Naira Gains N1.91 Against Dollar as External Reserves Fall by $300m

The naira appreciated by N1.91 against the US dollar to close at N1,353.97/$ at the official foreign exchange market on Friday, November 13, 2026. The gain came as Nigeria’s external reserves dropped by about $300 million in 10 days, from $55.17 billion on November 2 to $54.87 billion on November 12.

NAFEM data showed the local currency strengthened from N1,355.88/$ on Thursday. That represents an appreciation of N1.91 or 0.14% in one trading session.

Naira beats pound, euro

The naira also gained N6.45 against the British pound to close at N1,791.44/£1, compared with N1,797.89/£1 in the previous session. It appreciated by N6.45 against the euro to settle at N1,496.68/€, up from N1,503.13/€.

The currency held steady in the parallel market at N1,390/$ and at the GTBank foreign exchange desk at N1,365/$.

Trading activity declined. Interbank foreign exchange transactions fell by 27.5% to $466.97 million from $644.85 million a day earlier. The number of deals dropped to 146 from 242.

Reserves down 0.54%

Central Bank of Nigeria data showed gross external reserves fell from $55.17 billion on November 2, 2026, to $54.87 billion on November 12, 2026. That is a 0.54% decline in 10 days.

The drop comes amid concerns about foreign exchange outflows and offshore investors reducing their exposure to naira-denominated assets. It has renewed attention on the effectiveness of the CBN’s foreign exchange reforms and the country’s ability to sustain improvements in the naira’s value.

CBN selling rates

The CBN published updated exchange rates for major currencies on Friday, November 13, 2026. The selling rates were: CFA N2.29, Chinese yuan/renminbi N202.92, Danish krone N200.17, euro N1,496.68, Japanese yen N8.46, Saudi riyal N360.76, South African rand N79.79, SDR N1,826.92, Swiss franc N1,614.95, British pound sterling N1,791.44, US dollar N1,353.97, WAUA N1,828.75 and UAE dirham N368.60.

For businesses and consumers, the official rate remains below the parallel market rate, while the reserve decline points to pressure on foreign exchange supply. The naira’s near-term direction will depend on how much the CBN can keep inflows steady.