Nigeria’s foreign reserves shed $114 million in seven days after reaching $52.04 billion peak

Nigeria’s foreign reserves fell by $114 million in seven days after reaching a recent peak of $52.04 billion.

This is according to the latest data from the Central Bank of Nigeria (CBN).

CBN data showed that the reserves declined from $52.04 billion on July 22 to $51.92 billion as of July 29, marking a reversal after weeks of steady gains that pushed the country’s foreign exchange buffer above the $52 billion mark.

Despite the recent decline, the reserves remain higher than they were at the end of June, indicating that Nigeria’s external position has strengthened over the past month.

What the data is saying

The apex bank data shows that the reserves declined to $52.03 billion on July 23 and $52.02 billion on July 24.

• The balance fell further to $51.97 billion on July 27, $51.94 billion on July 28 and $51.92 billion on July 29.
• Compared with the $51.46 billion recorded at the end of June, the reserves have increased by about $463 million over the past month.
• The reserves had risen steadily from $51.14 billion on June 22 to $51.46 billion on June 30.

The latest decline represents a $114.5 million reduction from the July 22 peak, although the reserves remain significantly above their end-June level.

More Insights

The recent movement follows months of reserve accretion, with the external buffer benefiting from stronger foreign exchange inflows, improved oil receipts, increased diaspora remittances and renewed investor confidence following the CBN’s monetary and foreign exchange reforms.

• The reserves also recorded steady growth through June and July.
• Between June 1 and June 18, reserves increased from $49.80 billion to $51.04 billion, representing growth of about 2.5%.
• External reserves increased by approximately $1.22 billion in May.
• The reserves expanded by nearly $1.90 billion between the end of May and the end of June.
• The balance rose from $51.53 billion on July 3 to $51.58 billion on July 6, $51.64 billion on July 7 and $51.71 billion on July 8.

Movements in external reserves can reflect foreign exchange market interventions, external debt servicing, import payments and other international financial obligations.

What you should know

Nigeria’s external reserves crossed the $52 billion mark in July, reaching their highest level since January 2009, according to earlier reports by Nairametrics.

The recent gains have strengthened Nigeria’s foreign exchange buffer and provide a larger cushion against external shocks, while supporting the country’s capacity to meet international obligations.

Earlier this month, the Monetary Policy Committee retained the Monetary Policy Rate at 26.5% at its 306th meeting held in Abuja on July 20 and 21, 2026.

• The Cash Reserve Ratio was retained at 45% for commercial banks and 16% for merchant banks.
• The Standing Facilities Corridor remained at +50/-450 basis points around the MPR.
• The CRR on non-TSA public sector deposits was retained at 75%.