Nigeria’s naira opened November weaker against the US dollar in the official foreign-exchange market, while the rate quoted in the parallel market held steady.
Official market declines as reserves edge lower
- Central Bank of Nigeria data showed the official exchange rate moved to N1,347.94 per dollar on Monday, compared with N1,346.26 on Friday.
- The movement represented a N1.68 loss for the naira against the dollar on the first trading session of November and the new week.
- In the parallel market, the currency was unchanged at N1,390 per dollar, maintaining the level recorded during the previous week.
- The differing performance across the two currency markets coincided with a slight fall in Nigeria’s external reserves, which declined to $55.22 billion as of October 30 from $55.24 billion a day earlier.
- On Friday, the naira had strengthened in the official market, while the parallel-market exchange rate had remained unchanged.
