Nigeria’s foreign reserves depleted by $499.46 million to $49.53 billion in less than two weeks from $50.02 billion.
This is according to the Central Bank of Nigeria’s external reserves movement data between March 11 and 25, 2026.
The data indicates that the country’s external reserves reduced by approximately 1 percent within the period under review as Naira to Dollar stood at N1,383.88 on Thursday.
The figure is short of the apex bank governor, Olayemi Cardoso’s, 2026 projection of $51.04 billion at the 2026 Macroeconomic Outlook for Nigeria compared to $45.01 billion in 2025.
“The external reserves are projected at US$51.04 billion in 2026, compared with US$45.01 billion in 2025,” Cardoso said.
DAILY POST reports that the drop in external reserves comes at a time the apex bank announced sweeping policies expected to drive reforms.
Recently, the CBN mandated International Money Transfer Operators to route transactions through designated Naira settlement accounts.
Also, the bank reversed its policy of cash pooling requirements for international oil companies operating in Nigeria, allowing 100 percent repatriation of export earnings.
Nigeria’s foreign reserves deplete by $499.46m in less than two weeks
