Naira slips 0.22% as NFEM turnover slows to $1.45 billion in first week of November

The naira weakened 0.22% in the first week of November, closing at N1,349 per dollar on November 6. Reported foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) stayed subdued, with about $1.45 billion recorded between November 2 and November 5.

CBN data showed the currency moved from N1,346.01 per dollar on November 2 to N1,349 at the end of the week. The CBN had not published total NFEM turnover for November 6 as of the time of filing.

Naira loses 0.22% in five days

The naira traded in a relatively narrow range during the week but recorded successive losses in the first few sessions. It opened at N1,346.01 per dollar on November 2, weakened to N1,347.75 on November 3, and closed at N1,348 on November 4.

On November 5, the currency depreciated further to N1,350.45 per dollar, with total NFEM turnover of $380.57 million. The exchange rate improved slightly to N1,349 on November 6, although the CBN’s total turnover for the day remained unavailable.

The highest exchange rate recorded during the week was N1,353 per dollar, while the lowest was N1,344. The naira had closed at N1,346 per dollar on October 30, meaning it weakened by N3 over the following week.

FX turnover remains subdued

Reported NFEM turnover for November 2 to November 5 stood at approximately $1.45 billion, based on daily CBN figures. The November 2 session recorded $227.18 million. Turnover increased to $404.11 million on November 3 and $434.54 million on November 4. It then declined to $380.57 million on November 5.

CBN data for November 6 showed interbank turnover of approximately $232.98 million, but the total NFEM turnover figure had not been published at the time of filing. The reported $1.45 billion therefore does not include any additional total-market turnover for that day.

Trading activity had been much higher in late October. On October 23, NFEM turnover reached approximately $3.24 billion, the highest daily figure in the supplied data. It fell to $583.33 million on October 30 and $227.18 million on November 2. The figures point to a moderation in reported FX market activity after the unusually high turnover in October.

Reserves rise at slower pace

The naira’s recent performance comes amid changes in Nigeria’s foreign exchange reserves. Gross external reserves increased by $295.35 million in October 2026, the slowest positive monthly increase recorded so far this year.

The increase came with an improvement in net foreign exchange reserves, which rose to a record $46 billion. Nigeria’s net reserves have also increased from the $34.80 billion recorded at the end of 2025. The reserve figures provide additional context for developments in the foreign exchange market, although the latest increase in gross reserves was slower than those recorded in some earlier months of the year.

For the naira, the week’s modest depreciation and lower NFEM turnover suggest reduced market activity rather than a sharp loss of confidence. The pace of reserve accretion will remain a key marker for FX users and businesses watching dollar supply.