Nigeria’s foreign reserves declined by $499.46 million to $49.53 billion within a period of less than two weeks, down from $50.02 billion.
Data from the Central Bank of Nigeria tracking external reserves movement between March 11 and March 25, 2026, showed that the reserves dropped by about one percent during the period under review.
The latest figures come as the naira is exchanged at N1,383.88 to the dollar on Thursday.
The current reserve level is below the 2026 projection of $51.04 billion set by the CBN governor, Olayemi Cardoso, who had earlier forecast an increase from $45.01 billion recorded in 2025.
“The external reserves are projected at $51.04 billion in 2026, compared with $45.01 billion in 2025,” Cardoso had stated.
The decline in reserves coincides with ongoing policy reforms by the apex bank aimed at strengthening the foreign exchange market.
Among the recent measures, the CBN directed international money transfer operators to process transactions through designated naira settlement accounts. It also scrapped the cash pooling requirement for international oil companies, allowing full repatriation of export proceeds.
