{
  "id": 18273365,
  "title": "Naira slips to N1,348/$, as FX turnover drops below $101 million",
  "url": "https://urgent.news/2026/11/05/naira-slips-to-n1-348-as-fx-turnover-drops-below-101-million",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-05T07:24:14.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/11/05/naira-slips-to-n1348-as-fx-turnover-drops-below-101-million/"
  },
  "original_language": "en",
  "account": "The Nigerian naira continued its downward trend for a second day in November, closing at N1,348 per US dollar on Wednesday, November 4, 2026, marking a minimal depreciation of N0.25, or 0.02%. This comes after the local currency opened the month at N1,346.01/$. According to Central Bank of Nigeria (CBN) data, the naira fluctuated between N1,346/$ and N1,349.50/$ throughout the trading session, with a weighted average exchange rate of N1,347.7983/$. However, the CBN has not yet released NFEM transaction data for November 4, leaving the day's official market turnover and number of deals unknown. Interbank data, though, revealed that only 97 transactions worth approximately $100.93 million were executed during the session, compared to 117 deals totaling $118.96 million on Tuesday. The most recent NFEM turnover was $227.18 million on November 2, 2026, marking the first time that monthly turnover dropped below $300 million since September 28, when transactions amounted to $196.68 million. Since November 3, the naira has recorded consecutive daily losses, resulting in a significant decline in daily transaction volume. Despite this, the exchange rate remained relatively stable between October's closing session and November's opening. Meanwhile, Nigeria's gross foreign exchange reserves grew by $295.35 million in October 2026, representing the smallest positive monthly increase so far this year. This modest increase suggests that Nigeria's external position continued to improve despite the reduced trading activity at the official market at the start of November.",
  "summary": "The naira weakened for a second consecutive trading session in November, closing at N1,348 per dollar on Wednesday, November 4, 2026, compared with N1,347.75/$ recorded on Tuesday The post Naira slips to N1,348/$, as FX turnover drops below $101 million appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}