The naira weakened to N1,353.50 per dollar, extending its losses as the exchange rate continued to climb in November.
The depreciation reflects sustained pressure on the local currency, following earlier weakness at the Nigerian Foreign Exchange Market (NFEM). The naira had closed at N1,350.45 per dollar on November 5, after trading between N1,348 and N1,350.50 during the session.
Data from the Central Bank of Nigeria (CBN) showed that the currency depreciated from N1,348 per dollar on November 4, having closed at N1,347.75 on November 3 and N1,346.01 on November 2.
The naira lost N2.45 against the dollar between November 4 and November 5, bringing its cumulative depreciation since the November 2 close to N4.44.
The latest movement to N1,353.50 indicates that the currency has continued to weaken beyond the levels recorded earlier in the month. Foreign exchange turnover has also remained subdued, with reported turnover slowing in the first week of November.
