{"id":9655,"date":"2026-11-05T07:32:03","date_gmt":"2026-11-05T07:32:03","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/05\/naira-slips-to-n1348-as-fx-turnover-drops-below-101-million\/"},"modified":"2026-11-05T07:32:03","modified_gmt":"2026-11-05T07:32:03","slug":"naira-slips-to-n1348-as-fx-turnover-drops-below-101-million","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/05\/naira-slips-to-n1348-as-fx-turnover-drops-below-101-million\/","title":{"rendered":"Naira slips to N1,348\/$, as FX turnover drops below $101 million"},"content":{"rendered":"<p>The naira weakened for a second consecutive trading session in November, closing at N1,348 per dollar on Wednesday, November 4, 2026, compared with N1,347.75\/$ recorded on Tuesday<\/p>\n<p>The latest closing rate represents a marginal depreciation of N0.25, or 0.02%, as the local currency extended its losses after opening November at N1,346.01\/$.<\/p>\n<p>Data from the Central Bank of Nigeria (CBN) showed that the naira traded between N1,346\/$ and N1,349.50\/$ during Wednesday\u2019s session, with a weighted average exchange rate of N1,347.7983\/$.<\/p>\n<h4><strong>Interbank NFEM transactions hits $100.9 million<\/strong><\/h4>\n<p>The Central Bank of Nigeria (CBN) is yet to provide NFEM transaction data for November 4, 2026, leaving the day\u2019s official market turnover and number of deals unavailable.<\/p>\n<p>However, available interbank data showed that 97 transactions valued at approximately $100.93 million were recorded during the session, compared with 117 deals worth $118.96 million on Tuesday.<\/p>\n<p>The latest available NFEM turnover was $227.18 million on November 2, 2026, falling below $300 million for the first time since September 28, when transactions stood at $196.68 million, according to an<a href=\"https:\/\/nairametrics.com\/2026\/11\/03\/nfem-turnover-falls-below-300-million-for-first-time-since-september-28\/\"> earlier Nairametrics report.<\/a><\/p>\n<h4><strong>Naira extends November losses<\/strong><\/h4>\n<p>The naira has recorded consecutive daily losses since November 3.<\/p>\n<ul>\n<li>The latest movement follows a reversal of about 42% of the currency\u2019s July\u2013September gains, as it weakened from N1,329.50\/$ at the end of September to N1,346\/$ on October 30.<\/li>\n<li>The currency\u2019s October performance marked a reversal of some of the appreciation recorded in the preceding three months,<a href=\"https:\/\/nairametrics.com\/2026\/10\/31\/naira-reverses-3-month-gains-closes-october-at-n1346\/\"> according to Nairametrics.<\/a><\/li>\n<\/ul>\n<p>The latest NFEM data therefore show a substantial decline in daily transaction volume, even as the exchange rate remained broadly unchanged between the last trading session in October and the opening session in November.<\/p>\n<h4><strong>Foreign reserves record slower growth<\/strong><\/h4>\n<p>Meanwhile, Nigeria\u2019s gross foreign exchange reserves increased by $295.35 million in October 2026, representing the slowest positive monthly increase recorded so far this year.<\/p>\n<ul>\n<li>The development comes despite an improvement in the country\u2019s net foreign reserves, which rose to a record $46 billion, according to an <a href=\"https:\/\/nairametrics.com\/2026\/10\/09\/nigerias-net-foreign-reserves-rise-to-record-46-billion-2\/\">earlier Nairametrics report.<\/a><\/li>\n<li>The reserves opened October at $54.95 billion on October 2 and rose gradually during the month, reaching a high of approximately $55.26 billion on October 27 before easing to $55.22 billion by October 30.<\/li>\n<li>The October increase was the smallest among the months that recorded positive growth in 2026.<\/li>\n<li>Also, Nigeria\u2019s net foreign exchange reserves have now gained a <a href=\"https:\/\/nairametrics.com\/2026\/03\/02\/nigerias-net-reserves-surge-to-34-80-billion-by-december-2025-cbn\/\">whopping $11 billion over the $34.80 billion reported at the end of 2025.<\/a><\/li>\n<\/ul>\n<p>The latest reserve figures suggest that Nigeria\u2019s external position continued to improve in October, although the pace of gross reserve accumulation moderated.<\/p>\n<p>The combination of lower reported FX turnover and the naira\u2019s marginal depreciation highlights the subdued trading activity at the official market at the start of November.<\/p>\n<p>Source: <\/p>\n<div class=\"nSourse\">Nairametrics<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The naira weakened for a second consecutive trading session in November, closing at N1,348 per dollar on Wednesday, November 4, 2026, compared with N1,347.75\/$ recorded on Tuesday The latest closing&hellip; 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