Nigeria’s Foreign Reserves Drop by $114m in One Week After Hitting $52bn Peak

Nigeria’s external reserves have declined by $114 million within seven days after recently climbing above the $52 billion mark, according to the latest figures released by the Central Bank of Nigeria (CBN).

Data from the apex bank showed that the country’s foreign reserves fell from $52.04 billion on July 22 to $51.92 billion as of July 29, ending weeks of consistent gains that had pushed the reserves to their highest level in over 17 years.

The reserves dipped marginally to $52.03 billion on July 23, $52.02 billion on July 24, before falling further to $51.97 billion on July 27, $51.94 billion on July 28, and $51.92 billion on July 29.

Despite the recent pullback, Nigeria’s external reserves remain significantly stronger than the $51.46 billion recorded at the end of June, representing a monthly increase of approximately $463 million.

The latest figures indicate that the country’s reserves have continued to post strong overall growth in recent months. Between June 22 and June 30, reserves rose from $51.14 billion to $51.46 billion, while they climbed from $49.80 billion on June 1 to $51.04 billion by June 18.

Similarly, the reserves increased from $51.53 billion on July 3 to $51.58 billion on July 6, $51.64 billion on July 7, and $51.71 billion on July 8, before peaking at $52.04 billion on July 22.

The recent decline of about $114.5 million from the July peak is widely seen as a routine adjustment, as movements in external reserves often reflect foreign exchange market interventions, external debt servicing, import payments, and other international financial obligations.

The steady growth recorded in recent months has been attributed to stronger foreign exchange inflows, improved oil revenues, increased diaspora remittances, and renewed investor confidence following the CBN’s monetary and foreign exchange reforms.

Nigeria’s external reserves crossed the $52 billion threshold earlier in July, reaching their highest level since January 2009, strengthening the country’s foreign exchange buffer and enhancing its ability to meet international obligations while cushioning the economy against external shocks.

Meanwhile, the CBN’s Monetary Policy Committee at its 306th meeting held in Abuja on July 20 and 21, 2026, retained the Monetary Policy Rate (MPR) at 26.5 percent. The committee also maintained the Cash Reserve Ratio (CRR) at 45 percent for commercial banks and 16 percent for merchant banks, while leaving the Standing Facilities Corridor at +50/-450 basis points around the MPR. The CRR on non-TSA public sector deposits was also retained at 75 percent.