Nigeria’s FX reserves decline by $832.62 million in two weeks, marking largest drop since April 2024

NAIRAMETRICS 

Nigeria’s foreign exchange reserves declined significantly in two weeks this January 2025, falling by $832.62 million between January 6 and January 21.

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

Nairametrics observed that this is the largest drop in reserves since April 2024, raising concerns about the country’s external liquidity position.

CBN data shows that Nigeria’s gross external reserves stood at $40.92 billion on January 6, 2025. By January 21, the figure had declined to $40.09 billion, representing a 2.03 per cent decrease in just two weeks.

This sharp decline highlights the pressures on Nigeria’s reserves amidst ongoing currency market challenges and macroeconomic uncertainties…