Nigeria’s foreign reserves plunge by $90m in five days

Nigeria’s foreign reserves declined by $90 million to $55.13 billion within five days, reversing October’s gains, while the naira traded at N1,346.80 per dollar despite recording a 6.26 per cent year-on-year appreciation.

Nigeria’s foreign exchange reserves declined by $90 million within five days, falling to $55.13 billion on November 5, 2026, from $55.22 billion recorded on October 30.

According to The Government and Business Journal, as reported by Tribune, figures from the Central Bank of Nigeria (CBN) confirmed the decline amid continued fluctuations in the foreign exchange market.

The reduction represents a 0.16 per cent drop, reversing the upward trend recorded in October when external reserves increased by $295.35 million.

Meanwhile, the naira traded at N1,346.80 against the United States dollar on November 6, reflecting movements in the currency market.

Despite the recent decline in reserves, the local currency recorded a 6.26 per cent year-on-year appreciation against the dollar.

External reserves remain crucial to Nigeria’s economic stability, providing foreign currency for international transactions and supporting exchange rate management.

The latest figures highlight the need to sustain foreign exchange inflows and maintain adequate reserves amid changing market conditions and continuing demand for dollars.