Naira depreciates to N1,364/$, records biggest daily loss since October 22
AI Executive Briefing
Gemini Flash AI~45s readThe Nigerian naira experienced its most significant single-session depreciation since October 22, falling to N1,364/$ at the NFEM on November 11, 2026. This 0.78% decline reflects a broader three-day downward trend in the currency's value.
Context & Background
- ✦The depreciation occurs amidst a global strengthening of the US dollar, driven by expectations of potential Federal Reserve rate hikes.
- ✦While the naira has faced recent pressure, it remains stronger year-to-date compared to the January 2, 2026, closing rate.
Key Figures & Named Entities
•Central Bank of Nigeria (CBN) reported a closing rate of N1,364/$ on November 11, 2026.•Net foreign exchange reserves reached a record $46 billion, up from $34.80 billion at the end of 2025.
Outlook & Next Steps
Market participants are monitoring the dollar index, which reached its highest level since April 2025, and potential shifts in US interest rate policies that continue to influence global currency valuations.
Key Takeaways
AI Summary- The naira depreciated by N10.50 to close at N1,364/$ at the Nigerian Foreign Exchange Market (NFEM) on November 11, 2026.
- This decline marks the currency's largest single-session loss since October 22, 2026.
- Despite recent volatility, the naira maintains a 4.7% improvement compared to its January 2, 2026, closing rate of N1,431/$.
Key Facts:October 22, 2026: The naira recorded a N28 decline on October 22, moving from N1,337/$ to N1,365/$.November 9-11, 2026: The naira weakened over three sessions from N1,350/$ on November 9 to N1,364/$ on November 11.2026: Nigeria's net foreign exchange reserves rose to a record $46 billion.
Editorial Excerpt
The naira weakened by N10.50 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, November 11, 2026, recording its biggest single-session loss since October 22.
Frequently Asked Questions About This Story
How did the naira perform in the parallel market on November 11, 2026?
In the parallel market, the dollar was quoted at N1,430, compared to N1,425 on the previous day.
What is the status of Nigeria's foreign exchange reserves?
Gross foreign exchange reserves increased by $295.35 million in October 2026, and net foreign exchange reserves have reached a record $46 billion.
