The curfew will apply from midnight on Wednesday and establishments will have to call for last orders at 10:30 p.m.
The new rules will apply to pubs, bars, restaurants, cafes, hotels and guesthouse bars.
Weddings and other special events will not be exempt.
“The intention behind the early closing time is that socializing later in the evening is considered to increase the risk of virus spread because people stick to the rules less strictly after consuming alcohol and in places where they are used to mixing freely, ”Ms. Foster told the Stormont Assembly.
Supermarkets and off-license are already banned from selling alcohol after 11 p.m. and there are restrictions preventing more than one household meeting in homes.
Ms Foster said that while there is a “risk” of people going to house parties, the rules already in place should prevent this.
The restrictions will be subject to enforcement, the premier added.
“We don’t want to go. We would prefer everyone to work with us to impact the spread of the virus, ”she said.
“But law enforcement has a role and we are working closely with PSNI and local government to understand the issues from their perspective and also the importance of community responses. ”
England, Scotland and Wales have already curfew imposed at 10 p.m. in the hotel industry.
Northern Ireland recorded its highest daily number of new coronavirus cases since the start of the pandemic on Saturday.
Another 319 people have tested positive for the coronavirus, the health ministry confirmed.
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However, this is unlikely to be near levels at the height of the pandemic, when there were fewer tests and more cases could have been missed.
There are currently 51 COVID-19 patients in hospitals across Northern Ireland, with six people in intensive care.