Economy News Correspondent
Ruth Ogbechie
Nigeria’s foreign reserves have recorded a decline of approximately $547 million over a 15-day span in March 2026, highlighting ongoing strains on the nation’s external buffers. The latest figures, published by the Central Bank of Nigeria (CBN), suggest a gradual drawdown rather than a sudden collapse, reflecting sustained demand for foreign exchange in the domestic market.
A Steady Slide Below the $50 Billion Mark
Data shows that Nigeria’s reserves fell from $50.03 billion on March 11 to $49.48 billion by March 26, a cumulative drop of $547 million over the period. Daily reductions, rather than a single sharp fall, illustrate a consistent drain on external assets:
- March 11: $50.03B
- March 12: $50.01B
- March 13: $49.97B
- March 16: $49.87B
- March 17: $49.83B
- March 18: $49.79B
- March 23: $49.61B
- March 24: $49.57B
- March 25: $49.53B
- March 26: $49.48B
Analysts interpret this as ongoing interventions and obligations in the foreign exchange market, even as authorities strive to stabilize the naira and maintain liquidity.
Reversal of Early-Year Gains
The decline contrasts with early 2026 trends, when Nigeria’s reserves showed a positive trajectory. In January, reserves grew by $509 million within 22 days, signalling stronger inflows and increased confidence in the FX market.
Historically, short-term fluctuations are not unusual. For instance, in October 2018, reserves dropped by $1.1 billion over two weeks, driven by shifts in oil revenues, FX interventions, and external obligations. These patterns reflect the sensitivity of Nigeria’s reserves to both global oil markets and domestic policy measures.
CBN Maintains Optimistic Outlook
Despite the recent decline, the Central Bank of Nigeria remains cautiously optimistic. Officials project that reserves could rebound to $51 billion by the end of 2026, supported by broader strategies to stabilize the economy, strengthen balance-of-payments resilience, and boost investor confidence.
The apex bank’s medium-term strategy focuses on:
- Strengthening Nigeria’s external buffers
- Restoring investor confidence in the FX market
- Maintaining macroeconomic stability amid global uncertainties
What This Means for Nigeria
The gradual decline of reserves is a signal to policymakers and investors that external pressures remain significant, but not catastrophic. Sustained interventions by the CBN show commitment to protecting the naira and ensuring adequate liquidity for businesses and households.
While the country navigates external challenges, the reserves remain above critical thresholds, offering a buffer against sudden shocks in the global market. Analysts continue to monitor developments closely, especially as oil revenues and foreign inflows play a pivotal role in stabilizing reserves moving forward.
