Exchange rate: Naira depreciates, begins November on negative note

The Nigerian naira commenced November on a negative note, depreciating against the dollar at the official foreign exchange market on Monday. According to the Central Bank of Nigeria, the naira weakened to N1,347.94 per dollar from N1,346.26 the previous Friday. This translates to a depreciation of N1.68 against the dollar on the initial trading day of the month.

At the parallel market, however, the naira maintained stability, staying at N1,390 per dollar on Monday, mirroring the rate observed the previous week. The divergent trends across the foreign exchange markets followed a dip in Nigeria's external reserves to $55.22 billion on October 30, down from $55.24 billion the day prior, as reported by official data from the apex bank.

Notably, the naira had appreciated at the official market on Friday, but remained unchanged at the parallel market.