Naira slips 0.22% to ₦1,349/$ as FX turnover drops sharply
The naira weakened 0.22% in the first week of November, closing at ₦1,349 per dollar on November 6, down from ₦1,346.01 on November 2, according to Nairametrics citing CBN data. The currency traded in a narrow band (₦1,344–₦1,353) but posted successive daily losses before a slight recovery on the final day.
Reported NFEM turnover for November 2–5 totaled approximately $1.45 billion — a sharp drop from October's peak of $3.24 billion on October 23. Daily figures declined through the week: $227M (Nov 2), $404M (Nov 3), $435M (Nov 4), $381M (Nov 5). The CBN had not published total November 6 turnover at press time, though interbank volume came in at $233M.
Meanwhile, gross external reserves rose by $295.35 million in October 2026 — the slowest monthly increase this year. Net reserves hit a record $46 billion, up from $34.8 billion at end-2025. The reserve growth slowdown coincides with moderating FX market activity.
For importers, travelers, and businesses pricing in dollars, the marginal depreciation is less concerning than the liquidity signal: turnover has fallen over 55% from October highs, which typically widens bid-ask spreads and makes dollar access harder. The CBN's next move — whether to intervene or let the market find equilibrium — will determine if this is a pause or a trend.
With turnover down sharply and reserves growing at their slowest pace this year, will you hedge dollar exposure now or wait for potential CBN intervention?