Naira slides against dollar as Thursday trading opens
Official and street rates diverge by roughly ₦68 to ₦80 per dollar as the currency faces pressure from importers and portfolio outflows.
On Thursday, November 12, 2026, the naira opened trading under sustained demand pressure in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. Entering the session, the official window stood around the ₦1,350.36 to ₦1,353.50 per dollar band, while international currency feeds showed spot quotes near ₦1,345.72. Dealers in Lagos and Abuja quoted the dollar at ₦1,411 to ₦1,420 for buying and ₦1,419 to ₦1,430 for selling.
Market analysts link the softening to seasonal foreign exchange demand from importers and travellers ahead of the year-end, along with foreign portfolio investment outflows and a firmer US dollar globally. The parallel market touched a 10-month low of ₦1,430 per dollar this week, yet gross external reserves stand at about $54.9 billion, above the CBN's full-year target of $51.04 billion.
Traders and businesses are watching daily NFEM liquidity injections and CBN updates as trading continues. Earlier in the week, the official window moved between ₦1,349.25 and ₦1,354 per dollar, with interbank turnover of $248.07 million across 144 deals.