Exchange rate: Naira depreciates, begins November on a negative note

The naira weakened against the dollar on the official market on Monday, the first trading day of November, falling from 1,346.26 to 1,347.94 naira per dollar, according to the Central Bank of Nigeria. It lost 1.68 naira, while the parallel-market rate remained unchanged at 1,390 naira per dollar. Nigeria’s external reserves edged down from $55.24 billion the previous day to $55.22 billion as of October 30. On Friday, the naira had appreciated on the official market and remained stable on the parallel market.