The naira weakened to N1,335.50 per dollar on October 13, 2026, its weakest closing level since August, as the currency extended its losses after trading around N1,333 in previous sessions.
Data from the Central Bank of Nigeria (CBN) showed that the naira depreciated from N1,332.99 per dollar on October 12 to N1,335.50 on October 13, representing a decline of N2.51.
Checks by Nairametrics showed that Tuesday’s closing rate was the weakest since August 31, when the naira also closed at N1,335.50 per dollar.
The latest depreciation comes as Nigeria’s foreign exchange reserves have climbed to their highest level since November 2008, reaching $58.81 billion on October 12, according to the latest figures provided.
Meanwhile, the International Monetary Fund (IMF) has revised its growth outlook for Nigeria.
Naira loses ground in October
The naira’s latest depreciation followed several sessions of relatively narrow movements around N1,330 to N1,334 per dollar.
- The currency closed at N1,332.49 on October 9 and N1,332.99 on October 12 before weakening to N1,335.50 on October 13. The latest close also matched the rate on August 31, when the naira ended trading at N1,335.50 per dollar.
- CBN data showed that the naira closed at N1,333.55 per dollar on October 8 before appreciating to N1,332.49 on October 9. The currency weakened slightly to N1,332.99 per dollar on October 12 before depreciating further to N1,335.50 on October 13.
- On October 13, the reported high was N1,336 per dollar, while the low stood at N1,332.
The latest close signals a modest weakening of the naira after its relatively stable performance in the preceding sessions.
Foreign reserves climb to $58.81 billion
The currency’s depreciation comes despite a recent increase in Nigeria’s external reserves. The country’s foreign exchange reserves rose to $58.81 billion on October 12, 2026, their highest level since November 19, 2008, when they stood at approximately $58.91 billion.
Nigeria’s net foreign reserves have also risen to $46 billion. CBN Governor Olayemi Cardoso has said that stability in the foreign exchange market is helping to strengthen investor confidence.
The increase in reserves provides a positive indicator of Nigeria’s external position, although reserve growth does not necessarily translate into an immediate appreciation of the naira in every trading session.
IMF raises Nigeria’s growth outlook
The latest exchange-rate movement also comes against a revised economic outlook for Nigeria. The IMF raised its forecast for Nigeria’s economic growth in 2026 to 4.2%, while projecting growth of 4.3% in 2027.
The revised forecast points to expectations of stronger economic activity, even as pressure on the naira remains a key development to watch in the foreign exchange 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 growth of 4.4% in both 2027 and 2028.