The naira weakened to N1,350.45 per greenback at the Nigerian Foreign Exchange Market (NFEM) on November 5, extending its losses within the first week of November.
Data from the Central Bank of Nigeria’s (CBN) web site confirmed that the foreign money depreciated from N1,348 per greenback recorded on November 4, after additionally closing at N1,347.75 on November 3 and N1,346.01 on November 2.
The newest motion follows the naira’s October reversal of a number of the appreciation recorded over the previous three months, as previously reported by Nairametrics.
Naira weakens additional in November
The alternate price information confirmed that the naira misplaced N2.45 towards the greenback between November 4 and November 5, taking its cumulative depreciation from the November 2 closing price to N4.44.
The foreign money traded inside a variety of N1,348 to N1,350.50 per greenback on November 5. Its weighted common price stood at N1,348.7416, whereas the easy common was N1,348.8335.
Trading exercise was additionally notably completely different from the previous classes. The interbank offers column confirmed 88 transactions on November 5. Also, the interbank turnover stood at roughly $82.16 million.
This in contrast with November 4, when the market recorded 287 offers and whole NFEM turnover of roughly $434.54 million. Interbank turnover was about $100.93 million on that day.
The figures point out a weaker closing alternate price alongside decrease reported buying and selling exercise on November 5.
Reserves present exterior buffer
The naira’s latest efficiency comes amid modifications in Nigeria’s international alternate reserves. Gross exterior reserves elevated by $295.35 million in October 2026, marking the slowest constructive month-to-month improve recorded to date this 12 months.
The improve got here alongside an enchancment in internet international alternate reserves, which rose to a report $46 billion, according to an earlier Nairametrics report.
Nigeria’s internet reserves have additionally elevated from the $34.80 billion recorded at the top of 2025, as reported by Nairametrics.
The reserve figures present context for the nation’s exterior place, though the most recent improve in gross reserves has not prevented the naira from recording additional losses towards the greenback within the early a part of November.
Dollar regular in international markets
In the worldwide foreign money market, the greenback was broadly regular towards main currencies on Friday after a pointy selloff in US equities pushed traders in the direction of safe-haven property such because the Japanese yen and lowered Treasury yields forward of a carefully watched authorities payrolls report.
The Swiss franc strengthened 0.2% towards the greenback, whereas the greenback index, which measures the US foreign money towards six main friends, was broadly unchanged at 101.55, in accordance to Reuters.
The euro held regular at $1.1222 however was on target for a 0.5% weekly achieve, which might finish its two-week dropping streak. Sterling rose 0.1% to $1.3457 after the Bank of England raised its coverage rate of interest as broadly anticipated.
