Nigeria’s foreign exchange reserves have declined by $1.38 billion since January, reaching $39.497 billion as of February 5, 2025.

The reserves currently stand at $39.440, the last figure as of October 25, 2024. Olayemi Cardoso's Central Bank of Nigeria (CBN) reveals Nigeria's FX reserves drop.

Data from the Central Bank of Nigeria (CBN) show Nigeria’s FX reserves closed in 2024 at $40.877 billion.

In 2024, Nigeria raised $3.8 billion in debt, $900 million in domestic bonds, $2.2 billion in Eurobond and $750 million in a $2.2 billion World Bank loan.

While Nigeria’s gross foreign currency assets are depreciating, the local currency has risen in value.

According to CardinalStone’s forecast, Nigeria faces some debt obligations as the country has Eurobond maturities of about $1.33 billion per year over the next decade, The cost includes coupon payments and total annual debt servicing costs averaging $2.24 billion.

The naira appreciates in black market

The development follows the rise in the naira’s value in the parallel market on Thursday, February 6, 2025, after the CBN issued new orders on dollar purchases by Bureau de Change (BDC) operators.

The naira’s value increased by $15 per dollar as the dollar sold for N1,570, representing a 0.95% gain from the N1,585 quoted on the parallel market. Black market traders said that dealers currently have ample supplies to meet market demands.