Naira Slides to N1,349.34 per Dollar, Parallel Rate Jumps to N1,425 as Reserves Drop

Data from the Central Bank of Nigeria (CBN) revealed that the naira declined to N1,349.34 per US dollar on Monday, down from N1,346.80 recorded the previous Friday.

This indicates a depreciation of N2.54 against the dollar at the official foreign exchange market.

In the parallel market, the naira lost N15, trading at N1,425 on Monday versus N1,410 at Friday’s close.

The currency movement coincides with a drop in Nigeria’s external reserves, which stood at $55.06 billion as of November 6, 2026, according to central bank figures.

Earlier reporting indicated that the country’s foreign reserves had already decreased by $90 million over a five‑day period, reaching $55.13 billion on November 5.

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