Korede Abdullah in Lagos
Nigeria’s foreign exchange reserves have taken a significant fall, declining by $1.16 billion in just three weeks.
According to the Central Bank of Nigeria (CBN), the reserves dropped from $40.877 billion in December 2024 to $39.723 billion on January 31. This decline is a cause for concern, as it raises questions about the country’s ability to meet its external obligations, such as debt repayments and import financing.
The decline in forex reserves is a worrying trend, especially considering that Nigeria’s foreign exchange reserves have been steadily decreasing.
The country’s foreign exchange reserves have plummeted to $32.29 billion, the lowest level in six years.
Experts say this decline highlights the need for the government to implement policies that will stabilize the economy and attract foreign investment.
