Nigeria get pass $55 billion inside im external reserves, but di naira still dey struggle to convince market say di recovery don stand well. At di end of October, di reserves bin stand at about $55.24 billion, up from about $43.15 billion one year earlier. Even with that improvement, di naira depreciate by 1.2 per cent in October, closing at ₦1,346.26 to one dollar on October 30, compared with ₦1,330.09 at di beginning of di month.
Di CBN governor report say gross reserves na about $55 billion and net reserves na $46 billion in October. Di two figures no mean di same thing: gross reserves fit include external assets wey get some liabilities, while net reserves show wetin remain after specified obligations. Di market no dey look only at wetin country hold; e dey also look at dollars wey businesses and individuals fit access, confidence say dem go fit get dollars tomorrow, and expectations wey dey shape demand today.
Foreign-exchange flow figures give another clue. Nigeria record net FX inflows of $22.5 billion in di second quarter of 2026, di highest since di final quarter of 2019. Di improvement come mainly because outflows drop sharply, no be because total inflows rise. Total inflows fall from $32.39 billion in di first quarter to $31.43 billion in di second quarter, while outflows drop from $11.05 billion to $8.93 billion. Dat one raise question whether Nigeria dey earn substantially more dollars or e just dey retain more.
For di official market on Friday, November 6, di naira rise against di dollar for NAFEM by N1.95, or 0.14 per cent, to N1,346.79 to one dollar from N1,348.74 to one dollar. Di local currency also appreciate against di pound by N13.39 to N1,803.63 to one pound from N1,817.02 to one pound, and improve against di euro by N9.86 to N1,504.10 to one euro from N1,513.96 to one euro.
For di black market, di naira stay stable at N1,375 to one dollar, and e remain unchanged at N1,356 to one dollar at di GTBank FX desk. CBN data show say forex demand increase for di market on Friday, with turnover rising by 183.6 per cent to $232.980 million from $82.162 million a day earlier. Di number of FX transactions also rise to 147 deals from 88 deals.
