Nigeria’s foreign exchange (FX) reserves dropped to $55.09 billion on October 14, marking the first decline in three months.
The reserves fell from $55.1 billion recorded on October 13, representing a decrease of 0.01 percent.
The last time the country’s FX reserves recorded a decline was on July 28, when it stood at $51.94 billion.
A review of the CBN data shows that the country’s FX reserves fluctuated between July and early August, recording both gains and declines.
As at July 21, the reserves stood at $52.03 billion before rising slightly to $52.04 billion on July 22.
The figure declined to $52.03 billion on July 23 and fell further to $52.02 billion on July 24.
The reserves dropped to $51.96 billion on July 27 and $51.94 billion on July 28, before falling further to $51.92 billion on July 30, and remained stable until the end of the month.
However, the reserves began to recover in August, rising to $51.94 billion on August 3, $51.95 billion on August 4 and $52 billion on August 5. The figure reached $52.03 billion on August 6.
The upward trend continued in the subsequent months, with reserves rising to $52.14 billion on August 10 before climbing further to $55.1 billion on October 13.
The marginal decline recorded on October 14 ended the reserve’s nearly three-month surge streak.
Fitch Ratings had projected that Nigeria’s external reserves would decline to $47 billion by the end of 2026, despite ongoing FX reforms and recent improvements in macroeconomic policy.
Nigeria’s foreign exchange (FX) reserves dropped to $55.09 billion on October 14, marking the first decline in three months.
The reserves fell from $55.1 billion recorded on October 13, representing a decrease of 0.01 percent.
The last time the country’s FX reserves recorded a decline was on July 28, when it stood at $51.94 billion.
A review of the CBN data shows that the country’s FX reserves fluctuated between July and early August, recording both gains and declines.
As at July 21, the reserves stood at $52.03 billion before rising slightly to $52.04 billion on July 22.
The figure declined to $52.03 billion on July 23 and fell further to $52.02 billion on July 24.
The reserves dropped to $51.96 billion on July 27 and $51.94 billion on July 28, before falling further to $51.92 billion on July 30, and remained stable until the end of the month.
However, the reserves began to recover in August, rising to $51.94 billion on August 3, $51.95 billion on August 4 and $52 billion on August 5. The figure reached $52.03 billion on August 6.
The upward trend continued in the subsequent months, with reserves rising to $52.14 billion on August 10 before climbing further to $55.1 billion on October 13.
The marginal decline recorded on October 14 ended the reserve’s nearly three-month surge streak.
Fitch Ratings had projected that Nigeria’s external reserves would decline to $47 billion by the end of 2026, despite ongoing FX reforms and recent improvements in macroeconomic policy.
