CBN Unveils New Dollar Rate as Naira Loses N7 in the Official Window

• The naira fell N7.18 to N1,353.97 per dollar in the official market, while a slight parallel-market recovery narrowed the exchange-rate gap
• External reserves dropped by $190 million to $54.87 billion as Bonny Light crude prices declined, raising concerns over dollar inflows
• Cowry Asset Management expects near-term naira stability, but warns that weaker oil prices and dollar supply will shape the currency’s next move

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

The Nigerian naira has suffered another setback against the United States dollar, losing N7.18 in the official foreign exchange market as rising demand for dollars and declining external reserves put fresh pressure on the local currency.

The depreciation comes amid increased foreign exchange demand from importers and corporate organisations, alongside a moderate decline in global crude oil prices.

Despite the pressure in the official market, the naira recorded a slight recovery in the parallel market, narrowing the gap between the two exchange rates.

CBN releases new dollar exchange rate

Figures from the Nigerian Foreign Exchange Market (NFEM) showed that the naira depreciated by 0.53% week-on-week, closing at N1,353.9741 per dollar.

This represents a N7.18 decline from the previous week's exchange rate of N1,346.7945 per dollar.

However, the local currency strengthened marginally in the parallel market, appreciating to N1,393 per dollar from N1,394 recorded the preceding week.

The development reduced the difference between official and parallel market exchange rates to approximately N39 per dollar.

Analysts attributed the pressure on the naira to seasonal import demand, corporate foreign exchange obligations and continued dollar outflows.

Nigeria's foreign reserves record fresh decline

Data attributed to the Central Bank of Nigeria (CBN) showed that Nigeria's gross external reserves declined by 0.34% to $54.87 billion from $55.06 billion.

The decline represents a reduction of approximately $190 million within one week, MarketForces Africa reports.

External reserves provide an important buffer against currency volatility and support the country's ability to meet international payment obligations.

The latest movement coincided with a decline in Nigeria's Bonny Light crude oil benchmark, which dropped by 2% to $96.93 per barrel from $98.91.

Lower crude oil prices could affect Nigeria's dollar earnings, given the country's dependence on petroleum exports for foreign exchange inflows.

Analysts predict naira's next movement

Cowry Asset Management Limited warned that sustained weakness in crude oil prices could reduce foreign exchange inflows and increase pressure on the naira.

However, the investment firm expects the currency to remain relatively stable in the coming week, supported by the CBN's foreign exchange management measures.

The analysts explained that market performance would depend largely on dollar supply, crude oil developments and the strength of Nigeria's external reserves.

For Nigerian businesses and households, continued exchange rate pressure could increase the cost of imported goods, raw materials and other dollar-denominated expenses.

A sustained improvement in foreign exchange supply would therefore be important in limiting further depreciation and easing pressure on consumer prices.

CBN hikes dollar price to N1,352

Legit.ng earlier reported that the Nigerian naira weakened further against the United States dollar in the official foreign exchange market as rising demand for international payments, offshore obligations and year-end settlements placed renewed pressure on the local currency.

Data released by the Central Bank of Nigeria (CBN) on Tuesday, November 10, 2026, showed the naira depreciated to ₦1,350.8587 per dollar, up from ₦1,349.3413 in the previous trading session.