Nigeria’s foreign reserves fell by $547 million within 15 days in March 2026, signalling renewed pressure on the country’s external buffers.
Data from the Central Bank of Nigeria (CBN) shows reserves declined from $50.03 billion on March 11 to $49.48 billion on March 26.
Although the apex bank has yet to provide an official explanation, the steady drawdown suggests ongoing foreign exchange interventions and external payment obligations rather than a one-off shock.
The decline marks a reversal of the positive trend recorded earlier in the year. In January 2026, reserves rose by about $509 million within the first 22 days, indicating stronger inflows at the time.
A breakdown of the March figures highlights a consistent, gradual decline:
- March 11: $50.03bn
- March 12: $50.01bn
- March 13: $49.97bn
- March 16: $49.87bn
- March 17: $49.83bn
- March 18: $49.79bn
- March 23: $49.61bn
- March 24: $49.57bn
- March 25: $49.53bn
- March 26: $49.48bn
The movement pushed reserves below the $50 billion threshold, underscoring the sensitivity of Nigeria’s external buffers to oil price dynamics, FX market interventions, and external obligations.
Historical trends show such short-term fluctuations are not unusual. For instance, reserves dropped by $1.1 billion within two weeks in October 2018.
Despite the recent dip, the CBN maintains an optimistic outlook, projecting reserves to reach $51 billion by the end of 2026 as part of broader efforts to strengthen macroeconomic stability and restore investor confidence.
