The naira slipped at Nigeria’s official foreign-exchange market in November’s opening session, while the interbank market recorded fewer deals and lower turnover than on the previous trading day.
Business Post reported an NFEM rate of ₦1,347.94 per dollar on Nov. 2, citing data from the Central Bank of Nigeria (CBN); BusinessDay also reported that rate. The CBN’s exchange-rate table lists the Oct. 30 rate at ₦1,346.2565 and defines its volume-weighted NFEM measure as the official rate for the day.
Comparing the reported Nov. 2 rate with the Oct. 30 figure rounded to ₦1,346.26, the dollar’s naira quotation rose by about ₦1.68. That change works out to roughly 0.12% depreciation in the naira.
BusinessDay reported interbank turnover of $21.765 million across 23 deals on Nov. 2. The CBN table lists $58.850 million across 72 deals for Oct. 30. The reported figures imply turnover fell about 63% and the deal count declined about 68% between the sessions.
The CBN reports interbank turnover separately from total NFEM turnover, so the figures describe activity in one segment of the market. The comparison shows lower interbank activity alongside the naira’s modest weakening, but does not establish that one caused the other.
The Nov. 2 rate was below the ₦1,367.61 per dollar reported for Oct. 26 in EconoTimes’ earlier coverage of the naira.