Nigeria’s foreign exchange reserves declined marginally to $55.09 billion on October 14, ending a nearly three-month period of sustained growth, according to data from the Central Bank of Nigeria (CBN).
The reserves fell from $55.1 billion recorded on October 13, representing a decrease of about 0.01 per cent.
The latest decline marks the first recorded drop since July 28, when the country’s external reserves stood at $51.94 billion.
CBN data showed that the reserves experienced fluctuations between late July and early August, recording marginal increases and declines during the period.
On July 21, the reserves stood at $52.03 billion before rising slightly to $52.04 billion the following day. The figure subsequently declined to $52.03 billion on July 23 and $52.02 billion on July 24.
The downward movement continued on July 27, when the reserves fell to $51.96 billion, before dropping further to $51.94 billion on July 28. They later declined to $51.92 billion on July 30 and remained around that level towards the end of the month.
The country’s external reserves began recovering in August, rising to $51.94 billion on August 3 and $51.95 billion on August 4. The figure crossed the $52 billion mark on August 5, reaching $52.03 billion the following day.
The reserves continued to strengthen in the subsequent period, climbing to $52.14 billion on August 10 before reaching $55.1 billion on October 13.
The marginal decline recorded a day later brought the upward trend to an end, although the reserves remained above the $55 billion threshold.
Meanwhile, Fitch Ratings has projected that Nigeria’s external reserves could fall to $47 billion by the end of 2026, despite ongoing foreign exchange reforms and recent improvements in macroeconomic policies.
The projection suggests that pressures on the country’s external buffers could persist even as the authorities pursue measures to stabilise the foreign exchange market and strengthen macroeconomic conditions.
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