Nigeria’s foreign exchange reserves have dropped by $832.62 million between January 6 and January 21.
This is according to data published by the Central Bank of Nigeria (CBN) on its website.
The drop is the highest since April 2024.
According to the CBN data, Nigeria’s gross external reserves stood at $40.92 billion on January 6, 2025 but by January 21, the figure had declined to $40.09 billion, representing a 2.03 per cent decrease over a two l-week period.
This decline brings to the fore the pressures on Nigeria’s reserves amidst ongoing currency market challenges and macroeconomic uncertainties and also comes after about five months of relative stability and growth in the FX reserves.
Currently at a two-month low, the reserves may drop below N40 billion by the end of January if the decline trend persists.
The data further reveals that the reserves experienced consistent declines during the period under review. On January 13, reserves fell below $40.6 billion for the first time in the month, dropping to $40.56 billion. The trend persisted as reserves slipped further to $40.42 billion on January 15, and by January 21, they reached $40.09 billion.
