The naira weakened to N1,335.50 per greenback on October 13, 2026, its weakest closing level since August, because the forex prolonged its losses after buying and selling round N1,333 in earlier classes.
Data from the Central Bank of Nigeria (CBN) confirmed that the naira depreciated from N1,332.99 per greenback on October 12 to N1,335.50 on October 13, representing a decline of N2.51.
Checks by Nairametrics confirmed that Tuesday’s closing charge was the weakest since August 31, when the naira additionally closed at N1,335.50 per greenback.
The newest depreciation comes as Nigeria’s international change reserves have climbed to their highest level since November 2008, reaching $58.81 billion on October 12, in accordance to the newest figures supplied.
Meanwhile, the International Monetary Fund (IMF) has revised its development outlook for Nigeria.
Naira loses floor in October
The naira’s newest depreciation adopted a number of classes of comparatively slender actions round N1,330 to N1,334 per greenback.
- The forex closed at N1,332.49 on October 9 and N1,332.99 on October 12 earlier than weakening to N1,335.50 on October 13. The newest shut additionally matched the speed on August 31, when the naira ended buying and selling at N1,335.50 per greenback.
- CBN information confirmed that the naira closed at N1,333.55 per greenback on October 8 earlier than appreciating to N1,332.49 on October 9. The forex weakened barely to N1,332.99 per greenback on October 12 earlier than depreciating additional to N1,335.50 on October 13.
- On October 13, the reported excessive was N1,336 per greenback, whereas the low stood at N1,332.
The newest shut alerts a modest weakening of the naira after its comparatively secure efficiency within the previous classes.
Foreign reserves climb to $58.81 billion
The forex’s depreciation comes regardless of a latest enhance in Nigeria’s exterior reserves. The country’s foreign exchange reserves rose to $58.81 billion on October 12, 2026, their highest level since November 19, 2008, once they stood at roughly $58.91 billion.
Nigeria’s net foreign reserves have also risen to $46 billion. CBN Governor Olayemi Cardoso has stated that stability within the international change market helps to strengthen investor confidence.
The enhance in reserves offers a constructive indicator of Nigeria’s exterior place, though reserve development doesn’t essentially translate into a direct appreciation of the naira in each buying and selling session.
IMF raises Nigeria’s development outlook
The newest exchange-rate motion additionally comes in opposition to a revised financial outlook for Nigeria. The IMF raised its forecast for Nigeria’s economic growth in 2026 to 4.2%, whereas projecting development of 4.3% in 2027.
The revised forecast factors to expectations of stronger financial exercise, whilst stress on the naira stays a key growth to watch within the international change market.
Also, the World Bank raised its forecast for Nigeria’s economic growth in 2026 to 4.3%, from 4.0% in 2025, and projected development of 4.4% in each 2027 and 2028.
