Naira weakens 0.22% as FX turnover slows to $1.45 billion in November’s first week
The naira recorded a marginal 0.22% depreciation in the first week of November, closing at N1,349 per dollar on November 6, as reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) remained subdued. The post Naira weakens 0.22% as FX turnover slows to $1.45 billion in November’s first week appeared first on Nairametrics .
The Nigerian naira experienced a slight 0.22% decline during the first week of November, settling at N1,349 per dollar by November 6, according to the Nigerian Foreign Exchange Market (NFEM). Reported foreign exchange turnover during the week was relatively low, totaling approximately $1.45 billion, though the Central Bank of Nigeria (CBN) had not yet released the total turnover figure for November 6 by the time of this report.
Despite the subdued market activity, the naira traded within a relatively narrow price range, continuing its downward trend from its opening level of N1,346.01 per dollar on November 2. The week's depreciation was modest compared to the more significant fluctuations seen in some October sessions. Overall foreign exchange turnover for November 2 through November 5 amounted to roughly $1.45 billion, based on daily figures published by the CBN.
This lower-than-average market activity follows a period of higher turnover in October. Nigeria's foreign exchange reserves showed signs of improvement in October 2026, with gross external reserves increasing by $295.35 million, marking the year's smallest positive monthly growth. The net foreign exchange reserves also reached a record high of $46 billion, as previously reported by Nairametrics.
The recent increase in gross reserves was slower than in previous months, offering context to the naira's performance in the foreign exchange market.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
