Nigeria’s foreign reserves declined by approximately $547 million within a 15-day period in March 2026, reflecting renewed pressure on the country’s external buffers. Data published on the Central Bank of Nigeria (CBN) website indicates this downward trend.

While the CBN has not yet provided an official explanation for the drop, historical patterns suggest a steady drawdown rather than a sudden fall. The movement also suggests a decline related to payment obligations within the foreign exchange market.

The decline marks a shift from the earlier positive trend recorded at the start of the year. In January 2026, reserves had risen by about $509 million within the first 22 days.

What the data is saying

The CBN data shows a consistent downward trend in foreign reserves over the review period, with no major rebound recorded.

• Reserves declined from $50.03 billion on March 11, 2026, to $49.48 billion on March 26, 2026, representing a total drop of $547 million.
• The decline was gradual, occurring as daily reductions rather than a single sharp fall.

A closer look at the daily figures shows the steady drawdown:

• March 11, 2026: $50.03 billion
• March 12, 2026: $50.01 billion
• March 13, 2026: $49.97 billion
• March 16, 2026: $49.87 billion
• March 17, 2026: $49.83 billion
• March 18, 2026: $49.79 billion
• March 23, 2026: $49.61 billion
• March 24, 2026: $49.57 billion
• March 25, 2026: $49.53 billion
• March 26, 2026: $49.48 billion

The data demonstrates a steady drawdown in Nigeria’s reserves, with levels dipping below the $50 billion mark during the period.

Get up to speed

Nigeria’s foreign reserves have historically shown periods of volatility, often reflecting shifts in global oil markets and domestic policy actions. The recent decline represents a reversal of that earlier upward trend.

In October 2018, reserves dropped by $1.1 billion within two weeks, highlighting a pattern of short-term fluctuations. These movements are typically driven by a mix of oil revenue changes, FX interventions, and external obligations.

The pattern underscores the sensitivity of Nigeria’s reserves to both global and domestic economic conditions. Despite the recent dip, the Central Bank of Nigeria maintains an optimistic outlook for the country’s external reserves.