Nigeria’s foreign exchange reserves have recorded a significant decline within two weeks this January, dropping by $832.62m between January 6 and January 21.
Data from the Central Bank of Nigeria published on its official website highlights this development, marking the sharpest fall in reserves since April 2024.
The decline raises fresh concerns over the nation’s external liquidity position amidst mounting economic pressures.
Figures from the CBN show that Nigeria’s gross external reserves stood at $40.92bn as of January 6, 2025. By January 21, the reserves had dipped to $40.09bn, reflecting a 2.03 per cent decrease over the two weeks.
This drop follows about five months of relative stability and growth in the country’s foreign exchange reserves.
The current levels, now at a two-month low, suggest the possibility of the reserves falling below $40bn by the end of January if the downward trend continues. Further analysis revealed that the reserves experienced a consistent decline throughout the period.
