Introduction

The Nigerian currency extended its recent losses, closing at N1,335.50 per dollar on October 13, 2026, marking its weakest level since August 2026. The move underscores continued pressure on the naira despite a notable jump in external reserves.

What Happened

Central Bank of Nigeria data revealed the naira moved from N1,332.99 per dollar on October 12 to N1,335.50 on October 13, a N2.51 decrease. This was the weakest closing level since August 31, 2026, after several sessions of narrow trading around N1,330 to N1,334 per dollar.

Why This Matters

While the naira's latest drop signals short-term weakness, the surge in Nigeria's forex reserves to $58.81 billion -- the highest since November 2008 -- provides a potential buffer. International financial institutions have also upgraded growth projections, with the IMF forecasting 4.2% expansion for Nigeria in 2026 and the World Bank raising its estimate to 4.3%.

Key Takeaways

  • The naira closed at N1,335.50/$ on October 13, 2026, its weakest point since August 2026.
  • Forex reserves rose to $58.81 billion on October 12, 2026, the strongest level in over 17 years.
  • IMF upgraded Nigeria's 2026 growth forecast to 4.2% and 2027 to 4.3%.
  • World Bank also increased Nigeria's 2026 growth projection to 4.3%, up from 4.0% in 2025.

Conclusion

The naira's recent depreciation comes against a backdrop of improving external liquidity and upgraded economic forecasts. While reserve growth may support longer-term stability, traders will likely monitor whether the currency can hold above key psychological levels in the coming sessions.