Naira depreciates to N1,364/$, records biggest daily loss since October 22

The Nigerian currency, the naira, experienced its biggest daily loss against the US dollar in over a month, depreciating by N10.50 to reach N1,364/$ on November 11, 2026. This marked the steepest single-session decline since October 22, when the exchange rate fell by N28, from N1,337/$ to N1,365/$. The Central Bank of Nigeria's exchange-rate dataset revealed that the naira closed at N1,364/$ on Wednesday, November 11, down from N1,353.50/$ on November 10.

The parallel market quoted the dollar at N1,430 on Wednesday, compared to N1,425 on Tuesday. The N10.50 depreciation represented a 0.78% decline, extending the naira's recent downward trend from N1,350/$ on November 9. The parallel market's quotation of N1,430 for the dollar was higher than Tuesday's N1,425 rate, according to BDC operators in Abuja.

This was the largest daily depreciation since October 22, when the exchange rate moved from N1,337/$ to N1,365/$. Following this movement, the naira showed a brief recovery to N1,370/$ on October 23 and maintained this level until October 30. However, the currency then trading within the N1,346–N1,350/$ range in early November before the latest decline.

Despite the recent downturn, the naira remains stronger than its rate on January 2, 2026, when it closed at N1,431/$, marking an improvement of about 4.7% since the beginning of the year. The naira's latest movement coincides with shifts in Nigeria's external reserve position. Gross foreign exchange reserves increased by $295.35 million in October 2026, the smallest positive monthly increase this year.

Nonetheless, Nigeria's net foreign exchange reserves reached a record $46 billion, according to a Nairametrics report. Net reserves have also increased from $34.80 billion at the end of 2025. Exchange rates for the euro, pound sterling, Australian dollar, and New Zealand dollar were also noted, with minor fluctuations against the US dollar.