlights ongoing volatility in digital assets, underscoring heightened risk for leveraged traders.
Overall, while the Naira shows signs of resilience, market watchers emphasize the need for careful monitoring of FX flows and investor sentiment in both traditional and digital financial markets.
Africa Daily News, New York
