Naira Appreciates Against Dollar at Official Market on November 3

According to reports by Daily Post on Tuesday, November 3, 2026, the naira appreciated against the United States dollar at the official foreign exchange market, recovering slightly after opening the month on a weaker note.

Central Bank of Nigeria data showed that the local currency strengthened to N1,346.93 per dollar on Tuesday from N1,347.94 recorded on Monday. This represents a day-to-day gain of N1.01. At the parallel market, the naira remained stable at N1,390 per dollar, unchanged from the previous day.

The modest appreciation comes as Nigeria’s external reserves stood at $55.16 billion as of November 2, a slight decline from $55.22 billion recorded on October 30. Analysts note that reserve levels and foreign exchange inflows continue to influence the naira’s performance in both the official and parallel markets.

The naira had weakened at the start of November, prompting close attention from businesses, importers and investors who rely on exchange rate stability for planning. The latest movement, though small, provides a measure of relief after the early-month depreciation.

Market participants are watching several factors that could shape the currency’s direction in the coming days. These include oil revenue inflows, diaspora remittances, demand for foreign exchange from manufacturers and the overall impact of monetary policy measures by the Central Bank.

While the parallel market rate remains significantly higher than the official rate, the narrowing of the gap in recent periods has been viewed as a positive signal. Sustained stability or further appreciation would support efforts to ease inflationary pressures linked to imported goods and reduce uncertainty for businesses operating in the Nigerian economy.

The development forms part of the broader conversation around exchange rate management and macroeconomic stability as the country navigates ongoing reforms.

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