Naira Slides Across Markets on Nov 11

The naira marginally declined against the U.S. dollar on Tuesday, November 11, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,460/$1 for buying and ₦1,470/$1 for selling, reflecting a ₦5.33 depreciation from Monday’s closing rate of ₦1,465/$1.

At the official window, the local currency also slipped slightly to ₦1,438/$1, compared to ₦1,437/$1 recorded the previous day.

Analysts noted that the decline reflects the widening gap between official and parallel market rates, underscoring sustained pressure on Nigeria’s foreign exchange market. They attributed the volatility to speculative trading, and uncertainty surrounding the Central Bank of Nigeria’s policy direction.