Naira Slips to N1,350.45 Per Dollar as Interbank Turnover Falls to $82.16MNaira Slips to N1,350.45 Per Dollar as Interbank Turnover Falls to $82.16M

The slide is small in percentage terms, but it matters to Kenyans who hold Nigerian assets, because every naira lost against the dollar reduces the shilling value of their returns. Mwenendo earlier reported on how a Dangote receipt carries naira risk for local holders.

What the Central Bank of Nigeria data shows

The rate on 5 November was N2.45 weaker than the N1,348 recorded on 4 November, according to figures published by the Central Bank of Nigeria and reported by Nairametrics. Over the week the naira has moved from N1,346.01 on 2 November to N1,347.75 on 3 November, then N1,348 and now N1,350.45, a cumulative loss of N4.44. During the day it traded between N1,348 and N1,350.50, with a weighted average rate of N1,348.74.

Thinner trading

Interbank turnover was about KSh 10.67B ($82.16M) across 88 deals on 5 November. A day earlier, total NFEM turnover was about KSh 56.43B ($434.54M) across 287 deals, of which interbank turnover was about KSh 13.11B ($100.93M). Lower turnover means fewer dollars are changing hands, so a small order can move the rate more than usual.

Reserves offer a cushion

Nigeria's gross external reserves rose by KSh 38.36B ($295.35M) in October, the slowest monthly gain of 2026, according to Nairametrics. Net foreign exchange reserves reached a record of about KSh 5.97T ($46B) in an earlier report from the same outlet, up from KSh 4.52T ($34.8B) at the end of 2025. Those buffers help explain why the currency has stayed in a narrow band.

What it means for Kenyan investors

Nigerian dividends and receipts are ultimately tied to naira earnings, so a weaker currency can shrink what Kenyan holders receive in shillings. Mwenendo reported that Airtel Africa fixed the naira rate at N1,347.44 for its 3.1 US cent interim dividend, so shareholders who choose naira payment are exposed to the gap between that rate and the market.

The next test is whether the naira holds near N1,350 as global investors sell risk assets, a pressure also visible in Asia, where Japan's Nikkei entered a bear market on Friday.