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Citing improved global risk sentiment, occasioned by the US midterm elections, currency traders have said they expect the naira to strengthen this week according to a Reuters report. The naira was quoted at 1,348.74 to the dollar on the Nigerian Foreign Exchange Market (NFEM)last Thursday, compared with 1,349 a week earlier.

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According to the news agency, the currency was changing hands at N1,400 to the dollar in the parallel market. It quoted a trader as saying that: “I expect an appreciation on the naira considering what has happened in the US. Right now there is a bit of risk-on sentiment and that would be positive for our own market.”

The midterm elections saw the Democratic Party winning back the Senate and House of Representatives from President Donald Trump’s Republican Party. Analysts believe that the development may lead to increased predictability with regard to U.S. government policies.

New Telegraph reports that although Nigeria’s gross external reserves increased by $295.35 million in October, 2026, it was the weakest monthly growth recorded by the dollar buffers so far in 2026.

Data from the Central Bank of Nigeria (CBN) showed that gross reserves rose from $54.93 billion at the end of September to $55.22 billion on October 30.

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The reserves opened October at $54.95 billion on October 2 and maintained a gradual upward movement, reaching $55.26 billion on October 27 before declining slightly to $55.22 billion at the end of the month.

However, the reserves have been heading south since the beginning of November, falling from $55.17 billion on November 2, 2026 to $55.13 billion on November 5.