CBN under pressure as Naira loses N40 in one day, oil output slips, Tinubu seeks N10.79trn Borrowing
The Naira recorded its sharpest depreciation in three weeks on Tuesday, November 11, closing at N1,364.56 per US dollar at the official Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria.
The local currency lost N40.25 in a single day, falling from N1,324.31/\$ on Monday — its biggest daily loss since October 22.In the parallel market, the situation is worse. The Naira traded at N1,430/\$ on Lagos streets, widening the gap between official and black market rates to over N65.
The fall comes as Nigeria’s crude oil production slipped. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reports output dropped to 1.51 million barrels per day in October, down from 1.53 million bpd in September, despite efforts to ramp up production.
On the fiscal side, President Bola Tinubu has written to the National Assembly seeking statutory approval to implement N10.79 trillion external borrowing already approved in the 2026 Appropriation Act, Nairametrics reported.
There is some relief for households: The Nigerian Electricity Regulatory Commission (NERC) has approved N30 billion for the third tranche of free prepaid meters under its Meter Acquisition Fund. All installations must be completed by May 31, 2027.Analysts say dollar demand pressure, falling oil output and end-of-year import demand are driving the slide.
SOURCES:Nairametrics, Okay News Daily Briefing, NewsBreakNigeria Evening Roundup, NUPRC Data