Nigeria’s foreign reserves fell by $499.46 million to $49.53 billion in less than two weeks, according to Central Bank of Nigeria (CBN) data covering March 11 to 25, 2026. This represents a decline of approximately one percent from the $50.02 billion recorded earlier in the month, occurring as the official Naira exchanged at N1,383.88 per US Dollar.
The reduction brings the current reserves level below the central bank’s own projection for the year. In his 2026 Macroeconomic Outlook, CBN Governor Olayemi Cardoso had forecast foreign reserves to reach $51.04 billion by year-end, up from $45.01 billion in 2025.
The dip follows the announcement of significant monetary policy reforms by the CBN. The bank recently mandated that all international money transfer operators must route transactions through designated Naira settlement accounts, a move aimed at increasing foreign exchange inflows and transparency. Furthermore, the CBN reversed its cash pooling policy for international oil companies, permitting 100 percent repatriation of export earnings, a change intended to attract foreign investment.
Foreign exchange reserves are a critical indicator of a nation’s ability to pay for imports, service external debt, and defend its currency’s value. The recent decrease, occurring so soon after the governor’s optimistic forecast, underscores the volatility of Nigeria’s external position and the immediate challenges facing the apex bank as it implements its reform agenda. The trajectory of reserves will be closely watched for signs of stabilization following the new policies.
