Naira slumps to N1,364/$ with biggest daily loss since October 22

The naira weakened by N10.50 against the US dollar at the Nigerian Foreign Exchange Market on Wednesday, November 11, 2026, its biggest single-session loss since October 22. CBN exchange-rate data show the currency closed at N1,364/$, compared with N1,353.50/$ on November 10.

The movement is a 0.78% depreciation and extends the naira’s decline from N1,350/$ on November 9. In the parallel market, BDC operators in Abuja quoted the dollar at N1,430 on Wednesday, up from N1,425 on Tuesday.

Three sessions of losses

The N10.50 loss on November 11 was the largest daily depreciation since October 22, when the rate moved from N1,337/$ to N1,365/$, a N28 decline. The naira then strengthened slightly to N1,370/$ on October 23 before recovering to N1,346/$ on October 29 and October 30. It traded within N1,346 to N1,350/$ in early November before weakening over the latest three sessions.

The naira closed at N1,350/$ on November 9, weakened to N1,353.50/$ on November 10 and fell to N1,364/$ on November 11. The cumulative decline over the three sessions was N14, or about 1.04%.

Despite the recent losses, the naira remains stronger than its January 2, 2026 closing rate of N1,431/$, an improvement of about 4.7% in the quoted exchange rate since the start of the year.

Reserves and global dollar

The naira’s latest move comes amid changes in Nigeria’s external reserve position. Gross foreign exchange reserves increased by $295.35 million in October 2026, the slowest positive monthly increase so far this year. Nigeria’s net foreign exchange reserves rose to a record $46 billion, up from $34.80 billion at the end of 2025.

On the international market, the US dollar strengthened against major currencies on Thursday, supported by growing expectations of a possible Federal Reserve rate hike. The Japanese yen moved closer to the 160-per-dollar level following a dovish central banker’s speech.

The dollar index, which measures the greenback against a basket of currencies, rose by 0.15% to 103.02, its highest level since April 2025. Against the yen, the dollar recovered from an earlier decline to trade 0.04% higher at 159.83, supported by interest-rate differentials and increased bets on further US rate hikes. It had earlier reached a more than two-month high.

The euro gained 0.06% against the dollar to $1.1096, while the pound sterling slipped 0.1% to $1.3266. The Australian dollar was little changed at $0.6847, while the New Zealand dollar declined 0.05% to $0.5559.

What it means

The three-session slide leaves the official rate at N1,364/$ and the parallel market rate at N1,430/$. For importers and businesses pricing dollar costs, the gap between the two markets remains wide. The naira is still stronger than its January 2 level, but the latest run of losses shows how quickly the market can move within a week.