{
  "id": 17033351,
  "title": "Naira strengthens for third session after sharp October 23 depreciation",
  "url": "https://urgent.news/2026/10/29/naira-strengthens-for-third-session-after-sharp-october-23",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-29T07:56:53.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/29/naira-strengthens-for-third-session-after-sharp-october-23-depreciation/"
  },
  "original_language": "en",
  "account": "The Nigerian naira displayed a significant strength on Wednesday, October 28, 2026, continuing its upward trajectory for the third consecutive trading day. At the Nigerian Foreign Exchange Market (NFEM), the naira closed at N1,349/$, down from N1,357/$ on Tuesday. This improvement of N8 against the US dollar marked a notable recovery following a sharp depreciation on October 23, when the naira hit a low of N1,370/$. The latest gain follows positive trends on Monday and Tuesday, with the naira closing at N1,365/$ and N1,357/$, respectively.\n\nThe strengthening of the naira follows developments in Nigeria's foreign reserves, which have surged to exceed $55 billion, marking the highest level in over 18 years according to the Central Bank of Nigeria (CBN). This reserve position surpasses the CBN's earlier projection of around $51.04 billion for the end of 2026. While foreign reserves can bolster a country's ability to meet foreign currency demands, the naira's recent appreciation is influenced by various factors, including supply and demand dynamics, market movements, and broader global economic conditions. Additionally, recent policy decisions by the US Federal Reserve and the Bank of Canada have had minimal direct impact on the naira's performance.",
  "summary": "The naira strengthened against the US dollar for a third consecutive trading session on Wednesday, October 28, 2026, closing at N1,349/$ at the Nigerian Foreign Exchange Market (NFEM), compared with N1,357/$ on Tuesday. The post Naira strengthens for third session after sharp October 23 depreciation appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}