Abuja, Nigeria – Nigeria’s foreign reserves declined by 547 million US dollars over a 15‑day period in March 2026, dropping from 50.03 billion US dollars on March 11 to 49.48 billion US dollars on March 26. The steady drawdown reflects renewed pressure on the country’s external buffers.
Okay News reports that data from the Central Bank of Nigeria shows the decline occurred gradually, with daily reductions rather than a sharp fall. Analysts suggest the movement may be linked to foreign exchange payment obligations, reversing the positive trend seen earlier in the year when reserves rose by 509 million US dollars in January.
The reserves’ volatility highlights Nigeria’s sensitivity to global oil markets and domestic policy actions. Similar short‑term fluctuations have occurred in past years, including a 1.1 billion US dollar drop in October 2018. The latest decline underscores the challenges of sustaining external stability amid rising imports and foreign exchange pressures.
Despite the dip, the Central Bank maintains an optimistic outlook, projecting reserves could reach 51 billion US dollars by the end of 2026. The target is part of a broader strategy to strengthen balance‑of‑payments resilience and boost investor confidence.
