Naira Suffers Loss Against Dollar As External Reserves Slide Further

The naira depreciated further against the United States dollar at the official foreign exchange market on Tuesday, November 10, 2026.

Data from the Central Bank of Nigeria (CBN) showed that the local currency weakened to ₦1,350.86 per dollar, compared with ₦1,349.34 recorded on Monday.

The latest figures indicate that the naira lost ₦1.52 against the dollar on a day-to-day basis at the official market.

However, the domestic currency recorded a slight appreciation at the parallel market, where the dollar traded at ₦1,421 on Tuesday, compared with ₦1,425 on Monday.

Meanwhile, Nigeria’s external reserves have continued to decline, falling to $54.49 billion as of November 9, 2026, according to data from the apex bank.

Gists9ja reports that the latest currency movement comes ahead of the CBN’s 308th Monetary Policy Committee (MPC) meeting scheduled for November 23 and 24, 2026.

The meeting is expected to focus on interest rates and other monetary policy decisions amid developments in the country’s foreign exchange market and external reserves.