Naira slips to N1,358.34/$ as FX turnover and reserves fall

The naira depreciated by N7.48, or 0.55 per cent, to N1,358.34/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, November 11. It closed at N1,350.86/$1 in the previous session.

The official market showed mixed movement against other major currencies. The naira appreciated against the Pound Sterling by N5.03 to N1,808.36/£1 from N1,813.39/£1. It firmed up against the Euro by N3.16 to N1,511.69/€1 from N1,514.85/€1.

Turnover and reserves

Central Bank of Nigeria (CBN) data showed interbank FX turnover moderated by 62.5 per cent to $93.010 million from $248.071 million. The number of deals fell by 31.25 per cent to 99 deals from 144 deals.

Nigeria’s foreign reserves fell below $55 billion amid sustained dollar outflows. The gross balance stood at $54.919 billion, according to the latest CBN update. External reserves peaked at $55.264 billion in late October 2026 and have trended downward amid CBN FX interventions at the official window.

Parallel market and bank counter

At the GTBank forex counter, the naira lost N2 against the dollar to quote at N1,359/$1, compared with Tuesday’s N1,357/$1. At the parallel market, the naira remained unchanged at N1,375/$1.

Crypto market pressured

The cryptocurrency market was depressed as the Dollar Index remained above 102. Tuesday’s hotter-than-expected U.S. inflation report reinforced expectations for higher interest rates in the world’s largest economy.

Traders priced in roughly an 86 per cent probability of a quarter-point increase from the Federal Open Market Committee (FOMC) on December 9 and a 14 per cent chance of a half-point move.

Ripple (XRP) shrank by 1.8 per cent to $1.04. Dogecoin (DOGE) fell by 1.6 per cent to $0.0669. Cardano (ADA) crashed by 1.3 per cent to $0.1728. Ethereum (ETH) dipped by 0.8 per cent to $2,046.99. Binance Coin (BNB) tumbled by 0.8 per cent to $674.18.

Bitcoin (BTC) depreciated by 0.3 per cent to $73,542.91. Solana (SOL) weakened by 0.2 per cent to $82.85. TRON (TRX) slipped by 0.1 per cent to $0.3170. US Dollar Tether (USDT) and US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

The weaker official rate and lower FX turnover point to continued pressure on the naira, with importers and businesses likely to keep a close watch on reserve levels and CBN interventions.