Nigeria’s foreign reserves face pressure, and new data shows a steady, sustained decline.
Accordingly, figures from the Central Bank of Nigeria show reserves fell by $547 million over 15 days in March 2026.
Steady Foreign Reserves Decline
Reserves dropped from $50.03 billion on March 11 to $49.48 billion on March 26.
Notably, the decline unfolded gradually, with small daily losses instead of a sharp fall.
As a result, each day reflected a quiet but persistent draw on external buffers.
By mid-March, reserves slipped below $50 billion, signalling renewed strain on liquidity levels.
Drivers Behind Pressure
However, the central bank has not explained the drop, but trends point to foreign exchange pressures.
In particular, FX interventions and external payment obligations continue to shape reserve movements over time.
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Moreover, the pattern shows no rebound, which reinforces concerns about sustained market demand.
Earlier in January, reserves rose by $509 million, signalling stronger inflows at the time.
However, that momentum faded, and a steady erosion replaced gains built weeks earlier.
Typically, Nigeria’s reserves move with oil earnings, policy actions, and foreign exchange demand shifts.
When inflows weaken or obligations rise, reserves adjust through gradual and consistent declines.
For example, a similar pattern appeared in October 2018, when reserves dropped by $1.1 billion.
Outlook And Recovery Plans
Such episodes highlight how quickly external buffers respond to global and domestic pressures.
Despite this decline, the Central Bank of Nigeria remains cautiously optimistic about recovery prospects.
It projects reserves could reach $51 billion by 2026 under its stabilisation strategy.
Ultimately, the target aims to strengthen buffers, support confidence, and improve Nigeria’s external resilience.
