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.
Data from the Central Bank of Nigeria showed that the local currency lost N3.50 from Monday’s closing rate of N1,350 per dollar.
The latest decline follows the naira’s movement from N1,346.01 on November 2 to N1,350.45 on November 5 and N1,349 on November 6.
The exchange rate movement comes amid changing foreign exchange market activity and a firmer dollar internationally, supported by expectations of a possible US Federal Reserve rate increase.
The naira traded within a range of N1,349.25 and N1,354 per dollar on Tuesday, while its weighted average rate stood at N1,350.8587. The simple average was N1,351.4980.
The naira closed at N1,350 on November 9, compared with N1,349 on November 6.
The distinction between total NFEM turnover and interbank transactions is important when assessing market activity, as the two figures represent different measures of foreign exchange trading.
The naira’s recent performance comes amid changes in Nigeria’s external reserves. Gross foreign exchange reserves increased by $295.35 million in October 2026, representing the slowest positive monthly increase recorded so far this year.
The figures show continued growth in the country’s net reserve position, although the latest monthly increase in gross reserves was slower than in previous months.
Internationally, the US dollar held near a two-week high in early Asian trading on Wednesday following stronger-than-expected inflation data and hawkish comments from Federal Reserve officials.
The developments strengthened market expectations that the US central bank could raise interest rates next month.
The dollar index, which measures the US currency against a basket of six major currencies, was steady at 102.22, approaching its highest level since October 28.
Other major currencies recorded limited movements:
The yield on the US 10-year Treasury bond also rose by 13.8 basis points to 4.996%, reflecting the broader adjustment in financial markets to expectations of tighter US monetary policy.
