Report: Nigeria’s FX reserves drop to $32bn – lowest level in six years

Nigeria’s foreign reserves fell to $32.29 billion on April 15 – the lowest level in over six years.

According to the latest data from the Central Bank of Nigeria (CBN), on March 18, the reserves moved from $34.44 billion – the highest level in 2024 – to $32.2 billion on April 15.

The foreign reserves dropped by $2,15 billion or 6.26 percent.

This brings to an end, a period of steady increase between February 5 and March 18, when the FX reserves rose by $1.28 billion.

CBN had attributed the growth to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

The last time the foreign reserves stood at this level ($32.29 billion) was on September 9, 2017, when the CBN reported N32.28 billion.

The decline in foreign reserves comes amid CBN intervention in the parallel market in a bid to crash the FX rate.