Naira depreciates to N1,364/$, records biggest daily loss since October 22

The naira weakened by N10.50 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, November 11, 2026, recording its biggest single-session loss since October 22.

Data from the Central Bank of Nigeria’s (CBN) exchange-rate dataset show that the currency closed at N1,364/$, compared with N1,353.50/$ in the previous trading session on November 10.

The latest movement represents a 0.78% depreciation, extending the naira’s decline from N1,350/$ recorded on November 9.

In the parallel market, the dollar was quoted at N1,430 on Wednesday, compared with N1,425 on Tuesday, according to BDC operators in Abuja.

Naira records sharpest daily decline

The N10.50 loss on November 11 was the largest daily depreciation since October 22, when the exchange rate moved from N1,337/$ to N1,365/$, a N28 decline.

Following that movement, the naira strengthened slightly to N1,370/$ on October 23 before recovering over subsequent sessions to close at N1,346/$ on October 29 and October 30.

The currency then traded within the N1,346–N1,350/$ range in early November before weakening over the latest three sessions.

• The naira closed at N1,350/$ on November 9.
• It weakened to N1,353.50/$ on November 10.
• It fell further to N1,364/$ on November 11.
• The cumulative decline over the three sessions amounted to N14, or approximately 1.04%.

Despite the recent losses, the naira remains stronger than its January 2, 2026 closing rate of N1,431/$, representing an improvement of about 4.7% in the quoted exchange rate since the beginning of the year.

Foreign reserves and dollar strength

The naira’s latest movement comes amid changes in Nigeria’s external reserve position. Gross foreign exchange reserves increased by $295.35 million in October 2026, marking the slowest positive monthly increase recorded so far this year.

However, Nigeria’s net foreign exchange reserves rose to a record $46 billion, according to an earlier Nairametrics report. Net reserves have also increased from the $34.80 billion recorded at the end of 2025, as previously reported.

• On the international market, the US dollar strengthened against major currencies on Thursday, supported by growing expectations of a possible Federal Reserve rate hike. The Japanese yen also moved closer to the 160-per-dollar level following a dovish central banker’s speech.
• The dollar index, which measures the greenback against a basket of currencies, rose by 0.15% to 103.02, its highest level since April 2025.
• Against the Japanese yen, the dollar recovered from an earlier decline to trade 0.04% higher at 159.83, supported by interest-rate differentials and increased bets on further US rate hikes. It had earlier reached a more than two-month high.

The euro gained 0.06% against the dollar to $1.1096, while the pound sterling slipped 0.1% to $1.3266. The Australian dollar was little changed at $0.6847, while the New Zealand dollar declined 0.05% to $0.5559.