Naira strengthens for third session after sharp October 23 depreciation
AI Executive Briefing
Gemini Flash AI~45s readThe Nigerian naira has sustained a three-day recovery trend against the US dollar, closing at N1,349/$ on October 28, 2026. This appreciation follows a period of volatility on October 23 and is supported by external reserves reaching an 18-year high of over $55 billion.
Context & Background
- ✦Nigeria's external reserves serve as a critical buffer for meeting external obligations and supporting market confidence.
- ✦The naira's performance remains subject to fluctuations in dollar supply, demand from market participants, and global currency market trends influenced by US Federal Reserve policies.
Key Figures & Named Entities
Central Bank of Nigeria (CBN):Reported that external reserves exceeded $55 billion, surpassing the $51.04 billion year-end target.N1,349/$:The closing exchange rate of the naira on October 28, 2026.
Outlook & Next Steps
Market participants continue to monitor dollar supply and demand dynamics alongside global interest rate signals from the US Federal Reserve to gauge the future trajectory of the naira.
Key Takeaways
AI Summary- The naira recorded its third consecutive day of appreciation, closing at N1,349/$ on October 28, 2026.
- Nigeria's external reserves have surpassed $55 billion, reaching an 18-year high and exceeding the CBN's year-end projection of $51.04 billion.
- The currency has recovered N21 since the sharp depreciation observed on October 23, when it closed at N1,370/$.
Key Facts:October 23, 2026: The naira experienced a sharp depreciation, closing at N1,370/$.October 28, 2026: The naira strengthened to close at N1,349/$, marking a three-day recovery trend.
Editorial Excerpt
The naira strengthened against the US dollar for a third consecutive trading session on Wednesday, October 28, 2026, closing at N1,349/$ at the Nigerian Foreign Exchange Market (NFEM), compared with N1,357/$ on Tuesday.
Frequently Asked Questions About This Story
What was the interbank foreign exchange turnover on October 28, 2026?
The interbank foreign exchange turnover stood at US$244.61 million.
How does the current foreign reserve level compare to the CBN's 2026 projection?
The reserves have crossed $55 billion, which surpasses the CBN's earlier projection of approximately $51.04 billion for the end of 2026.
