The Nigerian naira weakened for the 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.
Data from the Central Bank of Nigeria (CBN) showed that the latest closing rate represented a marginal depreciation of 25 kobo, or 0.02%, as the local currency extended its losses after opening November at N1,346.01 per dollar.
During Wednesday's trading session, the naira exchanged within a range of N1,346 and N1,349.50 per dollar, with a weighted average exchange rate of N1,347.7983.
FX Market Turnover Falls to $100.93 Million
Available interbank data showed that 97 foreign exchange transactions worth approximately $100.93 million were recorded during the session.
This represented a decline from Tuesday's 117 transactions valued at $118.96 million.
The Central Bank of Nigeria had yet to release the official NFEM transaction data for November 4, leaving the complete daily market turnover and number of deals unavailable.
The latest published NFEM turnover stood at $227.18 million on November 2, marking the first time daily transactions had fallen below $300 million since September 28, when turnover was recorded at $196.68 million.
Naira Extends November Losses
The naira has recorded consecutive daily depreciation since November 3, extending the pressure on the local currency at the beginning of the month.
The latest decline follows the reversal of approximately 42% of the currency's gains recorded between July and September.
The naira weakened from N1,329.50 per dollar at the end of September to N1,346 per dollar on October 30, reflecting a reversal of some of its previous appreciation.
Nigeria's 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 growth recorded so far this year.
The country's reserves opened October at $54.95 billion on October 2, gradually rising to approximately $55.26 billion on October 27 before declining slightly to $55.22 billion by October 30.
Despite the slower growth in gross reserves, Nigeria's net foreign exchange reserves improved to a record $46 billion.
The net reserves have also increased by approximately $11 billion from the $34.80 billion recorded at the end of December 2025.
The latest figures indicate that Nigeria's external reserves continued to strengthen in October, although the pace of accumulation slowed.
The combination of reduced foreign exchange market activity and the naira's marginal depreciation highlights the subdued trading conditions in the official foreign exchange market at the start of November.
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