The naira depreciated to N1,353.50 per dollar at the Nigerian Foreign Exchange Market on Tuesday, 10 November, losing N3.50 from Monday’s close of N1,350, according to central bank data.
Gross external reserves rose just $295.35 million in October, the slowest positive monthly increase this year, though net reserves reached a record $46 billion, up from $34.80 billion at the end of 2025. Analysts say the gap between gross and net reserves reflects heavy foreign-exchange obligations.
Source: Nairametrics
