The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per greenback on November 6, as reported overseas trade turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.
Data from the Central Bank of Nigeria (CBN) confirmed that the foreign money weakened from N1,346.01 per greenback on November 2 to N1,349 by the tip of the week.
Reported NFEM turnover between November 2 and November 5 amounted to roughly $1.45 billion, though the CBN had but to publish the entire turnover determine for November 6 as of the time of submitting this report.
Naira loses 0.22% in 5 days
The naira traded inside a comparatively slender vary through the week, regardless of recording successive losses in the first few buying and selling classes.
- It opened the week at N1,346.01 per greenback on November 2 and weakened to N1,347.75 on November 3 earlier than closing at N1,348 on November 4.
- On November 5, the foreign money depreciated additional to N1,350.45 per greenback, with whole NFEM turnover of $380.57 million.
- The trade price improved barely to N1,349 on November 6, though the CBN’s reported whole turnover for the day remained unavailable.
- The highest trade price recorded through the week was N1,353 per greenback, whereas the bottom was N1,344.
- The naira had closed at N1,346 per greenback on October 30, that means it weakened by N3 over the next week.
Nairametrics had earlier reported that the naira weakened to N1,350.45 per dollar on the NFEM on November 5, extending its losses in the first week of November.
The week’s motion represents a comparatively small depreciation in contrast with the extra pronounced fluctuations recorded in some classes in October.
FX turnover stays subdued
Reported NFEM turnover for November 2 to November 5 stood at roughly $1.45 billion, based mostly on the day by day figures printed by the CBN.
- The November 2 session recorded $227.18 million, whereas turnover elevated to $404.11 million on November 3 and $434.54 million on November 4. It then declined to $380.57 million on November 5.
- The CBN’s knowledge for November 6 confirmed interbank turnover of roughly $232.98 million, however the whole NFEM turnover determine had not been printed on the time of submitting. Consequently, the reported $1.45 billion doesn’t embrace any extra total-market turnover for that day.
- Trading exercise had been significantly greater in late October. On October 23, NFEM turnover reached roughly $3.24 billion, the best day by day determine in the provided knowledge. It subsequently declined to $583.33 million on October 30 earlier than falling to $227.18 million on November 2.
The figures point out a moderation in reported FX market exercise following the unusually excessive turnover recorded in October.
Reserves rise at slower tempo
The naira’s current efficiency comes amid modifications in Nigeria’s overseas trade reserves. Gross exterior reserves elevated by $295.35 million in October 2026, marking the slowest optimistic month-to-month improve recorded thus far this 12 months.
The improve got here alongside an enchancment in internet overseas trade reserves, which rose to a record $46 billion, in accordance to an earlier Nairametrics report.
Nigeria’s internet reserves have additionally elevated from the $34.80 billion recorded on the finish of 2025, as reported by Nairametrics. The reserve figures present extra context for developments in the overseas trade market, though the newest improve in gross reserves was slower than these recorded in some earlier months of the 12 months.
