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

Nigeria’s Foreign Exchange (FX) reserves declined significantly in two weeks this January 2025, falling by a massive $832.62 million between January 6 and January 21.

This is according to FX Movement data published by the Central Bank of Nigeria (CBN) on its website.

According to the data, Nigeria’s gross external reserves stood at $40.92 billion on January 6, 2025.

However, by January 21, the figure had declined to $40.09 billion, representing a 2.03 per cent decrease or $832 in just two weeks.

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The data further revealed 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, it reached $40.09 billion.

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The decline is coming on the heels of about five months of relative stability and growth in the FX reserves.

Anxiety persists that this sharp decline highlights the pressures on Nigeria’s reserves amidst ongoing currency market challenges and macroeconomic uncertainties.