The naira weakened to N1,364 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, recording its biggest single-day decline since October 22.
Data from the Central Bank of Nigeria (CBN) showed that the currency lost N10.50 against the dollar, or 0.78 per cent, from the N1,353.50/$ recorded at the previous session.
The latest decline extends the naira’s weakening trend over the past three trading sessions.
The currency closed at N1,350/$ on November 9, slipped to N1,353.50/$ on November 10 and fell further to N1,364/$ on November 11.
The cumulative decline over the three sessions stood at N14, representing about 1.04 per cent.
The latest daily loss was the steepest since October 22, when the naira fell by N28 from N1,337/$ to N1,365/$.
Despite the recent weakness, the naira remains stronger than its January 2, 2026 closing rate of N1,431/$, representing an improvement of about 4.7 per cent.
In the parallel market, the dollar was quoted at about N1,430 on Wednesday, compared with N1,425 on Tuesday, indicating a wider gap with the official market.
The movement came amid changes in Nigeria’s external reserve position. Gross foreign exchange reserves increased by $295.35 million in October, although the monthly increase was the slowest recorded so far this year.
Nigeria’s net foreign exchange reserves have also risen to a record $46 billion, according to earlier data.
The latest depreciation also coincided with renewed strength in the US dollar internationally, following hotter-than-expected US inflation data and growing expectations of a possible US Federal Reserve rate increase.
The dollar index rose to 103.02, its highest level since April 2025, while the pound and euro weakened against the greenback.
The naira’s performance over the coming sessions will therefore depend on dollar liquidity at the official market, reserve movements and the direction of global dollar demand.
