The naira weakened slightly against the US dollar at the official foreign exchange market on Wednesday, November 4, 2026, while recording a marginal appreciation in the parallel market, as trading remained mixed across Nigeria’s foreign exchange segments.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated to N1,347.75 per dollar, compared with N1,346.00 recorded in the previous session, according to Central Bank of Nigeria (CBN) data. The movement represents a N1.75 decline in the naira’s value, equivalent to a 0.13 per cent depreciation.
In the parallel market, however, the local currency gained marginally against the dollar. Bureau De Change (BDC) operators quoted the dollar at N1,377 on Tuesday, down from N1,378 previously, representing a N1 improvement or 0.07% appreciation of the naira.
The difference between the official and parallel market dollar rates remained largely unchanged. With the official rate at N1,347.75 and the parallel market dollar quote at N1,377, the gap stood at approximately N29.25 per dollar.
Naira Weakens Against Pound, Euro and Canadian Dollar
Despite its marginal recovery against the dollar in the parallel market, the naira lost ground against other major international currencies.
The British pound rose to N1,858 from N1,849, representing a N9 increase or 0.48%, he euro appreciated to N1,550 from N1,542, while the Canadian dollar increased to N987 from N986.
Nigeria’s Foreign Reserves Decline to $55.17 Billion
Nigeria’s external reserves also recorded a decline, reflecting a marginal reduction in the country’s foreign currency buffer. CBN data showed that gross external reserves stood at $55.168 billion as of November 2, down from $55.222 billion recorded on October 30.
This represents a decline of $54 million, equivalent to approximately 0.10 per cent.
