New Naira Exchange Rate Against US Dollar As FX Reserves Hit N43.34 billion

• The Nigerian currency was mostly unchanged across the official and parallel foreign exchange markets
• Latest CBN data showed the Nigerian currency at the official window fell by 72 kobo, while the black market rate dropped by N5
• The development came as total FX inflows reduced foreign investor participation and lower market liquidity

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The naira has depreciated slightly across foreign exchange (FX) markets on Monday, November 11, amid a drop in dollar supply.

Naira performance across markets

New data from the Central Bank of Nigeria (CBN) showed the naira eased by 72 kobo, with the U.S. dollar quoted at N1,437.29 on Monday, compared to N1,436.57 on Friday at the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, traders told Legit.ng that the naira also weakened on Monday from the N1,450 on Friday last week.

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Abudullahi, a BDC trader, confirmed the latest exchange rate:

He said:

"On Monday, we sold the US dollar at N1,460 selling rate, the euro at N1,670, and the British pound at N1,910."

Forex inflows

Research data from Coronation Merchant Bank indicated that total inflows through the NFEM fell to $899.20 million, down from $1.04 billion a week earlier a 15.7% drop.

The decline was largely attributed to lower participation by foreign investors and corporates during the review period.

Foreign Portfolio Investors (FPIs) continued to provide the bulk of market liquidity, contributing 60.13% (about $540.70 million) of total inflows.

They were followed by non-bank corporates (13.99%), individuals (12.75%), and exporters (12.56%), while other channels accounted for 0.56%, BusinessDay reports.

External reserves rise slightly

Meanwhile, Nigeria’s gross external reserves rose marginally by 0.29% week-on-week — an increase of about $127.10 million to reach $43.34 billion as of November 11, 2025.

Analysts predict the naira's future

Analysts at Coronation Merchant Bank said they expect the local currency to remain relatively stable in the near term.

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The analysts said:

“We anticipate the naira will stay below N1,500 per dollar, supported by steady foreign portfolio inflows into fixed-income instruments and sustained market liquidity.”

They, however, cautioned that lasting stability would depend on continuous policy reforms by the CBN, active investor participation, and efforts to strengthen external reserves amid global economic uncertainties.

Some traders believe the slowdown in inflows may be short-lived, citing potential boosts from Eurobond proceeds and seasonal remittances expected in the coming weeks.

Rewane predicts naira outlook

Earlier, Legit.ng reported that Bismark Rewane, CEO of Financial Derivatives Company Limited, has projected that the naira will close at N1,492/$ in 2025.

The positive outlook, he said, is driven by the domestication of corporate debt, diaspora inflows and remittances.

He noted that these factors are expected to improve dollar supply and reduce pressure on the exchange rate.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng