The naira weakened to N1,335.50 in keeping with buck on October 13, 2026, its weakest ultimate stage since August, because the forex prolonged its losses after buying and selling round N1,333 in earlier classes.
Information from the Central Financial institution of Nigeria (CBN) confirmed that the naira depreciated from N1,332.99 in keeping with buck on October 12 to N1,335.50 on October 13, representing a decline of N2.51.
Exams by way of Nairametrics confirmed that Tuesday’s ultimate price was once the weakest since August 31, when the naira additionally closed at N1,335.50 in keeping with buck.
The newest depreciation comes as Nigeria’s foreign currency echange reserves have climbed to their absolute best stage since November 2008, attaining $58.81 billion on October 12, in line with the newest figures supplied.
In the meantime, the Global Financial Fund (IMF) has revised its expansion outlook for Nigeria.
Naira loses floor in October
The naira’s newest depreciation adopted a number of classes of reasonably slim actions round N1,330 to N1,334 in keeping with buck.
- 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 in keeping with buck.
- CBN knowledge confirmed that the naira closed at N1,333.55 in keeping with buck on October 8 earlier than appreciating to N1,332.49 on October 9. The forex weakened fairly to N1,332.99 in keeping with buck on October 12 earlier than depreciating additional to N1,335.50 on October 13.
- On October 13, the reported top was once N1,336 in keeping with buck, whilst the low stood at N1,332.
The newest shut indicators a modest weakening of the naira after its reasonably solid efficiency within the previous classes.
Overseas reserves climb to $58.81 billion
The forex’s depreciation comes regardless of a up to date build up in Nigeria’s exterior reserves. The country’s foreign exchange reserves rose to $58.81 billion on October 12, 2026, their absolute best stage 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 steadiness within the foreign currency echange marketplace helps to improve investor self assurance.
The rise in reserves supplies a favorable indicator of Nigeria’s exterior place, even supposing reserve expansion does now not essentially translate into a right away appreciation of the naira in each and every buying and selling consultation.
IMF raises Nigeria’s expansion outlook
The newest exchange-rate motion additionally comes towards a revised financial outlook for Nigeria. The IMF raised its forecast for Nigeria’s economic growth in 2026 to 4.2%, whilst projecting expansion of four.3% in 2027.
The revised forecast issues to expectancies of more potent financial process, whilst force at the naira stays a key building to observe within the foreign currency echange marketplace.
Additionally, the World Bank raised its forecast for Nigeria’s economic growth in 2026 to 4.3%, from 4.0% in 2025, and projected expansion of four.4% in each 2027 and 2028.