Naira slides to N1,350/$ as trading volume collapses 80%

The naira weakened to N1,350.45 per dollar at the official NFEM window on November 5, extending a four-day slide that has erased N4.44 since November 2. The CBN data shows the currency dropped N2.45 in a single day, trading between N1,348 and N1,350.50 with a weighted average of N1,348.74.

Trading activity collapsed alongside the rate — just 88 interbank deals worth $82.16 million on November 5, down from 287 deals and $434.54 million the previous day. The sharp volume drop suggests limited dollar supply or reluctance to trade at current levels.

Paradoxically, Nigeria's external buffers are strengthening. Gross reserves rose $295.35 million in October (the slowest monthly gain this year), pushing net reserves to a record $46 billion — up from $34.80 billion at end of 2025. Yet the naira continues losing ground.

For import-dependent businesses and anyone pricing in dollars, the message is clear: the official window is tightening while the currency weakens. The parallel market premium will likely widen further.

With reserves at $46 billion but the naira still sliding, will you hedge dollar exposure now or bet on CBN intervention to stabilise the rate?

SOURCE: https://nairametrics.com/2026/11/06/naira-falls-to-n1350-45-at-nfem-extending-november-losses/