The naira recorded its steepest single-session decline since 22 October on Wednesday, 11 November 2026, weakening by ₦10.50 against the US dollar at the Nigerian Foreign Exchange Market (NFEM).
Central Bank data showed the currency closing at ₦1,364 per dollar, compared with ₦1,353.50 the previous day a drop of about 0.78%. The move extended a three-day slide from ₦1,350 on 9 November.
In the parallel market, bureau de change operators in Abuja quoted the dollar at about ₦1,430, up from ₦1,425 on Tuesday.
Path of the Recent Slide
The ₦10.50 fall was the largest daily loss since 22 October, when the rate moved from ₦1,337 to ₦1,365 a ₦28 drop in one session. After that shock, the naira recovered over subsequent days, closing around ₦1,346 at the end of October, then trading mostly between ₦1,346 and ₦1,350 in early November before the latest three-session decline.
Over 9–11 November the cumulative loss was about ₦14, or roughly 1%. Even so, the naira remains stronger than its ₦1,431 close on 2 January 2026 an improvement of about 4.7% so far this year.
Reserves and Global Dollar Backdrop
October saw gross foreign exchange reserves rise by about $295 million, the slowest monthly increase this year. Net reserves, however, have climbed to a reported record around $46 billion, up from about $34.8 billion at the end of 2025.
Globally, the dollar firmed against several major currencies amid expectations that the US Federal Reserve could still tighten policy. The dollar index rose to levels not seen since April 2025, while the yen hovered near psychologically important thresholds as rate differentials remained in focus.
What It Means
A sharper official-market move raises the naira cost of imports and dollar obligations for businesses that settle through the formal window. The wider gap with parallel quotes also keeps pressure on anyone who relies on the BDC market. Whether the latest decline is a short correction or the start of another softer phase will depend on dollar supply, portfolio flows and how the CBN manages liquidity in the sessions ahead.
