Nigeria’s foreign exchange reserves have recorded their first decline in nearly three months, falling to $55.09bn on October 14, according to Central Bank of Nigeria data.
The reserves dropped from $55.1bn on October 13, representing a marginal decrease of about 0.01 per cent and ending a sustained period of growth that began in August.
The last decline before the latest dip was recorded on July 28, when the reserves stood at $51.94bn.
The country’s external reserves fluctuated in July, falling from $52.04bn on July 22 to $51.92bn by July 30, before beginning a gradual recovery in August.
The reserves rose to $51.94bn on August 3 and reached $52.14bn on August 10, before climbing further to $55.1bn on October 13.
The latest decline comes amid projections that Nigeria’s external reserves could come under pressure before the end of the year.
Fitch Ratings had projected that the country’s reserves would fall to $47bn by December 2026, despite foreign exchange reforms and improvements in macroeconomic policy.
The extent to which the latest movement signals a sustained reversal in reserve growth remains unclear.
Discussion0