Nigeria’s foreign exchange reserves lose $300 million
By the AFREEQUE newsroom, based on Daily Post
Nigeria’s foreign exchange reserves fell by about $300 million in ten days, from $55.17 billion on 2 November to $54.87 billion on 12 November 2026, a decline of 0.54% according to central bank data. The naira stood at 1,353.10 to the dollar on the official market, while the CBN’s monetary policy committee is due to meet on 23 and 24 November.
Nigeria’s foreign exchange reserves fell by about $300 million in ten days, from $55.17 billion on 2 November 2026 to $54.87 billion on 12 November, according to official data from the Central Bank of Nigeria (CBN) reported by the Daily Post. The decline represents 0.54% of the country’s external reserves over the period.
The decline comes as the CBN, led by Governor Olayemi Cardoso, pursues reforms to strengthen the foreign exchange market and stabilise the naira. On Friday, the Nigerian currency closed at 1,353.10 naira to the dollar on the official market, compared with about 1,430 naira on the parallel market. The reserves are used to finance foreign exchange transactions, meet international obligations and cushion external shocks.
The decisions expected from the 308th meeting of the CBN’s Monetary Policy Committee (MPC), scheduled for 23 and 24 November 2026, could have consequences for the country’s reserves, exchange rate and economic outlook. Six days ago, the reserves had already fallen by $90 million in five days.
