Nigeria’s foreign reserves has reportedly fallen for 33 straight days amid concerns of the Central Bank support for the naira, with fears that the Nigerian currency could be unstable going forward.
Checks show that the forex reserves shrank by $2.2 billion since hitting a $40.92 billion high on Jan. 6, according to data compiled by Bloomberg.
The slide is the longest since November 2022 and is set to take Nigeria’s reserves to the lowest level since October.
Before then, Foreign reserves stood at $42bn on 14 December.
This is coming on the heels of comments by the Chief Executive Officer of Financial Derivatives where he stated that the Central Bank has spent $8.8 billion defending the Naira.
He said the Naira was undervalued and as such, ought to be defended.
Also, the Governor of the Central Bank of Nigeria, Olayemi Cardoso had in 2024 noted that the apex bank remains committed to encouraging the practice of willing buyer, willing seller and price discovery in the FX market.
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