Nigeria’s foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years. According to the latest data from the Central Bank of Nigeria (CBN), TheCable Index observed that on March 18, the reserves moved from $34.44 billion — the highest level in 2024 — to $32.2 billion on April 15. The foreign reserves dropped by $2,15 billion or 6.26 percent.

This brings to an end, a period of steady increase between February 5 and March 18, when the FX reserves rose by $1.28 billion.

CBN had attributed the growth to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities. 

The last time the foreign reserves stood at this level ($32.29 billion) was on September 9, 2017, when the CBN reported N32.28 billion. The decline in foreign reserves comes amid CBN intervention in the parallel market in a bid to crash the FX rate.

On February 27, the apex bank allocated $20,000 to each bureau de change (BDC) operator at the rate of N1,301/$, while the second tranche of $10,000 was sold to the BDCs at the rate of N1,251/$. On April 8, the apex bank began the third tranche of sales to BDCs at N1,101/$.

Amid this intervention, the naira appreciated against the dollar in the parallel market, moving from N1,900 per dollar on February 21, to N1,100/$ on April 13.

During the same period, the local currency, at the official window, recovered to N1,136.04/$ per dollar, from N1,551.24/$.

Golan007:
Racoon loves this kind of News.

Racoon:
"The last time the foreign reserves stood at this level ($32.29 billion) was on September 9, 2017, when the CBN reported N32.28 billion. The decline in foreign reserves comes amid CBN intervention in the parallel market in a bid to crash the FX rate." Think with your brain first.

Golan007:


Think with your brain.

The impact on the man on the street is what's most important.

Golan007:
Think with your brain.The impact on the man on the street is what's most important.

Stevenson20:
Tinubu is really working my ass....
Make una keep una dollars tight shaa

Golan007:
Racoon loves this kind of News.

Splashme:
The most foolish Nigerians are APC supporters.

See, even a primary School CBN governor can do what Cardoso is doing.

The man is simply dipping a hand in our foreign reserves, share it at subsidised rates for Banks & BDCs to sell to Nigerians at regulated rates.

Same thing Emefiele was doing

.

Dittodat:
What's the big deal in a 2 Billion dollar drop? Stop trying to make a mountain out of a mole.

slivertongue:
APC scamming NIGERIANS