Nigeria’s naira weakened 0.22% in the first week of November, closing at N1,349 (naira) per US dollar on Friday 6 November. Trading on the official currency market, known as the Nigerian Foreign Exchange Market (NFEM), slowed sharply from the week before.
The Central Bank of Nigeria (CBN) published daily figures for 2 to 5 November that add up to about US$1.45 billion. Its figure for Friday had not appeared when we wrote.
The naira barely moved over the week, but the fall in trading volumes shows how quickly the market cooled after October’s swings.
How the Week Went
The naira closed at N1,346.01 per dollar on Monday 2 November and at N1,349 on Friday 6 November, a fall of 0.22%. A weaker naira means more naira are needed to buy one dollar; N1,349 per dollar equals about US$0.74 for every N1,000.
The weakest close of the week came on Thursday 5 November at N1,350.45. On Friday the currency traded between N1,345 and N1,353 before settling at N1,349.
Why Volumes Matter
File photo: central Lagos with its office towers and waterfront highway.Reported trading on the NFEM was US$227 million on Monday, US$404 million on Tuesday, US$435 million on Wednesday and US$381 million on Thursday. That is an average of about US$362 million a day, against about US$820 million a day in the week of 26 to 30 October.
October had a burst of activity, including about US$3.24 billion on Friday 23 October, when the naira closed at N1,370. Compared with that close, the naira is now about 1.5% stronger, while it is about 1.2% weaker than its N1,333 close on 14 October.
What It Means for You
For US investors with Nigerian bonds or stocks, a steady rate with thin trading means prices can move more on a single large order. Importers and travellers face a currency that has moved in a narrow range since 28 October, though it is not as firm as in mid-October.
Remittance senders get slightly fewer naira per dollar than in mid-October at the official closing rate. Background on how analysts view the currency is in our report on a bank’s view that the naira is undervalued.
What Is Not Known
The CBN had not published trading volume for Friday 6 November, so the week’s total is incomplete. We also cannot say why activity fell, because the data do not give reasons.
Our economic calendar, a feed of scheduled data releases, lists October inflation from the National Bureau of Statistics, Nigeria’s statistics office, for Monday 16 November. More Nigeria coverage is on our Nigeria page and in a report on how the World Bank, a global development lender, backs private financing.
Frequently Asked Questions
What is the naira exchange rate?
The naira closed at N1,349 per US dollar on Friday 6 November on the official market. That was 0.22% weaker than on 2 November.
How much was traded on the official market?
Daily figures for 2 to 5 November add up to about US$1.45 billion. The figure for 6 November was not published when we wrote.
When is the next Nigerian inflation release?
Our economic calendar lists October inflation from the National Bureau of Statistics for Monday 16 November. We will cover it when published.
Sources: Central Bank of Nigeria, Nigerian Foreign Exchange Market (NFEM) daily rates and turnover, 2 to 6 November 2026, https://www.cbn.gov.ng/rates/ExchRateByCurrency.html ; Our economic calendar for the 16 November release date (not yet confirmed on the statistics office’s own calendar). This is news, not investment advice.
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