Naira weakens 0.22% as FX turnover slows to $1.45 billion in November’s first week

The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued.

Data from the Central Bank of Nigeria (CBN) showed that the currency weakened from N1,346.01 per dollar on November 2 to N1,349 by the end of the week.

Reported NFEM turnover between November 2 and November 5 amounted to approximately $1.45 billion, although the CBN had yet to publish the total turnover figure for November 6 as of the time of filing this report.

Naira loses 0.22% in five days

The naira traded within a relatively narrow range during the week, despite recording successive losses in the first few trading sessions.

• It opened the week at N1,346.01 per dollar on November 2 and weakened to N1,347.75 on November 3 before closing at N1,348 on November 4.
• On November 5, the currency depreciated further to N1,350.45 per dollar, with total NFEM turnover of $380.57 million.
• The exchange rate improved slightly to N1,349 on November 6, although the CBN’s reported total turnover for the day remained unavailable.
• The highest exchange rate recorded during the week was N1,353 per dollar, while the lowest was N1,344.
• The naira had closed at N1,346 per dollar on October 30, meaning it weakened by N3 over the following week.

Nairametrics had earlier reported that the naira weakened to N1,350.45 per dollar at the NFEM on November 5, extending its losses in the first week of November.

The week’s movement represents a relatively small depreciation compared with the more pronounced fluctuations recorded in some sessions in October.

FX turnover remains subdued

Reported NFEM turnover for November 2 to November 5 stood at approximately $1.45 billion, based on the daily figures published by the CBN.

• The November 2 session recorded $227.18 million, while turnover increased 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 data for November 6 showed interbank turnover of approximately $232.98 million, but the total NFEM turnover figure had not been published at the time of filing. Consequently, the reported $1.45 billion does not include any additional total-market turnover for that day.
• Trading activity had been considerably higher in late October. On October 23, NFEM turnover reached approximately $3.24 billion, the highest daily figure in the supplied data. It subsequently declined to $583.33 million on October 30 before falling to $227.18 million on November 2.

The figures indicate a moderation in reported FX market activity following the unusually high turnover recorded in October.

Reserves rise at slower pace

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 additional context for developments in the foreign exchange market, although the latest increase in gross reserves was slower than those recorded in some earlier months of the year.