Naira hits record low against USD: A deeper look at the exchange rate crisis

The Naira has hit a record low against the USD, according to data from the Central Bank of Nigeria (CBN). The Naira weakened further to N1,358.34 against the dollar on Wednesday, marking a depreciation of N7.48 compared to the previous day, Daily Post Nigeria reported on November 11, 2026. This is the latest in a series of depreciations that have left many Nigerians concerned about the future of the nation’s currency. The CBN has not said when the facility began operating, but it was established to help stabilize the foreign exchange market and curb the depreciation of the Naira. However, the CBN has faced criticism for its management of the exchange rate, with some analysts arguing that the bank’s interventions have not been effective in addressing the issue. The depreciation of the Naira against the USD has far-reaching implications for the Nigerian economy, with higher import costs likely to drive up inflation and put pressure on the budget. It remains to be seen whether the CBN will take further measures to address the issue, but many Nigerians are hoping for a swift resolution to the crisis.