The naira ended November slightly weaker, continuing the volatility that has characterised Nigeria’s foreign exchange market in recent months. The currency exchanged at ₦1,446.9 per dollar on November 28, compared with ₦1,438 at the start of the month.

This represents a further decline from ₦1,427.5/$ recorded on October 31, despite the Central Bank of Nigeria (CBN) maintaining its aggressive monetary tightening stance. November saw only a brief five-day stretch when the naira traded above ₦1,450/$, including rates of ₦1,459.95 on November 20 and ₦1,458 on November 18.

This period of mild pressure stands in contrast to October, when the currency remained above ₦1,450 for 18 consecutive days. October’s peak was ₦1,474/$1 recorded on October 16, underscoring a more severe month of depreciation driven by high import demand, speculative trading, and inconsistent FX supply at official channels.

The CBN’s Monetary Policy Committee, which met on November 24–25, chose to retain all monetary policy parameters. The Monetary Policy Rate stayed at 27 percent, while the Cash Reserve Ratio remained 45 percent for deposit money banks and 16 percent for merchant banks, with the liquidity ratio left unchanged at 30 percent. The Committee said maintaining these indicators was necessary to support ongoing disinflation after headline inflation slowed to 16.05 percent in October, down from 18.02 percent in September.

The CBN also announced that a revised foreign exchange operations manual is nearing completion. The document is expected to tighten documentation, expand participation, and enhance surveillance across the electronic FX management ecosystem.

Governor Olayemi Cardoso said the reforms are aimed at improving transparency and rebuilding public confidence in the naira.