Nigeria’s external reserves declined by $840 million over a 13-day stretch, settling at $49.18 billion, even as the naira showed relative stability during a shortened trading week and global oil prices strengthened.
Figures from the Central Bank of Nigeria (CBN) indicated the currency appreciated slightly by N3.09 to close at N1,380.79 per dollar on Thursday, the last trading day before Easter, compared to N1,383.88 a week earlier on the Nigerian Foreign Exchange Market.
On a daily basis, the naira slipped marginally by N2.09 from Wednesday’s rate of N1,378.70 per dollar.
Across the four trading sessions, however, it recorded a modest gain of N2.79 from Monday’s N1,383.58 per dollar, suggesting short-term resilience despite ongoing market fluctuations.
In the parallel market, the exchange rate remained unchanged at N1,410 per dollar, with the gap between official and unofficial rates narrowing slightly.
The continued drop in reserves comes amid global uncertainties, including geopolitical tensions in the Middle East that have reduced investor appetite for riskier markets like Nigeria and slowed capital inflows.
Lower crude oil output and increased domestic allocations to local refineries have also constrained foreign exchange earnings from oil exports.
Analysts note that recent foreign exchange interventions by the CBN, along with debt obligations and shifts in money market instruments, have contributed to the reserves decline. Despite this, the apex bank maintains that such movements are part of normal operations and has reiterated its commitment to supporting currency stability in the face of external pressures.
