Nigeria’s foreign exchange reserves have dropped slightly to $55.09 billion, marking the first decline in nearly three months, according to data from the Central Bank of Nigeria (CBN).
The reserves fell from $55.10 billion recorded on October 13 to $55.09 billion on October 14, representing a decrease of approximately $10 million. The decline ended a period of sustained growth that began in late July. reported the figures on October 16.
Data showed that the last recorded decline before the latest dip occurred on July 28, when Nigeria’s external reserves stood at $51.94 billion. The reserves subsequently began recovering in August, rising gradually to surpass the $55 billion mark in October.
Foreign exchange reserves are assets held by a country’s monetary authority to meet international payment obligations, support foreign exchange market stability and provide a buffer against external economic shocks.
Despite the latest marginal decline, Nigeria’s reserves remain above the levels recorded in late July. However, analysts continue to monitor developments in the country’s external position amid ongoing foreign exchange reforms and broader economic challenges.
