Nigeria’s naira weakened against the US dollar in the official foreign-exchange market on Wednesday, while the country’s external reserves continued to edge lower.
Quick facts
- The official exchange rate moved to N1,347.79 per dollar on Wednesday from N1,346.93 a day earlier.
- The naira lost N0.86 against the dollar in the official market over the day.
- In the parallel market, the currency traded at N1,400 per dollar, versus about N1,390 on Tuesday.
- External reserves fell to $55.15 billion as of November 3, 2026, marking their second decline this week.
Central Bank of Nigeria data showed the naira closing at N1,347.79 to the dollar in the official market, compared with N1,346.93 on Tuesday. The move represented a modest daily depreciation of N0.86.
The informal market also reflected weaker pricing for the local currency. Dealers quoted the naira at N1,400 per dollar on Wednesday, after it changed hands at roughly N1,390 in the prior session.
The currency movement came as Nigeria’s external reserves recorded a second fall during the week, dropping to $55.15 billion on November 3, 2026.
On Tuesday, the naira had gained ground in the official foreign-exchange window, while remaining unchanged in the parallel market.
