Nigeria’s external reserves declined by $114 million within one week, retreating from a recent peak of $52.04 billion despite remaining well above the $51 billion mark, according to the latest data from the Central Bank of Nigeria (CBN).
The reserves fell from $52.04 billion recorded on July 22 to $51.92 billion as of July 29, marking the first notable pullback after several weeks of sustained growth that pushed the country’s foreign exchange buffer to its highest level in years.
CBN figures showed the reserves eased gradually over the period, declining to $52.03 billion on July 23, $52.02 billion on July 24, $51.97 billion on July 27, $51.94 billion on July 28, before settling at $51.92 billion on July 29.
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Despite the recent dip, the country’s external reserves remain significantly stronger than at the end of June, when they stood at $51.46 billion. This represents a net increase of approximately $463 million over the past month, underscoring the broader upward trend in Nigeria’s reserve position.
The decline comes days after the reserves crossed the $52 billion threshold, a milestone widely viewed as reinforcing the Central Bank’s capacity to support the foreign exchange market, meet external obligations and bolster investor confidence.
Analysts say short-term fluctuations in reserve levels are common and may reflect external debt servicing, foreign exchange interventions, or other international payment obligations. They note that the overall reserve position remains robust by recent standards.
The latest figures also come amid improving macroeconomic indicators, including easing inflation and relative stability in the foreign exchange market, with the CBN maintaining its commitment to preserving external sector stability.
