Nigeria’s Foreign Exchange Reserves Fall by $1.31bn in February

Nigeria’s foreign exchange reserves fell by $1.31 billion in February, underscoring continued external pressures despite a recent strengthening of the naira.  

Data from the Central Bank of Nigeria (CBN) indicate that reserves stood at $38.42 billion at the end of February, down from $39.72 billion a month earlier—a decline of 3.3 per cent. The drop exceeds the $1.16 billion contraction recorded in January.  

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The latest decline comes as the naira has gained ground against the dollar, prompting speculation over the central bank’s approach to managing liquidity in the foreign exchange market and maintaining exchange rate stability.