Business

Nigeria’s FX reserves dip by over $2 billion in less than one month, hit lowest level in over six years 

Nigeria’s foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $2.16 billion in 29 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the naira. Current figures from the CBN, as of April 15, 2024, reveal that the FX reserves are now positioned at $32.29 billion, a stark decline from $34.45 billion recorded on March 18, 2024. 


Previously, Nairametrics reported a substantial depletion in the reserves, shedding about $1.02 billion in just 18 days, attributed to the CBN’s vigorous interventions in the FX market to support the naira. 


This continued trend highlights the persistent pressures facing Nigeria’s currency and underscores the central bank’s proactive measures to manage market dynamics and bolster economic stability.