Naira weakens to N1,348/$ as FX turnover falls sharply to $100.9m

The naira weakened for a second straight session Wednesday, closing at N1,348/$ — a marginal N0.25 drop from Tuesday's N1,347.75. The currency traded between N1,346 and N1,349.50 with a weighted average of N1,347.80, extending losses since November opened at N1,346.01.

More telling is the liquidity picture: interbank NFEM turnover plunged to $100.93 million across 97 deals, down 15% from Tuesday's $118.96 million. The last full NFEM data (November 2) showed $227.18 million — the first time below $300 million since late September. The naira has now erased about 42% of its July–September gains, sliding from N1,329.50 at end-September to N1,346 by October 30.

Meanwhile, gross foreign reserves grew just $295.35 million in October — the slowest monthly increase this year — even as net reserves hit a record $46 billion (up $11 billion from December 2025). Gross reserves stood at $55.22 billion at month-end.

For importers, travellers, and anyone pricing in dollars: official window liquidity is tightening while the naira drifts weaker. The CBN's next move — intervention or letting the market find level — will signal whether this is managed depreciation or the start of a deeper slide. Are you hedging dollar exposure now or waiting to see if the spread widens further?

SOURCE: https://nairametrics.com/2026/11/05/naira-slips-to-n1348-as-fx-turnover-drops-below-101-million/