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.
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