Nigeria’s external reserves fell to $39.991 billion on January 23, 2025, down from $40.035 billion recorded on January 20, according to data from the Central Bank of Nigeria (CBN) obtained by our correspondent on Sunday.
Just weeks ago, the CBN governor had announced that the reserves had surpassed the $40 billion mark.
Nigeria’s external reserves, a key indicator of the country’s foreign exchange market stability, had remained steady until this recent drop.
This marks the first time since June 6, 2024, that the reserves have slipped below the $40 billion threshold.
Economic analysts, including Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, have attributed the decline to Nigeria’s rising foreign debt burden.
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