Nigeria’s foreign reserves fall by $547 million in two weeks

Nigeria’s foreign reserves fell by about $547 million within 15 days in March 2026, according to data published by the Central Bank of Nigeria (CBN).

The reserves declined from $50.03 billion on March 11 to $49.48 billion on March 26, marking a steady downward movement over the review period.

The figures show a consistent daily drop rather than a sudden sharp fall, indicating gradual pressure on the country’s external buffers.

The decline also pushed reserves below the $50 billion mark during the period, reversing earlier gains recorded at the start of the year.

While the CBN has not provided an official explanation for the movement, analysts often link such drawdowns to foreign exchange interventions, external debt obligations, or payment commitments in the FX market.

Reserves fluctuate amid policy pressure and external obligations

Daily CBN data shows a continuous pattern of reduction throughout the period, with reserves falling almost every trading day.

On March 11, reserves stood at $50.03 billion, before easing steadily through the following days, $50.01 billion on March 12, $49.97 billion on March 13, and $49.87 billion on March 16.

The decline continued through the month, dropping to $49.61 billion on March 23 and further down to $49.48 billion by March 26.

The movement reflects Nigeria’s ongoing vulnerability to external shocks, particularly shifts in oil earnings, capital flows, and foreign exchange demand pressures.

It also represents a reversal of earlier gains, as reserves had risen by about $509 million in January 2026.

Historical data show that Nigeria’s reserves often experience short-term volatility, including a drop of about $1.1 billion within two weeks in October 2018.

Despite the recent decline, the CBN maintains an optimistic outlook, projecting that reserves could rise to $51 billion by the end of 2026 under its broader macroeconomic stabilisation plan.

The projection forms part of efforts to strengthen external buffers, improve investor confidence, and support exchange rate stability.

Read as well: FG to Train 10 Million Nigerians on Financial Literacy