RFA Breakfast Paper - October 30, 2026
Naira Ends October Weaker at ₦1,346/$
The naira closed October at ₦1,346/$ on the Nigerian Foreign Exchange Market (NFEM), about 1.05% weaker than ₦1,329.50/$ at end-September, reversing roughly 42% of the ₦39.50 it gained between July and September, according to Nairametrics. The currency firmed in the first half of the month, weakened to ₦1,370/$ on 23 October, then recovered to ₦1,346/$ by 30 October. The slippage came despite a record $46bn in net external reserves (about $55bn gross) and crude output above 1.53m bpd, a four-year high, with Bonny Light near $115/bbl. Parallel-market rates sit at ₦1,380–1,390/$, a manageable premium. For investors, the reserve buffer and oil windfall give the CBN room to cap depreciation and support naira carry positions; the key risk is a fall in oil prices or Niger Delta output, which would cut FX inflows and test the ₦1,330–1,370/$ range.
Intel Rout Drags Nasdaq Down 2.86%
The S&P 500 fell 1.82% to 7,580.07 on Friday, its worst day since June, and the Nasdaq lost 2.86% to 25,437.00 after Intel guided fourth-quarter EPS to 25 cents against 43 cents expected and warned on cash burn. The warning set off a global chip rout: the Philadelphia Semiconductor Index fell 7.20% and technology was the weakest sector, while energy and staples rose as a tanker attack in the Strait of Hormuz lifted Brent. The 10-year yield slipped 4bps to 4.94% despite hawkish Fed comments, with markets pricing about 76% odds of a December hike ahead of this week's jobs report.
MTN Lifts NGX ASI to Fresh Record High
The NGX All-Share Index rose 0.09% to a record 254,299.49 on Friday, lifting equity market capitalisation to an all-time high of ₦165.11trn, a ₦140.56bn gain on the day. MTN Nigeria led, rising 3.03% to ₦850.00, while Honeywell Flour Mill and May & Baker each gained 10.00%. Activity picked up, with volume rising 52.50% to 997.56m shares across 37,821 deals. Banks remained the drag: the NGX Banking Index fell 1.29% to 2,429.46, its fifth straight daily decline and a 5.63% loss for the week. The ASI ended October up 1.23% and 63.42% year to date, but the rally is concentrated in a few large caps, leaving breadth the key watchpoint.
