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 change 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 full 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 slim 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 complete NFEM turnover of $380.57 million.
- The change charge improved barely to N1,349 on November 6, though the CBN’s reported complete turnover for the day remained unavailable.
- The highest change charge 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, primarily based on the day by day figures revealed 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 information for November 6 confirmed interbank turnover of roughly $232.98 million, however the complete NFEM turnover determine had not been revealed on the time of submitting. Consequently, the reported $1.45 billion doesn’t embody any extra total-market turnover for that day.
- Trading exercise had been significantly larger in late October. On October 23, NFEM turnover reached roughly $3.24 billion, the very best day by day determine in the equipped information. 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 latest efficiency comes amid adjustments in Nigeria’s overseas change reserves. Gross exterior reserves elevated by $295.35 million in October 2026, marking the slowest constructive month-to-month improve recorded up to now this 12 months.
The improve got here alongside an enchancment in internet overseas change 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 change market, though the most recent improve in gross reserves was slower than these recorded in some earlier months of the 12 months.
