Nigeria’s external reserves dropped to $39.991 billion on 23 January, 2025 from $40.035 billion on 20 January, the same year.
This was contained in Central Bank of Nigeria’s data on external reserves obtained on Sunday.
Recall that weeks ago, the governor of the Central Bank announced that the country’s external reserves increased to over $40 billion.
Nigeria’s external reserves, a major determinant of the country’s foreign exchange market, had been stable until the recent decline.
Accordingly, studying the movement of Nigeria’s external reserves, this is the first time since June 06, 2024 to date, the country’s reserves dropped below the $40 billion dollar mark.
Economic experts such as the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, had blamed Nigeria’s rising foreign debt for the country’s recent external reserves decline.
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