The naira weakened for a second consecutive buying and selling session in November, closing at N1,348 per greenback on Wednesday, November 4, 2026, in contrast with N1,347.75/$ recorded on Tuesday
The newest closing fee represents a marginal depreciation of N0.25, or 0.02%, as the native forex prolonged its losses after opening November at N1,346.01/$.
Data from the Central Bank of Nigeria (CBN) confirmed that the naira traded between N1,346/$ and N1,349.50/$ throughout Wednesday’s session, with a weighted common trade fee of N1,347.7983/$.
Interbank NFEM transactions hits $100.9 million
The Central Bank of Nigeria (CBN) is but to present NFEM transaction information for November 4, 2026, leaving the day’s official market turnover and variety of offers unavailable.
However, obtainable interbank information confirmed that 97 transactions valued at roughly $100.93 million had been recorded throughout the session, in contrast with 117 offers value $118.96 million on Tuesday.
The newest obtainable NFEM turnover was $227.18 million on November 2, 2026, falling below $300 million for the primary time since September 28, when transactions stood at $196.68 million, in accordance to an earlier Nairametrics report.
Naira extends November losses
The naira has recorded consecutive every day losses since November 3.
- The newest motion follows a reversal of about 42% of the forex’s July–September beneficial properties, as it weakened from N1,329.50/$ on the finish of September to N1,346/$ on October 30.
- The forex’s October efficiency marked a reversal of a few of the appreciation recorded within the previous three months, according to Nairametrics.
The newest NFEM information due to this fact present a considerable decline in every day transaction quantity, even as the trade fee remained broadly unchanged between the final buying and selling session in October and the opening session in November.
Foreign reserves document slower progress
Meanwhile, Nigeria’s gross international trade reserves elevated by $295.35 million in October 2026, representing the slowest constructive month-to-month improve recorded to this point this 12 months.
- The improvement comes regardless of an enchancment within the nation’s internet international reserves, which rose to a document $46 billion, in accordance to an earlier Nairametrics report.
- The reserves opened October at $54.95 billion on October 2 and rose steadily throughout the month, reaching a excessive of roughly $55.26 billion on October 27 earlier than easing to $55.22 billion by October 30.
- The October improve was the smallest among the many months that recorded constructive progress in 2026.
- Also, Nigeria’s internet international trade reserves have now gained a whopping $11 billion over the $34.80 billion reported at the end of 2025.
The newest reserve figures recommend that Nigeria’s exterior place continued to enhance in October, though the tempo of gross reserve accumulation moderated.
The mixture of decrease reported FX turnover and the naira’s marginal depreciation highlights the subdued buying and selling exercise on the official market firstly of November.
