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We report the synthesis of CoxNi1-xFe2O4 (where x is 0, 0.25, 0.50, 0.75, 1) nanoparticles (NPs) by a wet chemical method using carboxymethyl cellulose (CMC) solution as surfactant. Their structure and magnetic properties were evaluated by X-ray diffraction (XRD), Fourier-Transform Infrared spectroscopy (FTIR) and vibrating sample magnetometer (VSM). The gas and humidity sensing properties of the samples were also investigated. Powder X-ray diffraction analysis demonstrated the formation of face-centered cubic structure for all the samples. The average crystallite size and lattice parameters have been calculated by Rietveld refinement. The FTIR spectra of NPs confirm the presence of CMC functional groups and stretching bands attributed to the intrinsic vibrations of tetrahedral and octahedral sites of spinel ferrite. The magnetization curves of the nanocomposites at room temperature demonstrated saturation magnetizations from 21 emu/g to 58 emu/g and coercivity values between 130 Oe and 835 Oe. As not many studies have been published on this topic, the gas sensing properties of Ni-substituted Co ferrites have been evaluated. The measurements revealed that Co0.25Ni0.75Fe2O4 is the most sensitive to acetone vapors.