Naira suffers biggest daily loss in three weeks, falls to N1,364/$ at official market

The naira recorded its biggest single-session depreciation in nearly three weeks on Wednesday, November 11, 2026, losing N10.50 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) to close at N1,364/$.

Data from the Central Bank of Nigeria (CBN) showed that the local currency weakened from N1,353.50/$ recorded at the close of trading on Tuesday, November 10, representing a 0.78 per cent depreciation.

The latest decline extended the naira’s downward movement for the third consecutive trading session, following its N1,350/$ closing rate on November 9.

In the parallel market, the dollar also appreciated against the naira, exchanging at N1,430 on Wednesday compared with N1,425 on Tuesday, according to Bureau De Change (BDC) operators in Abuja.

The N10.50 depreciation represents the naira’s steepest single-day loss since October 22, when it shed N28, moving from N1,337/$ to N1,365/$.

Following that sharp decline, the currency recovered marginally to N1,370/$ on October 23 before strengthening in subsequent sessions to close at N1,346/$ on October 29 and October 30.

The naira subsequently maintained relative stability within the N1,346–N1,350/$ range during the early days of November before coming under renewed pressure.

Its performance over the last three sessions shows a cumulative depreciation of N14, or approximately 1.04 per cent.

Despite the recent losses, the naira remains stronger than its January 2, 2026, closing rate of N1,431/$, representing an appreciation of approximately 4.7 per cent against the dollar since the beginning of the year.

Nigeria’s gross foreign exchange reserves increased by $295.35 million in October 2026, representing the slowest positive monthly growth recorded so far this year.

READ ALSO; Naira suffers biggest daily drop in 18 months, falls to N1,365/$

However, the country’s net foreign exchange reserves reportedly climbed to a record $46 billion, up from $34.80 billion at the end of 2025.

The increase in net reserves indicates an improvement in the country’s underlying external reserve position, although the latest gross reserve figures suggest a moderation in the pace of accumulation.

Meanwhile, the US dollar strengthened against several major international currencies on Thursday amid growing expectations that the Federal Reserve could consider another interest rate increase.

The dollar index, which measures the greenback against a basket of major currencies, gained 0.15 per cent to 103.02, its highest level since April 2025.

Against the Japanese yen, the dollar recovered from earlier losses to trade 0.04 per cent higher at 159.83, bringing it closer to the psychologically significant 160-per-dollar threshold.

The movement was supported by interest rate differentials and increased expectations of further US monetary tightening.

The euro gained 0.06 per cent against the dollar to $1.1096, while the British pound declined 0.1 per cent to $1.3266.

The Australian dollar remained relatively unchanged at $0.6847, while the New Zealand dollar slipped 0.05 per cent to $0.5559.

The strengthening of the dollar internationally adds another dimension to the pressures facing emerging-market currencies, including the naira, although domestic foreign exchange supply and demand conditions remain important determinants of its performance.