Nigeria’s foreign reserves drop to $51.96bn as naira weakens further
By Aboki Forex —
Nigeria’s foreign exchange reserves fell to $51.96 billion on July 27, 2026, down from $52.02 billion on July 24, 2026, according to data from the Central Bank of Nigeria (CBN). The decline of about $60 million ended a four-day streak of gains and marks the first drop in reserves since the previous week.
At the same time, the naira extended its losses against the US dollar at the official foreign exchange market on Tuesday. The CBN data showed the currency depreciated to N1,365.53/$1 from N1,362.21/$1 on Monday. At the parallel market, the naira exchanged at N1,410 per dollar.
Reserves dip after brief rally
The $60 million decline comes after the reserves had climbed steadily for four consecutive days, reaching $52.02 billion on July 24. The CBN’s latest figures confirm that the external reserves remain under pressure despite the earlier gains. Analysts tracking the data noted that the movement reflects ongoing fluctuations in the country’s foreign exchange inflows and outflows.
The drop also follows a period where the reserves had shown some stability after weeks of volatility. However, the latest dip suggests that the underlying pressure on Nigeria’s external buffers has not eased.
Naira continues to slide
On the official market, the naira lost N3.32 against the dollar in a single day, moving from N1,362.21 to N1,365.53. The parallel market rate of N1,410 per dollar widened the gap between the official and unofficial rates to about N44.5, a sign of continued demand pressure.
The CBN has been intervening in the foreign exchange market to narrow this gap and improve liquidity, but the naira has struggled to hold gains. Traders reported that dollar demand from importers and businesses remained strong, while supply from portfolio investors and export proceeds was still insufficient to meet the demand.
What this means for the naira and Nigerian businesses
The simultaneous decline in reserves and the naira’s depreciation highlight the persistent volatility in Nigeria’s foreign exchange market. For businesses that rely on imports, the weaker naira means higher costs for raw materials and finished goods, which could feed into consumer prices. For the broader economy, the drop in reserves reduces the CBN’s ability to defend the currency if pressure intensifies. Unless inflows improve through oil revenues, diaspora remittances, or foreign investment, the naira may face further depreciation in the weeks ahead.