Exchange rate today, November 11, 2026: Naira records highest depreciation against USD
AI Executive Briefing
Gemini Flash AI~45s readThe Nigerian Naira has hit its highest depreciation point in the official foreign exchange market for the week, closing at N1,358.34 against the dollar. This decline is mirrored by a weakening position in the parallel market and a simultaneous reduction in the nation's external reserves.
Context & Background
- ✦The official foreign exchange market is experiencing significant volatility, with the Naira recording its sharpest daily decline since November 6, 2026.
- ✦The parallel market is facing upward pressure on exchange rates driven by anticipated increased demand leading into January 2027.
Key Figures & Named Entities
•Abubakar Bengazzir, a Bureau de Change operator, confirmed a parallel market rate of N1,420 per dollar.•Central Bank of Nigeria reported external reserves at $54.92 billion as of November 10, 2026.
Outlook & Next Steps
Market analysts expect the black market exchange rate to continue rising through January 2027 due to sustained demand pressures.
Key Takeaways
AI Summary- The Naira recorded its sharpest daily decline in the official foreign exchange market, falling to N1,358.34 per dollar.
- Parallel market rates in Abuja are currently trading at N1,420 per dollar, with expectations of further increases through January 2027.
- Nigeria's external reserves experienced a decline, dropping to $54.92 billion as of November 10, 2026.
Key Facts:November 11, 2026: The Naira depreciated by N7.48 against the dollar between Tuesday and Wednesday.November 10, 2026: External reserves fell from $54.93 billion to $54.92 billion.
Editorial Excerpt
The Naira recorded its highest depreciation against the dollar at the official foreign exchange market in the week under review.Central Bank of Nigeria, CBN, data showed that the Naira weakened further to N1,358.34 against the dollar on Wednesday, down from the N1,350.86 recorded on Tuesday.This...
Frequently Asked Questions About This Story
What is the current exchange rate at the parallel market in Abuja?
According to Bureau de Change operator Abubakar Bengazzir, the Naira exchanges at N1,420 per dollar at the parallel market.
Why is the black market exchange rate expected to rise?
The rate is expected to rise from now until January 2027 due to increased demand.
