Nigeria's Foreign Reserves Drop $547 Million in Two Weeks

Nigeria's foreign reserves have declined by $547 million within a 15-day period in March 2026, as reported by the Central Bank of Nigeria (CBN). This drop reflects renewed pressure on the country's external buffer, although the CBN has not provided an explanation for the decline.

Historical trends indicate a steady drawdown rather than a sharp drop, suggesting that the decline may be related to payment obligations within the foreign exchange market. The reserves dipped below the $50 billion mark during this period, marking a significant shift from earlier positive trends recorded at the start of the year.

The data shows a consistent downward trend in foreign reserves, with no major rebound observed. The historical volatility of Nigeria's foreign reserves often correlates with shifts in the global oil market and domestic policy actions, underscoring the sensitivity of Nigeria's reserves to both global and domestic economic conditions.

Despite the recent dip, the Central Bank of Nigeria maintains an optimistic outlook on the country's external reserves.