The naira weakened for a second consecutive trading session in November, closing at N1,348 per dollar on Wednesday, November 4, 2026, compared with N1,347.75/$ recorded on Tuesday
The latest closing rate represents a marginal depreciation of N0.25, or 0.02%, as the local currency extended its losses after opening November at N1,346.01/$.
Data from the Central Bank of Nigeria (CBN) showed that the naira traded between N1,346/$ and N1,349.50/$ during Wednesday’s session, with a weighted average exchange rate of N1,347.7983/$.
The Central Bank of Nigeria (CBN) is yet to provide NFEM transaction data for November 4, 2026, leaving the day’s official market turnover and number of deals unavailable.
However, available interbank data showed that 97 transactions valued at approximately $100.93 million were recorded during the session, compared with 117 deals worth $118.96 million on Tuesday.
The latest available NFEM turnover was $227.18 million on November 2, 2026, falling below $300 million for the first time since September 28, when transactions stood at $196.68 million, according to an earlier Nairametrics report.
The naira has recorded consecutive daily losses since November 3.
The latest NFEM data therefore show a substantial decline in daily transaction volume, even as the exchange rate remained broadly unchanged between the last trading session in October and the opening session in November.
Meanwhile, Nigeria’s gross foreign exchange reserves increased by $295.35 million in October 2026, representing the slowest positive monthly increase recorded so far this year.
The latest reserve figures suggest that Nigeria’s external position continued to improve in October, although the pace of gross reserve accumulation moderated.
The combination of lower reported FX turnover and the naira’s marginal depreciation highlights the subdued trading activity at the official market at the start of November.
