The naira closed at N1,346 per dollar on Tuesday, November 3, 2026 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) but depreciated in the parallel market with Bureau De Change (BDC) operators quoting the dollar at N1,378 on Tuesday, compared with N1,372 on Monday.
The difference between the official and parallel market exchange rates stood at N32 per dollar, with the parallel market rate of N1,378 significantly higher than the official rate of N1,346.
The local currency also weakened against the British pound, euro and Canadian dollar, reflecting broader pressure across the parallel foreign exchange market.
The pound sterling rose to N1,849 from N1,841, representing an N8 increase or 0.43 per cent. The euro climbed to N1,542 from N1,539, while the Canadian dollar increased to N986 from N982.
Nigeria’s Foreign Reserves Edge Lower
Nigeria’s external reserves also recorded a marginal decline as CBN figures showed the country’s gross foreign exchange reserves stood at $55.222 billion as of October 30, down from $55.240 billion on October 29. The $18 million decline represents a marginal 0.03% reduction in reserves.
