Naira weakens to N1,353.50/$ as dollar rate climbs further in November
AI Executive Briefing
Gemini Flash AI~45s readThe Nigerian naira experienced a depreciation to N1,353.50 per dollar on November 10, continuing a downward trend throughout the month. This movement is largely attributed to a firmer US dollar in international markets fueled by expectations of tighter US monetary policy.
Context & Background
- ✦The Nigerian foreign exchange market is currently navigating volatility influenced by both local market activity and global macroeconomic trends.
- ✦While gross foreign exchange reserves saw their slowest monthly growth in October 2026, net reserves have reached a record $46 billion, indicating a complex landscape for Nigeria's external reserve position.
Key Figures & Named Entities
Central Bank of Nigeria:Reported the naira's decline and provided data on NFEM turnover and foreign reserve growth.US Federal Reserve:Influencing global currency markets through potential interest rate hikes and hawkish policy signals.N1,353.50:The closing rate of the naira per dollar on November 10.
Outlook & Next Steps
Market participants are monitoring US Federal Reserve policy decisions and potential interest rate hikes next month, which will continue to impact the dollar index and, by extension, the naira's performance.
Key Takeaways
AI Summary- The naira depreciated to N1,353.50 per dollar at the Nigerian Foreign Exchange Market (NFEM) on November 10.
- The local currency lost N3.50 in value compared to the previous day's closing rate of N1,350.
- Global dollar strength, driven by expectations of a US Federal Reserve interest rate hike, is a primary factor influencing the naira's recent decline.
Key Facts:November 2 - November 6: The naira traded at N1,346.01 on November 2, before moving to N1,350.45 on November 5 and N1,349 on November 6.October 2026: Gross foreign exchange reserves increased by $295.35 million in October 2026, marking the slowest positive monthly growth for the year.$46 billion: Net foreign exchange reserves rose to a record $46 billion, up from $34.80 billion at the end of 2025.
Editorial Excerpt
The naira weakened to N1,353.50 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, November 10, extending its depreciation in November as the US dollar maintained gains against major currencies.
Frequently Asked Questions About This Story
What was the interbank turnover recorded on November 10?
The interbank turnover stood at $248.07 million across 144 interbank deals.
Why is the US dollar gaining strength against the naira?
The dollar is strengthening due to stronger-than-expected US inflation data, hawkish comments from Federal Reserve officials, and market expectations of a potential US interest rate increase.
