Naira weakens 0.22% as FX turnover slows to $1.45 billion in November’s first week

The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.

Data from the Central Bank of Nigeria (CBN) showed that the currency weakened from N1,346.01 per dollar on November 2 to N1,349 by the end of the week.

Reported NFEM turnover between November 2 and November 5 amounted to approximately $1.45 billion, although the CBN had yet to publish the total turnover figure for November 6 as of the time of filing this report.

The naira traded within a relatively narrow range during the week, despite recording successive losses in the first few trading sessions.

Nairametrics had earlier reported that the naira weakened to N1,350.45 per dollar at the NFEM on November 5, extending its losses in the first week of November.

The week’s movement represents a relatively small depreciation compared with the more pronounced fluctuations recorded in some sessions in October.

Reported NFEM turnover for November 2 to November 5 stood at approximately $1.45 billion, based on the daily figures published by the CBN.

The figures indicate a moderation in reported FX market activity following the unusually high turnover recorded in October.

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

The increase came alongside an improvement in net foreign exchange reserves, which rose to a record $46 billion, according to an earlier Nairametrics report.

Nigeria’s net reserves have also increased from the $34.80 billion recorded at the end of 2025, as reported by Nairametrics. The reserve figures provide additional context for developments in the foreign exchange market, although the latest increase in gross reserves was slower than those recorded in some earlier months of the year.

Your email address will not be published.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 falls to N1,350.45/$ at NFEM, extending November losses

Naira slips to N1,348/$, as FX turnover drops below $101 million

US dollar weakens as Democrats take control, offering bright outlook for naira