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

The naira weakened for a second consecutive trading session in November, closing at N1,348 per dollar on Wednesday, November 4, 2026, compared with N1,347.75/$ recorded on Tuesday

The latest closing rate represents a marginal depreciation of N0.25, or 0.02%, as the local currency extended its losses after opening November at N1,346.01/$.

Data from the Central Bank of Nigeria (CBN) showed that the naira traded between N1,346/$ and N1,349.50/$ during Wednesday’s session, with a weighted average exchange rate of N1,347.7983/$.

Interbank NFEM transactions hits $100.9 million

The Central Bank of Nigeria (CBN) is yet to provide NFEM transaction data for November 4, 2026, leaving the day’s official market turnover and number of deals unavailable.

However, available interbank data showed that 97 transactions valued at approximately $100.93 million were recorded during the session, compared with 117 deals worth $118.96 million on Tuesday.

The latest available NFEM turnover was $227.18 million on November 2, 2026, falling below $300 million for the first time since September 28, when transactions stood at $196.68 million, according to an earlier Nairametrics report.

Naira extends November losses

The naira has recorded consecutive daily losses since November 3.

The latest movement follows a reversal of about 42% of the currency’s July–September gains, as it weakened from N1,329.50/$ at the end of September to N1,346/$ on October 30.

The currency’s October performance marked a reversal of some of the appreciation recorded in the preceding three months, according to Nairametrics.

The latest NFEM data therefore show a substantial decline in daily transaction volume, even as the exchange rate remained broadly unchanged between the last trading session in October and the opening session in November.

Foreign reserves record slower growth

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

The development comes despite an improvement in the country’s net foreign reserves, which rose to a record $46 billion, according to an earlier Nairametrics report.

The reserves opened October at $54.95 billion on October 2 and rose gradually during the month, reaching a high of approximately $55.26 billion on October 27 before easing to $55.22 billion by October 30.

The October increase was the smallest among the months that recorded positive growth in 2026.

Also, Nigeria’s net foreign exchange reserves have now gained a whopping $11 billion over the $34.80 billion reported at the end of 2025.

The latest reserve figures suggest that Nigeria’s external position continued to improve in October, although the pace of gross reserve accumulation moderated.

The combination of lower reported FX turnover and the naira’s marginal depreciation highlights the subdued trading activity at the official market at the start of November.