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The naira weakened to N1,350.45 per dollar at the Nigerian Foreign Exchange Market (NFEM) on November 5, extending its losses in the first week of November.
Data from the Central Bank of Nigeria’s (CBN) website showed that the currency depreciated from N1,348 per dollar recorded on November 4, after also closing at N1,347.75 on November 3 and N1,346.01 on November 2.
The latest movement follows the naira’s October reversal of some of the appreciation recorded over the preceding three months, as previously reported by Nairametrics.
Naira weakens further in November
The exchange rate data showed that the naira lost N2.45 against the dollar between November 4 and November 5, taking its cumulative depreciation from the November 2 closing rate to N4.44.
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The currency traded within a range of N1,348 to N1,350.50 per dollar on November 5. Its weighted average rate stood at N1,348.7416, while the simple average was N1,348.8335.
Trading activity was also notably different from the preceding sessions. The interbank deals column showed 88 transactions on November 5. Also, the interbank turnover stood at approximately $82.16 million.
This compared with November 4, when the market recorded 287 deals and total NFEM turnover of approximately $434.54 million. Interbank turnover was about $100.93 million on that day.
The figures indicate a weaker closing exchange rate alongside lower reported trading activity on November 5.
Reserves provide external buffer
The naira’s recent performance comes amid changes in Nigeria’s foreign exchange reserves. Gross external reserves increased by $295.35 million in October 2026, marking the slowest positive monthly increase recorded so far this year.
The increase came alongside an improvement in net foreign exchange reserves, which rose to a record $46 billion, according to an earlier Nairametrics report.
Nigeria’s net reserves have also increased from the $34.80 billion recorded at the end of 2025, as reported by Nairametrics.
The reserve figures provide context for the country’s external position, although the latest increase in gross reserves has not prevented the naira from recording further losses against the dollar in the early part of November.
Dollar steady in global markets
In the international currency market, the dollar was broadly steady against major currencies on Friday after a sharp selloff in US equities pushed investors towards safe-haven assets such as the Japanese yen and lowered Treasury yields ahead of a closely watched government payrolls report.
The Swiss franc strengthened 0.2% against the dollar, while the dollar index, which measures the US currency against six major peers, was broadly unchanged at 101.55, according to Reuters.
The euro held steady at $1.1222 but was on course for a 0.5% weekly gain, which would end its two-week losing streak. Sterling rose 0.1% to $1.3457 after the Bank of England raised its policy interest rate as widely expected.
