Exchange rate today, November 5, 2026: Naira extends depreciation against USD

The naira extended its depreciation against the dollar at the official foreign exchange market on Thursday. Data from the Central Bank of Nigeria, CBN, showed that the naira weakened further to N1,348.74 per dollar on Thursday, compared with N1,347.79 recorded on Wednesday. This means that, on a day-to-day basis, the naira depreciated by N0.95 against the dollar at the official FX market. Similarly, at the parallel market, the naira weakened to N1,410 per dollar on Thursday, compared with N1,400 traded the previous day. The naira's depreciation comes as the country's external reserves declined to $55.15 billion, according to CBN data for November 3. Recall that the naira fell against the...