Nigeria’s forex reserves declined by $1.16 billion in the last three weeks.
The Central Bank of Nigeria (CBN) disclosed this in its gross forex exchange movement data seen by Ripples Nigeria on Tuesday.
According to CBN, the reserves dropped from $40.877 billion in December 2024 to $39.723 billion on January 31.
The decline accelerated in the latter half of the month, fell below the $40 billion threshold on January 22, and closed at $39.72 billion by month-end.
The $1.16 billion drop represented a 2.84% decline in just one month and raised concerns about the country’s ability to sustain external obligations, including debt repayments and import financing.
By: Babajide Okeowo
