Naira Falls to N1,364/$, Records Biggest Daily Loss in Nearly Three Weeks
By Mohammed Ismail
The naira on Wednesday depreciated by N10.50 against the United States dollar at the Nigerian Foreign Exchange Market (NFEM), recording its steepest single-day decline since October 22, 2026.
The local currency closed at N1,364 to the dollar, compared with N1,353.50 recorded at the previous trading session on Tuesday, according to data from the Central Bank of Nigeria (CBN).
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The latest decline represents a 0.78 per cent depreciation, extending the naira’s downward movement for the third consecutive trading session.
In the parallel market, the dollar also appreciated to N1,430 on Wednesday from N1,425 on Tuesday, according to quotations from Bureau De Change (BDC) operators in Abuja.
The N10.50 loss represents the naira’s biggest daily depreciation since October 22, when it fell by N28 from N1,337 to N1,365 per dollar.
Following that sharp decline, the currency recorded a gradual recovery, closing at N1,346 per dollar on October 29 and 30 before trading within the N1,346 to N1,350 range in the early days of November.
However, the downward trend has returned in recent sessions. The naira closed at N1,350 per dollar on November 9, weakened to N1,353.50 on November 10 and further depreciated to N1,364 on November 11.
The three-day decline amounts to N14, representing approximately 1.04 per cent depreciation. Despite the recent losses, the naira remains stronger than its January 2, 2026 closing rate of N1,431 per dollar, indicating an improvement of about 4.7 per cent since the beginning of the year.
Foreign reserves position
The latest pressure on the naira comes against the backdrop of changes in Nigeria’s foreign exchange reserves.
Nigeria’s gross external reserves increased by $295.35 million in October, although the growth represented the slowest monthly increase recorded so far in 2026.
Meanwhile, the country’s net foreign exchange reserves reportedly climbed to a record $46 billion, up from $34.80 billion at the end of 2025.
Stronger dollar adds pressure
Developments in the international foreign exchange market have also contributed to the changing currency outlook, as the US dollar strengthened against several major global currencies.
The dollar’s gains were supported by growing expectations that the United States Federal Reserve could raise interest rates.
The dollar index, which measures the greenback against a basket of major currencies, rose by 0.15 per cent to 103.02, its highest level since April 2025.
Against the Japanese yen, the dollar gained 0.04 per cent to trade at 159.83, approaching the 160-per-dollar mark.
The euro appreciated slightly by 0.06 per cent to $1.1096, while the British pound declined by 0.1 per cent to $1.3266.
The Australian dollar remained relatively stable at $0.6847, while the New Zealand dollar shed 0.05 per cent to $0.5559.
The latest developments highlight renewed pressure on the naira despite the improvement in Nigeria’s net foreign reserves and the currency’s stronger position compared with the beginning of the year.
