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Information released by the Central Bank of Nigeria (CBN) revealed that the naira deteriorated by N2.55, with the dollar priced quote at N1,349.34 on Monday, compared to N1,346.79 on Friday at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, likewise called the black market, the regional currency diminished by N7 to close at N1,415 per dollar on Monday, compared to N1,408 taped at the end of recently.
The space in between the authorities and parallel market rates broadened to N66, representing 4.89 percent, from N61 or 4.53 percent on Friday.
Market activity revealed a downturn, with overall FX turnover decreasing by 9.70 percent to $210.38 million on Monday from $232.98 million tape-recorded on Friday. The variety of offers likewise fell by 21.09 percent to 116 from 147 deals.
NFEM information on turnover and the number of offers for Monday were not available as of the time of reporting, market activity had actually enhanced on Friday, with overall turnover increasing by 24.84 percent to $475.12 million from $380.57 million taped on Thursday. The variety of offers likewise increased by 25.2 percent to 313 from 250.
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Nigeria’s external reserves, which offer the CBN with the capability to intervene in the FX market and satisfy the nation’s external commitments, decreased by 0.36 percent to $55.06 billion as of November 6, 2026.
Regardless of the current small amounts, the reserves stay considerably greater than their level a year earlier. On a year-on-year basis, they increased by 27.10 percent from $43.32 billion tape-recorded in the matching duration of 2025, according to CBN information.
Experts at the Financial Markets Dealers Association (FMDA), in their newest weekly report, stated the naira taped divergent motions throughout the 2 market sections, with the main market enhancing while the parallel market compromised.
According to the experts, the NFEM rate valued by 0.34 percent to N1,347.64 per dollar, while the parallel market rate diminished by 1.38 percent to N1,410.60 per dollar. This broadened the premium in between the 2 markets to N62.96 from around N39 the previous week, reversing the narrowing pattern tape-recorded in October.
The experts likewise kept in mind that external reserves decreased partially by 0.16 percent week-on-week to $55.133 billion last week1, marking a minor time out after increasing above the $55 billion limit to their greatest level considering that December 2008.
The small amounts follows a continual build-up in Nigeria’s external reserves over the previous year, which has substantially reinforced the nation’s external position.
According to CBN information, gross external reserves increased by $1.1 billion to $54.9 billion at the end of September 2026, extending the stable development tape-recorded over the preceding year. The enhancement showed encouraging domestic and external aspects, consisting of strong foreign portfolio inflows, raised petroleum rates, durable remittance inflows and continued access to multilateral and business external funding.
At that level, gross reserves supplied an approximated 15.7 months of product import cover and 10.7 months of overall import cover, consisting of services, based upon balance of payments information for the 12 months to March 2026.
The import cover was lower when determined versus net external reserves. Based upon the net reserves figure of $46 billion just recently verified by Olayemi Cardoso, guv of the CBN the import cover stood at 13.2 months for product imports and 8.9 months for overall imports, consisting of services.
The enhancement in external reserves had actually accompanied relative stability in the forex market, supporting liquidity conditions and assisting to anchor expectations around the naira. The newest decrease recommends a time out in the build-up pattern, even as the reserves stay significantly above their levels in the matching duration of last year.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a years of experience reporting on Nigeria’s monetary system and wider economy. She carefully tracks market motions, financial policy choices, business disclosures, regulative actions, financial signs, and worldwide advancements, and translates what they suggest for organizations, financiers, policymakers, and homes. Her reporting assists readers comprehend intricate concerns such as inflation patterns, forex market characteristics, rate of interest choices, bank efficiency, and financial investment dangers. She likewise covers significant global occasions and regularly takes a trip to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her commitment to monetary journalism has actually made her several acknowledgments and invites to top-level expert advancement programs. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from journalism Association Training in London, UK. Her other noteworthy accomplishments consist of finishing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
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