Naira Drops to N1,349 as Demand for Foreign Payments Rises
The naira fell to N1,349 per US dollar in the Nigerian foreign exchange market amid demand for international payments, seasonal imports, and profit takings by offshore investors.
According to data released by the Central Bank of Nigeria (CBN) the spot FX rate weakened to N1349.3413 from N1,346.7945 to the greenback amidst moderating interbank turnover.
Both transaction value and deal counts executed by financial institutions at the official window moderated on Monday, though dollar buyers led activity.
Interbank FX turnover came in at $210.275 million on Monday, the CBN report revealed, down about 10% from $232.980 million posted at Friday’s close.
Similarly, the number of deals at the interbank FX window fell to 116 from 147, and analysts said this could be the week’s lowest level.
During today’s trading session, the local currency briefly touched N1355 to the US dollar, and the intraday low was quoted at N1346.3000.
The bull case for the naira rally hasn’t disappeared, but the local currency faces a seasonal rise in international payments, putting pressure on total market supply.
Over the week-on-week period from October 30 to November 6, 2026, the Nigerian Naira softened further in the parallel market while remaining tightly stable in the official window.
Parallel market rates depreciated across the board, led by the British Pound (+2.20% to ₦1,855.00/£) and the US Dollar (+2.17% to ₦1,415.00/$), alongside a milder slip against the Euro (+0.66% to ₦1,535.00/€).
In contrast, official rates remained exceptionally flat, with USD/NGN, GBP/NGN, and EUR/NGN registering negligible nominal changes ranging between 0.00% and +0.06%.
Meanwhile, Nigeria’s foreign reserves continued to decline amid sustained outflows, even as the latest round of interventions aimed to keep the naira healthy.
#Naira Drops to N1,349 as Demand for Foreign Payments Rises# Naira Dips Near N1,348 on FX Demand, Supply Imbalance
