Nigeria’s foreign exchange reserves declined by $547 million within a two-week period in March 2026, reflecting renewed pressure on the country’s external buffers.
Data from the Central Bank of Nigeria shows that reserves fell from $50.03 billion on March 11 to $49.48 billion on March 26, indicating a steady drawdown rather than a sharp one-off drop.
The decline occurred through consistent daily reductions, with no significant rebound recorded during the period.
This pattern signals sustained demand on foreign exchange resources, likely linked to ongoing market interventions and external payment obligations.
The drop also represents a reversal of the earlier upward trend seen at the start of 2026, when reserves had been strengthening on the back of improved inflows and policy reforms.
Despite the recent slide, the Central Bank maintains a projection that reserves could reach $51 billion by the end of 2026, as part of broader efforts to stabilise the economy, improve liquidity, and strengthen investor confidence.
Historically, Nigeria’s reserves have remained volatile, driven by fluctuations in oil revenues, foreign capital flows, and foreign exchange management policies.
The latest movement reinforces the sensitivity of the country’s external position to both domestic and global economic conditions.
Source: Nairametrics
