SAT NOV 01 2025-theGBJournal| The naira finished the week strongly climbing 1.9% w/w to N1,439.00/US$, driven by increased supply.
On the domestic front, rising non-oil exports and improving market confidence should underpin inflows, while externally, healthy FX reserves, a positive current account position, and a firmer global monetary easing are expected to reinforce foreign investor sentiment and stimulate additional FX market inflows.
In the forwards market, the naira rates appreciated across the 1-month (+2.2% to N1,459.65/US$), 3-month (+2.3% to N1,507.40/US$), 6-month (+2.4% to N1,576.05/US$) and 1-year (+2.7% to N1,707.30/US$) contracts.
Meanwhile, gross FX reserves increased for the sixteenth consecutive week, growing by US$204.50 million w/w to US$43.15 billion (October 22).
We maintain a positive outlook on the naira, supported by expectations of sustained FX liquidity.
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