Nigeria’s foreign exchange (FX) reserves have maintained a one-month dip streak. The latest figures from the Central Bank of Nigeria (CBN) show the reserves reached a new low of $32.12 billion on April 17, 2024. The reserves dropped by $2.33 billion in 31 days, from $34.45 billion on March 18, 2024.
The reserves are now at their lowest level since September 20, 2017, when they were $32.08 billion. This marks the end of a growth period where the reserves had been rising. Between February 5 and March 18, 2024, the reserves increased by $1.28 billion.