Nigeria’s FX Reserves Fall By $832.62 Million In Two Weeks

Nigeria’s foreign exchange reserves declined significantly in two weeks this January 2025, falling 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.

This is the largest drop in reserves since April 2024, raising concerns about the country’s external liquidity position.

CBN data shows that Nigeria’s gross external reserves stood at $40.92 billion on January 6, 2025. By January 21, the figure had declined to $40.09 billion, representing a 2.03 per cent decrease in just two weeks.

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This sharp decline highlights the pressures on Nigeria’s reserves amidst ongoing currency market challenges and macroeconomic uncertainties.

The decline 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.

Major trends in FX reserves

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.

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Key milestones during this period include:

A drop of $167.1 million between January 10 and January 13.
A $502.5 million decline from January 6 to January 13.
A cumulative $832.62 million reduction between January 6 and January 21.