Nigeria’s foreign exchange reserves have recorded their first decline in nearly three months, falling slightly to $55.09 billion on October 14, according to data from the Central Bank of Nigeria (CBN).
The reserves dropped from $55.1 billion recorded on October 13, representing a marginal decrease of 0.01 per cent and bringing an end to a prolonged period of growth.
The last time Nigeria’s external reserves recorded a decline was on July 28, when they stood at $51.94 billion.
CBN data showed that the reserves experienced several fluctuations between July and early August before beginning a sustained recovery.
On July 21, the reserves stood at $52.03 billion before rising slightly to $52.04 billion the following day. However, the figure fell to $52.03 billion on July 23 and declined further to $52.02 billion on July 24.
The downward movement continued towards the end of July, with reserves dropping to $51.96 billion on July 27 and $51.94 billion on July 28. They subsequently fell to $51.92 billion on July 30 and remained around that level until the end of the month.
The situation began to improve in August as Nigeria’s external reserves gradually recovered. The figure rose to $51.94 billion on August 3, increased to $51.95 billion on August 4 and reached $52 billion on August 5.
By August 6, the reserves had climbed to $52.03 billion, with the upward movement continuing in the following weeks and months.
On August 10, the figure reached $52.14 billion before rising further to $55.1 billion on October 13.
However, the slight drop recorded on October 14 interrupted the reserves’ nearly three-month upward trend.
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 latest figures highlight the importance of monitoring Nigeria’s external reserves, which help the country meet international payment obligations and support confidence in its foreign exchange market.
Although the latest decline was marginal, attention will remain on whether the reserves resume their upward movement or experience further fluctuations in the coming weeks.
Source: Central Bank of Nigeria data and Fitch Ratings
