The naira weakened against the US dollar at both the official and parallel foreign exchange markets on Thursday.
The naira recorded a sharp depreciation across Nigeria’s official and parallel foreign exchange markets on Thursday, November 12, 2026, as the dollar strengthened against the local currency amid renewed pressure in the foreign exchange market.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira weakened to N1,364 per dollar on Wednesday, November 11, compared with N1,353.50 recorded on Tuesday, November 10, according to Central Bank of Nigeria (CBN) data.
The N10.50 increase in the exchange rate represented a 0.77% depreciation of the naira, marking a significant decline at the official foreign exchange window.
The parallel market recorded an even sharper depreciation. Bureau De Change (BDC) operators quoted the dollar at N1,402 on Thursday, up from N1,384 the previous day.
The N18 increase in the dollar’s parallel market price translated into a 1.28 per cent depreciation of the naira, pushing the informal exchange rate above the N1,400 mark.
Naira Weakens Against Pound, Euro and Canadian Dollar
The naira also lost ground against other major international currencies in the parallel market, reflecting broad-based pressure on the local currency.
The British pound rose to N1,861 from N1,844, representing a N17 increase or 0.91 per cent depreciation of the naira.
The euro appreciated to N1,555 from N1,542, an increase of N13 or 0.84 per cent.
Similarly, the Canadian dollar climbed to N984 from N973, representing an N11 increase or 1.12 per cent depreciation of the local currency.
The movements indicate that the naira’s weakness extended beyond the dollar, with all three major currencies recording higher parallel market quotations.
Nigeria’s Foreign Reserves Decline to $54.92 Billion
Nigeria’s external reserves also recorded a marginal decline amid the renewed pressure in the foreign exchange market.
CBN data showed that gross foreign exchange reserves stood at $54.919 billion as of November 10, down from $54.932 billion recorded the previous day.
This represents a decline of $13 million, equivalent to approximately 0.02%.
Gap Between Official and Parallel Market Rates Widens
The naira’s sharper depreciation in the parallel market widened the gap between the official and informal exchange rates.
With the dollar quoted at N1,364 at NAFEM and N1,402 on the parallel market, the spread stood at N38 per dollar.
The widening gap highlights increasing pressure in the parallel market, where the dollar traded at a significant premium to the official rate.
