Naira slips to N1,347.79 per dollar as external reserves fall to $55.15bn

The naira depreciated slightly against the US dollar at the official foreign exchange market on Wednesday, closing at N1,347.79 per dollar compared with N1,346.93 on Tuesday.

Central Bank of Nigeria data showed a day-on-day loss of N0.86 for the currency. The move came as the country's external reserves declined for the second time this week, falling to $55.15 billion on November 3, 2026.

Official window

The official rate moved by less than one naira, a marginal shift that points to a market still tightly managed. Tuesday's session had seen the naira appreciate at the official window before Wednesday's pullback.

The reserve buffer has become the main talking point for traders watching the CBN's ability to keep the official rate within a narrow band.

Parallel market

At the parallel market, the naira traded against the dollar on Wednesday, compared with approximately N1,390 recorded the previous day. The parallel market rate for Wednesday was not stated in the data.

Tuesday's parallel market quote held steady even as the official rate firmed, leaving a gap of roughly N43 between the two windows at that point.

Reserves under watch

The external reserves slid to $55.15 billion on November 3, 2026, the second decline recorded this week. The CBN has consistently described the reserves as adequate to cover imports and defend the currency, though the recent run of losses has drawn attention from market analysts.

Reserve movements are watched closely in Nigeria because they signal how much firepower the regulator has to intervene at the official window and keep the naira from sliding sharply. A thinning buffer usually widens the spread between the official and parallel rates, which in turn feeds into import costs.

For importers and businesses pricing goods off the parallel market, the near N43 gap between the two windows remains the number to watch, especially with reserves slipping again inside a single week.