Naira Plunges to N1,358 Per Dollar at Official FX Market

By Adedapo Adesanya

The Naira depreciated further against the US Dollar on Wednesday, November 11, by N7.48 or 0.55 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to trade at N1,358.34/$1, in contrast to Tuesday’s closing rate of N1,350.86/$1.

However, it appreciated against the Pound Sterling in the official FX market by N5.03 during the session to close at N1,808.36/£1 compared with the previous session’s N1,813.39/£1, and firmed up against the Euro by N3.16 to settle at N1,511.69/€1 compared with the preceding session’s N1,514.85/€1.

At the GTBank forex counter, the Nigerian Naira lost N2 against the Dollar yesterday to quote at N1,359/$1 versus Tuesday’s N1,357/$1, and at the parallel market, it remained unchanged at N1,375/$1.

Data released by the Central Bank of Nigeria (CBN) revealed that interbank FX turnover moderated by 62.5 per cent to $93.010 million from $248.071 million, with the number of deals down by 31.25 per cent to 99 deals from 144 deals.

Nigeria’s foreign reserves fell below $55 billion amid sustained Dollar outflows, leaving the gross balance at $54.919 billion, the latest CBN update revealed.

External reserves peaked at $55.264 billion in late October 2026 and have since trended downward amid CBN FX interventions at the official window.

Meanwhile, the cryptocurrency market was depressed as the Dollar Index remained above 102 as Tuesday’s hotter-than-expected U.S. inflation report reinforced expectations for higher interest rates in the world’s largest economy.

Traders priced in roughly an 86 per cent probability of a quarter-point increase from the Federal Open Market Committee (FOMC) on December 9 and a 14 per cent chance of a half-point move.

Ripple (XRP) shrank by 1.8 per cent to $1.04, Dogecoin (DOGE) fell by 1.6 per cent to $0.0669, Cardano (ADA) crashed by 1.3 per cent to $0.1728, Ethereum (ETH) dipped by 0.8 per cent to $2,046.99, and Binance Coin (BNB) also tumbled by 0.8 per cent to $674.18.

Further, Bitcoin (BTC) depreciated by 0.3 per cent to $73,542.91, Solana (SOL) weakened by 0.2 per cent to $82.85, and TRON (TRX) slipped by 0.1 per cent to $0.3170, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.