CBN Hikes Dollar Price to N1,352 as Naira Depreciates in Official Window
- The naira weakened to ₦1,350.86 per dollar as demand for international payments and year-end settlements increased
- Official market dollar turnover rose 18% to $248.07 million, but stronger trading did not guarantee better dollar supply
- Nigeria’s reserves slipped below $55 billion, while a weaker naira could raise costs for importers, students and businesses
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira weakened further against the United States dollar in the official foreign exchange market as rising demand for international payments, offshore obligations and year-end settlements placed renewed pressure on the local currency.
Data released by the Central Bank of Nigeria (CBN) on Tuesday, November 10, 2026, showed the naira depreciated to ₦1,350.8587 per dollar, up from ₦1,349.3413 in the previous trading session.
Source: Getty Images
The movement represents a depreciation of approximately ₦1.52, reflecting continued pressure on the currency despite ongoing efforts to stabilise Nigeria's foreign exchange market.
During intraday trading, the dollar climbed to ₦1,354 as demand from banks, importers and other market participants intensified.
Dollar demand rises in official FX market
Activity in the Nigerian Foreign Exchange Market (NFEM) increased significantly as businesses and financial institutions sought additional dollar liquidity.
According to market data, total dollar turnover rose by approximately 18% to $248.071 million on Tuesday, compared with $210.375 million recorded during the previous session.
The number of transactions also increased from 116 to 144, indicating stronger participation in the official foreign exchange window.
The increased trading activity coincided with demand for foreign currency to settle import bills, international transactions and offshore financial obligations.
Market observers attributed part of the pressure to seasonal import requirements and corporate payments ahead of the end of the financial year.
However, higher trading volumes do not necessarily indicate improved dollar availability, particularly when demand continues to exceed supply.
Naira faces pressure from offshore payments
Another factor affecting the naira is the demand for dollars by foreign investors seeking to repatriate investment proceeds and settle outstanding obligations.
Such transactions can increase pressure on the local currency when dollar inflows are insufficient to meet market requirements.
Some analysts have also raised concerns about possible politically related foreign exchange demand ahead of the next election cycle.
However, there is no independently verified evidence linking the latest depreciation to foreign currency purchases by political officeholders.
The latest trading figures suggest that the naira remains sensitive to changes in dollar demand, international capital flows and market liquidity.
Nigeria's foreign reserves decline below $55 billion
Meanwhile, Nigeria's external reserves reportedly slipped below $55 billion at the beginning of the week following nine consecutive days of declines.
The development comes amid foreign exchange outflows and reported CBN interventions aimed at supporting liquidity in the official market.
Nigeria's reserves had previously benefited from elevated international crude oil prices, improved domestic oil production and increased foreign currency inflows, MarketForces Africa reported.
Investments in Open Market Operations (OMO) bills by offshore investors also contributed to reserve accumulation.
Additional inflows from multilateral institutions and external lenders helped strengthen the country's foreign exchange position.
Source: Getty Images
What the new dollar rate means for Nigerians
The latest depreciation could increase the naira cost of dollar-denominated transactions, particularly for importers, international students and businesses paying foreign suppliers.
However, the immediate impact on consumer prices will depend on how long the exchange rate pressure persists and whether businesses pass additional costs to customers.
For now, attention remains on the CBN's liquidity management measures, foreign investment inflows and external reserve movements as the naira approaches the final weeks of 2026.
CBN’s dollar exchange rate changes
Legit.ng previously reported that the Nigerian naira ended October 2026 on a disappointing note, surrendering about 42% of the gains it recorded during a three-month rally as renewed pressure pushed the dollar exchange rate higher
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency weakened to approximately N1,346 per dollar on October 30, compared with N1,329.50 at the end of September.
Source: Legit.ng
