Nigeria’s foreign reserves have fallen for 33 consecutive days, dropping by $2.2 billion since January 6, 2025, when they stood at $40.92 billion, according to Bloomberg data.
This marks the longest decline since November 2022, bringing reserves to their lowest level since October 2024.
Analysts link the drop to CBN’s intervention to stabilize the naira, with reports indicating $8.8 billion has been spent defending the currency.
CBN Governor Olayemi Cardoso reaffirmed the bank’s commitment to a market-driven FX system, emphasizing price discovery through the willing buyer, willing seller model.
