Naira weakens to ₦1,364 per dollar

LAGOS, Nigeria — The naira weakened by ₦10.50 against the United States dollar on Wednesday, November 11, 2026, closing at ₦1,364 per dollar on the Nigerian Foreign Exchange Market. It was the currency’s biggest single-session loss since October 22.

Data from the Central Bank of Nigeria’s exchange-rate dataset show the naira closed at ₦1,353.50 per dollar on Tuesday, November 10. The latest move is a depreciation of about 0.78%, and extends a decline from ₦1,350 per dollar recorded on Monday, November 9.

In the parallel market, bureau de change operators in Abuja quoted the dollar at ₦1,430 on Wednesday, up from ₦1,425 the previous day.

Across the three sessions from November 9 to November 11, the naira lost a cumulative ₦14, or about 1.04%. It remains stronger than its January 2, 2026 closing rate of ₦1,431 per dollar, an improvement of about 4.7% in the quoted exchange rate since the start of the year.

The naira’s previous large daily loss came on October 22, when the rate moved from ₦1,337 to ₦1,365 per dollar. The currency then recovered, closing at ₦1,346 per dollar on October 29 and October 30, before trading within a range of ₦1,346 to ₦1,350 in early November.

Nigeria’s external reserves remain strong. Net foreign exchange reserves reached a record $46 billion in October, according to the Central Bank, and have risen from $34.80 billion at the end of 2025. Gross reserves increased by $295.35 million in October, the slowest monthly gain so far this year.

Internationally, the dollar strengthened on Thursday, supported by growing expectations of a possible United States Federal Reserve interest rate increase. The dollar index rose 0.15% to 103.02, its highest level since April 2025. Against the Japanese yen, the dollar traded near 159.83.