The Naira recorded its highest depreciation against the dollar at the official foreign exchange market in the week under review.
Central Bank of Nigeria, CBN, data showed that the Naira weakened further to N1,358.34 against the dollar on Wednesday, down from the N1,350.86 recorded on Tuesday.
This means that the Naira depreciated by N7.48 against the dollar, marking its sharpest daily decline since Friday, November 6, 2026.
Similarly, Abubakar Bengazzir, a Bureau de Change operator at Wuse Zone 4, Abuja, confirmed to DAILY POST that the Naira exchanged at N1,420 per dollar at the parallel market.
"The exchange rate at the black market is expected to rise from now till January 2027 due to increased demand," he told DAILY POST.
This comes as the country's external reserves sustained their decline, falling to $54.92 billion as of November 10, from $54.93 billion recorded the previous day.
DAILY POST reports that the Naira also depreciated on Monday and Tuesday this week.
Exchange rate today, November 11, 2026: Naira records highest depreciation against USD