The naira recorded a strong recovery against major international currencies on the parallel market on Friday, November 6, 2026, even as it weakened slightly against the US dollar at the official foreign exchange window.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency depreciated to N1,350.45/$ on Thursday, November 5, compared with N1,348.00 recorded in the previous session, according to Central Bank of Nigeria (CBN) data.
The movement represented a N2.45 decline in the naira’s value, equivalent to a 0.18 per cent depreciation.
However, the parallel market recorded a stronger performance, with Bureau De Change (BDC) operators quoting the dollar at N1,372 on Friday, down from N1,377 the previous day.
The N5 reduction in the dollar’s parallel market rate represented a 0.36 per cent appreciation of the naira, indicating an improvement in the local currency’s position in the informal foreign exchange segment.
Naira Gains Against Pound, Euro and Canadian Dollar
The naira also strengthened against the British pound, euro and Canadian dollar in the parallel market, recording broader gains beyond its recovery against the US dollar.
The pound sterling declined to N1,837 from N1,854, representing a N17 reduction or 0.93 per cent appreciation of the naira.
The euro fell to N1,533 from N1,547, a N14 decline equivalent to a 0.91 per cent gain for the local currency.
Similarly, the Canadian dollar dropped to N974 from N987, representing a N13 reduction or 1.33 per cent appreciation of the naira.
The movements suggest that the parallel market recovery extended across major international currencies, rather than being limited to the dollar.
Nigeria’s Foreign Reserves Edge Lower
Nigeria’s external reserves recorded another marginal decline despite the improvement in parallel market exchange rates.
CBN data showed that the country’s gross foreign exchange reserves stood at $55.138 billion as of November 4, compared with $55.150 billion on November 3.
This represented a decline of $12 million, or approximately 0.02 per cent.
Foreign reserves remain an important measure of Nigeria’s external financial position and the CBN’s capacity to support foreign exchange liquidity and meet international obligations.
Gap Between Official and Parallel Market Rates Narrows
The parallel market recovery narrowed the difference between the official and informal exchange rates.
With the dollar quoted at N1,350.45 at NAFEM and N1,372 on the parallel market, the gap stood at approximately N21.55 per dollar.
The narrowing reflects the stronger performance of the naira in the parallel market, even as the official rate recorded a marginal depreciation.
