Nigeria’s FX reserves drop by $1.16 billion in January amid increased CBN dollar sales to BDCs

Nigeria’s FX reserves drop by .16 billion in January amid increased CBN dollar sales to BDCs


NAIRAMETRICS

Nigeria’s foreign exchange (FX) reserves declined significantly by $1.16 billion in January 2025, wiping out the $592.58 million gain recorded in December 2024.

The latest figures from the Central Bank of Nigeria (CBN) show that reserves fell from $40.88 billion at the end of December to $39.72 billion as of January 31, 2025.

This marks the sharpest monthly decline since April 2024 and raises concerns about the country’s external liquidity position.

What does the data say 

In April 2024, Nairametrics reported that Nigeria’s foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $2.16 billion in 29 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilize the naira.

Current figures from the CBN, as of April 15, 2024, reveal that the FX reserves are now positioned at $32.29 billion, a stark decline from $34.45 billion recorded on March 18, 2024.

The CBN governor, Yemi Cardoso, blamed the previous decline in April 2024 on debt repayments and other standard financial obligations, rather than efforts to defend the naira…

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Nigeria’s FX reserves drop by $1.16 billion in January amid increased CBN dollar sales to BDCs

 

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