Naira drops N10.50 to N1,364/$ in worst day since October
The naira recorded its sharpest single-session decline since October 22, weakening N10.50 to close at N1,364/$ at the Nigerian Foreign Exchange Market on Wednesday, November 11. This 0.78% depreciation extends a three-day slide from N1,350/$ on November 9 — a cumulative N14 loss (1.04%). In Abuja's parallel market, BDC operators quoted the dollar at N1,430, up from N1,425 on Tuesday.
Despite the recent losses, the naira remains 4.7% stronger than its January 2 closing rate of N1,431/$. Nigeria's net foreign reserves hit a record $46 billion (up from $34.8 billion at end-2025), though gross reserves grew by just $295.35 million in October — the slowest monthly increase this year. Globally, the dollar strengthened on rising Federal Reserve rate hike expectations, with the dollar index reaching 103.02, its highest since April 2025.
The widening gap between official (N1,364) and parallel (N1,430) rates — now roughly N66 — signals persistent pressure. If you need dollars for travel, school fees, or imports, the trend is unfavorable. Watch for CBN intervention signals and consider whether locking in rates now beats waiting for potential further depreciation.