Naira Gains N1.01 Against Dollar at Official Market, Parallel Rate Stays at N1,390

The naira appreciated by N1.01 against the United States dollar at the official foreign exchange market on Tuesday, CBN data showed. It closed at N1,346.93 per dollar, up from N1,347.94 recorded on Monday.

The gain came after the local currency started November 2026 on a negative note at the official market. The naira had depreciated at the official foreign exchange market to begin the month.

Official Market Gain

Central Bank of Nigeria data showed the naira strengthened to N1,346.93 per dollar on Tuesday from N1,347.94 on Monday. That represented a day-to-day appreciation of N1.01 against the dollar.

The move marked a modest recovery at the official window after the early November depreciation.

Parallel Market Holds

At the parallel market, the naira remained flat at N1,390 per dollar on Tuesday. This was the same rate recorded the previous day.

The official and parallel market rates therefore continued to move at different levels, with the official rate stronger than the parallel market rate.

External Reserves Slip

The country's external reserves dropped to $55.16 billion on November 2, 2026, from $55.22 billion recorded on October 30, according to data from the apex bank.

The reserve decline came as the naira posted a small gain at the official market and held steady at the parallel market.

The official market gain offers little room for relief for Nigerian businesses and consumers who still face a parallel market rate of N1,390 per dollar. The movement in reserves will also remain a key point to watch for the naira in the coming days.