Introduction

The Nigerian naira weakened against the US dollar in mid-November 2026, closing at N1,364 per dollar after a sharp single-session drop. According to Central Bank of Nigeria data, the currency surrendered N10.50 on November 11, its steepest daily decline since October 22. The move adds to a three-session losing streak and arrives as global dollar strength and shifting reserve levels draw fresh attention to Africa's largest economy.

What Happened

CBN figures show the naira closed at N1,364/$ on Wednesday, November 11, compared with N1,353.50/$ in the prior session. The move reflects a 0.78% depreciation and continues the decline from N1,350/$ recorded on November 9. Over three consecutive sessions, the currency has lost N14, or roughly 1.04%.

In the informal market, bureau de change operators in Abuja quoted the dollar at N1,430 on Wednesday, up from N1,425 the day before.

The N10.50 drop marks the largest one-day depreciation since October 22, when the rate moved from N1,337/$ to N1,365/$. After briefly touching N1,370/$ on October 23, the naira recovered to N1,346/$ by October 29 and 30, then traded in a narrow band before the latest weakness.

Why This Matters

Despite the recent losses, the naira remains about 4.7% stronger than its January 2, 2026 close of N1,431/$. The broader context includes Nigeria's external position: gross foreign exchange reserves grew by $295.35 million in October, the slowest monthly increase this year, while net reserves reached a record $46 billion, up from $34.80 billion at the end of 2025.

Internationally, the US dollar gained ground against a basket of currencies, with the dollar index climbing 0.15% to 103.02, its highest level since April 2025. The greenback also edged higher against the Japanese yen, supported by expectations around Federal Reserve policy. A stronger dollar typically puts pressure on emerging-market currencies, including the naira.

Key Takeaways

  • The naira closed at N1,364/$ on November 11, down N10.50 from the previous session.
  • The drop was the largest daily depreciation since October 22.
  • The currency has lost roughly N14, or 1.04%, over three straight sessions.
  • Parallel-market dollars traded at N1,430 in Abuja.
  • Nigeria's net foreign exchange reserves hit a record $46 billion.
  • The naira is still about 4.7% stronger than its January 2, 2026 level.
  • The dollar index reached 103.02, its highest point since April 2025.

Conclusion

The naira's slide to N1,364 per dollar underscores the currency's vulnerability to both domestic reserve trends and global dollar momentum. While the year-to-date picture shows improvement, the latest three-session decline suggests traders are reacting to a mix of local liquidity conditions and external monetary policy expectations. Market watchers will likely monitor CBN reserve data and Federal Reserve signals for the next directional cues.