Naira Opens November Weak at Official Market, Parallel Rate Holds at N1,390

The naira began November and the new trading week on a negative note at the official foreign exchange market. Data from the Central Bank of Nigeria showed the naira weakened to N1,347.94 per dollar on Monday, from N1,346.26 on Friday.

The movement means the naira lost N1.68 against the dollar on the first trading day of the month. The parallel market was unchanged, with the naira trading at N1,390 per dollar on Monday, the same rate recorded last week.

Official market

The CBN data put Monday’s official rate at N1,347.94 per dollar. That compares with N1,346.26 per dollar at the end of last week. The depreciation came as the market opened for November and for the new trading week.

The official market often sets the tone for foreign exchange policy and pricing for businesses that source dollars through formal channels. Monday’s print showed pressure at the start of the month, with the naira weaker than its previous close.

Parallel market

At the parallel market, the naira held steady at N1,390 per dollar on Monday. The rate was the same as last week. That left the informal market rate unchanged while the official rate edged lower.

The parallel market remains a key reference point for many individuals and small businesses that cannot access official FX. A stable parallel rate can give traders some certainty in the short term, even as the official rate moves.

What it means

For now, the naira is weaker at the official window and flat at the parallel market. The official rate moved from N1,346.26 to N1,347.94, a depreciation of N1.68. The parallel rate stayed at N1,390. Businesses and consumers will watch whether the official rate continues to slide or stabilises in the coming days.