Naira slips to N1,350.86/$ at official market as reserves fall to $54.49bn

The naira weakened to N1,350.86 per dollar at the official foreign exchange market on Tuesday, down from N1,349.34 the previous day. Central Bank of Nigeria data showed the currency depreciated by N1.52 day-on-day at the official window.

Official window

The latest move followed Monday's depreciation across the foreign exchange markets, which started the week on a negative note. At the official market, the naira continued its depreciation against the dollar on Tuesday.

Parallel market

At the parallel market, the naira appreciated to N1,421 per dollar on Tuesday from N1,425 traded on Monday. The official and parallel market rates therefore remained apart.

Reserves and MPC

The country's external reserves extended their declining streak to $54.49 billion, according to CBN data as of November 9, 2026. The CBN recently scheduled November 23 and 24, 2026, for its 308th Monetary Policy Committee meeting to decide on interest rates and other monetary policy issues.

The reserve level and the upcoming MPC decision are the next markers for the foreign exchange market. The figures leave a gap between the official rate and the parallel market rate.