Nigeria’s FX reserves declined by $1.16bn in January – CBN

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.

READ ALSO: Cardoso justifies CBN defence of naira, but says it’s not reason for depletion in fx reserves

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

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now