Naira weakens to N1,353.50/$ as dollar rate climbs further in November
The naira weakened to N1,353.50 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, November 10, extending its depreciation in November as the US dollar maintained gains against major currencies. The post Naira weakens to N1,353.50/$ as dollar rate climbs further in November appeared first on Nairametrics .
The Nigerian Naira fell to N1,353.50 per US dollar on Tuesday, November 10, as the local currency's depreciation continued throughout November. This decline comes as the US dollar strengthened internationally, driven by expectations of a potential Federal Reserve rate increase. The Central Bank of Nigeria reported that the naira dropped N3.50 from Monday's closing rate of N1,350 per dollar.
The naira's value fluctuated between N1,349.25 and N1,354 per dollar on Tuesday, with a weighted average rate of N1,350.8587 and a simple average of N1,351.4980. The naira closed at N1,350 on November 9, compared to N1,349 on November 6. Gross foreign exchange reserves grew by $295.35 million in October 2026, marking the slowest positive monthly increase this year, despite a continued rise in the country's net reserve position.
Internationally, the US dollar hovered near a two-week high early Wednesday, following robust inflation data and hawkish remarks from Federal Reserve officials, suggesting a possible interest rate hike in the coming month.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
