Naira Weakens Against Dollar Across Markets on Nov 6

The naira depreciated marginally against the U.S. dollar on Thursday, November 6, at both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,470/$1 for buying and ₦1,480/$1 for selling, compared to ₦1,460/$1 on Wednesday — reflecting a ₦10 decline.

At the official window, the local currency weakened to ₦1,438/$1 from ₦1,433/$1 recorded the previous day.

Traders attributed the naira’s dip to heightened market uncertainty following global political tensions, which triggered panic dollar demand among speculators anticipating further depreciation.

They noted that some currency holders were hoarding dollars in expectation of a weaker naira.

Analysts, however, said the local currency’s relative resilience at the official market reflects sustained interventions by the Central Bank of Nigeria (CBN) to improve liquidity and maintain exchange rate stability.