Nigeria’s forex reserves tumble to three-month low of $39.59bn

Nigeria’s foreign exchange reserves have fallen below the $40 billion mark to the lowest point in more than three months. 

The reserves stood at $39.59 billion as of Monday, down from $40.87 billion at the end of 2024, according to data from the Central Bank of Nigeria. 

The country saw its reserves rise for four straight months to $40.92 billion on January 6, 2025 from $36.24 billion on September 2.

Crude oil sales, foreign remittances, foreign currency loans, and yields from foreign assets are among the sources of inflows to the external reserves. 

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