Nigeria’s foreign exchange reserves drop to $55.09bn for the first time in three months

Nigeria’s foreign exchange reserves declined marginally to $55.09 billion on October 14, ending a sustained rise since early August, according to Central Bank of Nigeria data. The figure was down from $55.1 billion on October 13, a decrease of approximately $10 million.

The decline followed a period of recovery after fluctuations in July, when reserves fell from $52.03 billion on July 21 to $51.92 billion on July 30. During that period, reserves briefly rose to $52.04 billion on July 22 before recording successive declines and remaining stable at the end of the month.

The recovery began in August, with reserves reaching $51.94 billion on August 3, $51.95 billion on August 4 and $52 billion on August 5. They increased to $52.03 billion on August 6 and $52.14 billion on August 10 before climbing to $55.1 billion on October 13.

The October 14 decline interrupted that upward trend, although reserves remained above their late-July levels. Fitch Ratings had previously projected that Nigeria’s external reserves would fall to $47 billion by the end of 2026, despite foreign exchange reforms and improvements in macroeconomic policy.