CBN Announces New Exchange Rates As Naira Falls Against US Dollar
- The naira depreciated against the US dollar at the official NAFEM window on Monday, November 2, 2026.
- CBN data showed interbank foreign exchange turnover dropped sharply, with the number of deals also falling significantly.
- The naira held steady at the parallel market and GTBank forex desk despite losses against the pound and euro.
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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 Nigerian naira opened the new week on a weaker footing, sliding against the US dollar at the official foreign exchange market on Monday, November 2, 2026.
Figures released by the Central Bank of Nigeria (CBN) showed that the naira closed at N1,347.94 to the dollar at the Nigerian Foreign Exchange Market (NAFEM), down from N1,346.26 in the previous trading session.
Source: Getty Images
The decline represents a loss of N1.68, or 0.12%, against the greenback.
The local currency also fell against the British pound, settling at N1,809.34 per pound compared with N1,806.11 in the previous session, a depreciation of N3.23.
Against the euro, the naira weakened further, closing at N1,512.26 from N1,503.23, shedding N9.03 in a single day.
Despite the pressure at the official window, the naira held firm at the parallel market, where it traded at N1,378 per dollar. It also remained unchanged at the GTBank forex desk at N1,354.
FX turnover drops 62.8%
The naira's slide at the official market came alongside a steep fall in foreign exchange activity.
CBN data showed that interbank FX turnover dropped by 62.8% to $21.765 million, down from $58.850 million recorded in the previous session.
The number of deals completed also contracted sharply, falling from 72 transactions to just 23.
Market activity has been shaped by demand from participants looking to finance seasonal imports and settle corporate obligations.
Earlier last week, the CBN reportedly sold $950 million to banks and authorised dealers to bridge liquidity gaps and support the naira.
Source: Getty Images
CBN official exchange rates for November 2, 2026
The CBN published the following official rates for major currencies on Monday's exchange rates
- US dollar: N1,347.94
- British pound: N1,809.34
- Euro: N1,512.26
- Swiss franc: N1,644.84
- UAE dirham: N366.94
- Saudi riyal: N359.15
- Chinese yuan: N202.73
- Danish krone: N202.33
- South African rand: N81.19
- Japanese yen: N8.55
- CFA franc: N2.29
Nigeria’s external reserves hit $54bn
Earlier, Legit.ng reported that Nigeria’s external reserves have climbed to $54.08 billion, reaching their highest level in about 18 years as stronger foreign-exchange inflows continue to boost the country’s external position.
The upward trend continued, with reserves reaching $53.51 billion on August 28 and $53.81 billion.
The last time Nigeria’s external reserves were around the $54 billion level was on December 22, 2008, when reserves reached about $54.21 billion.
Source: Legit.ng
