Naira depreciates to N1,364/$, records biggest daily loss since October 22

The naira weakened by N10.50 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, November 11, 2026, recording its biggest single-session loss since October 22.

Data from the Central Bank of Nigeria’s (CBN) exchange-rate dataset show that the currency closed at N1,364/$, compared with N1,353.50/$ in the previous trading session on November 10.

The latest movement represents a 0.78% depreciation, extending the naira’s decline from N1,350/$ recorded on November 9.

In the parallel market, the dollar was quoted at N1,430 on Wednesday, compared with N1,425 on Tuesday, according to BDC operators in Abuja.

The N10.50 loss on November 11 was the largest daily depreciation since October 22, when the exchange rate moved from N1,337/$ to N1,365/$, a N28 decline.

Following that movement, the naira strengthened slightly to N1,370/$ on October 23 before recovering over subsequent sessions to close at N1,346/$ on October 29 and October 30.

The currency then traded within the N1,346–N1,350/$ range in early November before weakening over the latest three sessions.

Despite the recent losses, the naira remains stronger than its January 2, 2026 closing rate of N1,431/$, representing an improvement of about 4.7% in the quoted exchange rate since the beginning of the year.

The naira’s latest movement comes amid changes in Nigeria’s external reserve position. Gross foreign exchange reserves increased by $295.35 million in October 2026, marking the slowest positive monthly increase recorded so far this year.

However, Nigeria’s net foreign exchange reserves rose to a record $46 billion, according to an earlier Nairametrics report. Net reserves have also increased from the $34.80 billion recorded at the end of 2025, as previously reported.

The euro gained 0.06% against the dollar to $1.1096, while the pound sterling slipped 0.1% to $1.3266. The Australian dollar was little changed at $0.6847, while the New Zealand dollar declined 0.05% to $0.5559.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

Naira weakens to N1,353.50/$ as dollar rate climbs further in November

Ghanaian cedi appreciates against dollar as exchange rates fluctuate

Nigeria’s dollar trading plunges to $1.81 billion as turnover declines 51%