{
  "id": 17368021,
  "title": "Naira reverses 3-month gains, closes October at N1,346/$",
  "url": "https://urgent.news/2026/10/31/naira-reverses-3-month-gains-closes-october-at-n1-346",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-31T08:00:20.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/31/naira-reverses-3-month-gains-closes-october-at-n1346/"
  },
  "original_language": "en",
  "account": "The Nigerian naira has reversed a significant portion of its gains from July to September 2026, closing at N1,346/$ on October 30, according to the Nigerian Foreign Exchange Market (NFEM). The currency's depreciation has partially undone the appreciation it recorded during the preceding three months. However, the naira remains stronger than its July closing level of N1,369/$. On October 2, the exchange rate stood at N1,332/$ before weakening to N1,346/$ by month-end, indicating a depreciation of about 1.05%. Throughout July to September, the naira showed a general strengthening trend, culminating in a closing rate of N1,329.50/$ on September 30. The naira's October performance was uneven, strengthening in the first half of the month before declining later on. The fluctuations in the exchange rate suggest that the naira experienced varied movements throughout the month rather than a consistent depreciation. Despite Nigeria's improving external reserve position, which can bolster the country's ability to fulfill external commitments and instill confidence in its forex market, the reserve figures alone do not determine the reasons behind the naira's October movements. Additionally, the World Bank recently upgraded Nigeria's economic growth forecast for 2026 to 4.3%, up from 4.0% in 2025. The naira's performance in the upcoming months will continue to serve as a crucial indicator of conditions in the foreign exchange market, while reserve levels and broader economic developments will continue to influence the outlook.",
  "summary": "The naira has reversed about 42% of its gains recorded between July and September 2026, as the exchange rate weakened from N1,329.50/$ at the end of September to N1,346/$ on October 30. The post Naira reverses 3-month gains, closes October at N1,346/$ 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."
}