The Nigerian naira extended its depreciation against the US dollar at the official foreign exchange market on Tuesday, November 10, 2026. According to data from the Central Bank of Nigeria (CBN), the currency weakened to N1,350.86 per dollar, a decline from the N1,349.34 recorded the previous day.
This movement represents a day-to-day depreciation of N1.52 in the official market. The naira had already depreciated across foreign exchange markets on Monday, starting the week on a negative note before continuing its downward trend on Tuesday.
In contrast, the currency showed signs of recovery in the parallel market. On Tuesday, the naira appreciated to N1,421 per dollar, reversing the previous day’s rate of N1,425.
The currency’s performance comes amid continued pressure on the country’s financial buffers. CBN data as of November 9, 2026, indicates that Nigeria’s external reserves have extended their declining streak, currently standing at $54.49 billion.
As market participants monitor these fluctuations, the Central Bank of Nigeria has scheduled its 308th Monetary Policy Committee (MPC) meeting for November 23 and 24, 2026. During this session, the MPC will deliberate on interest rates and other key monetary policy issues.
<small>Source: Daily Post Nigeria — read the original story there.</small>
