{"id":15623,"date":"2026-11-12T06:15:51","date_gmt":"2026-11-12T06:15:51","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/12\/naira-depreciates-to-n1364-records-biggest-daily-loss-since-october-22\/"},"modified":"2026-11-12T06:15:51","modified_gmt":"2026-11-12T06:15:51","slug":"naira-depreciates-to-n1364-records-biggest-daily-loss-since-october-22","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/12\/naira-depreciates-to-n1364-records-biggest-daily-loss-since-october-22\/","title":{"rendered":"Naira depreciates to N1,364\/$, records biggest daily loss since October 22"},"content":{"rendered":"<p>The naira weakened by N10.50 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, November 11, 2026, recording its biggest single-session loss since October 22.<\/p>\n<p>Data from the Central Bank of Nigeria\u2019s (CBN) exchange-rate dataset show that the currency closed at N1,364\/$, compared with N1,353.50\/$ in the previous trading session on November 10.<\/p>\n<p>The latest movement represents a 0.78% depreciation, extending the naira\u2019s decline from N1,350\/$ recorded on November 9.<\/p>\n<p>In the parallel market, the dollar was quoted at N1,430 on Wednesday, compared with N1,425 on Tuesday, according to BDC operators in Abuja.<\/p>\n<h4><strong>Naira records sharpest daily decline<\/strong><\/h4>\n<p>The N10.50 loss on November 11 was the largest daily depreciation since October 22, when the exchange rate moved from N1,337\/$ to N1,365\/$, a N28 decline.<\/p>\n<p>Following that movement, the naira strengthened slightly to N1,370\/$ on October 23 before recovering over subsequent sessions to close at N1,346\/$ on October 29 and October 30.<\/p>\n<p>The currency then traded within the N1,346\u2013N1,350\/$ range in early November before weakening over the latest three sessions.<\/p>\n<ul>\n<li>The naira closed at N1,350\/$ on November 9.<\/li>\n<li>It weakened to N1,353.50\/$ on November 10.<\/li>\n<li>It fell further to N1,364\/$ on November 11.<\/li>\n<li>The cumulative decline over the three sessions amounted to N14, or approximately 1.04%.<\/li>\n<\/ul>\n<p>Despite the recent losses, the naira remains stronger than its January 2, 2026 closing rate of N1,431\/$, representing an improvement of about 4.7% in the quoted exchange rate since the beginning of the year.<\/p>\n<h4><strong>Foreign reserves and dollar strength<\/strong><\/h4>\n<p>The naira\u2019s latest movement comes amid changes in Nigeria\u2019s external reserve position. Gross foreign exchange reserves increased by $295.35 million in October 2026, marking the slowest positive monthly increase recorded so far this year.<\/p>\n<p>However, <a href=\"https:\/\/nairametrics.com\/2026\/10\/09\/nigerias-net-foreign-reserves-rise-to-record-46-billion-2\/\">Nigeria\u2019s net foreign exchange reserves rose to a record $46 billion,<\/a> according to an earlier Nairametrics report. Net reserves have also increased from the $34.80 billion recorded at the end of 2025,<a href=\"https:\/\/nairametrics.com\/2026\/03\/02\/nigerias-net-reserves-surge-to-34-80-billion-by-december-2025-cbn\/\"> as previously reported.<\/a><\/p>\n<ul>\n<li>On the international market, the US dollar strengthened against major currencies on Thursday, supported by growing expectations of a possible Federal Reserve rate hike. The Japanese yen also moved closer to the 160-per-dollar level following a dovish central banker\u2019s speech.<\/li>\n<li>The dollar index, which measures the greenback against a basket of currencies, rose by 0.15% to 103.02, its highest level since April 2025.<\/li>\n<li>Against the Japanese yen, the dollar recovered from an earlier decline to trade 0.04% higher at 159.83, supported by interest-rate differentials and increased bets on further US rate hikes. It had earlier reached a more than two-month high.<\/li>\n<\/ul>\n<p>The euro gained 0.06% against the dollar to $1.1096, while the pound sterling slipped 0.1% to $1.3266. The Australian dollar was little changed at $0.6847, while the New Zealand dollar declined 0.05% to $0.5559.<\/p>\n<p>Source: <\/p>\n<div class=\"nSourse\">Nairametrics<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The naira weakened by N10.50 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, November 11, 2026, recording its biggest single-session loss since October 22. Data&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15623","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/15623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=15623"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/15623\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=15623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=15623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=15623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}