Naira faces pressure as forex reserves lose $2.57bn in two months

Nigeria’s foreign exchange reserves have extended their decline to the lowest point in more than five months, putting the naira under fresh pressure, data compiled by Markets Reporters show.

The reserves fell by $2.57 billion in the two months to March 6, closing at $38.35 billion, according to the latest data from the Central Bank of Nigeria.

Markets Reporters had reported on February 4 that the country’s forex reserves plunged below the $40 billion mark for the first time in more than three months. 

The country had seen 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.