Nigeria’s external reserves took a heavy hit in February 2025, shedding $1.31 billion even as the naira showed signs of strength against major foreign currencies.
This decline has sparked fresh concerns about the country’s economic stability and its ability to manage external debt.
Data from the Central Bank of Nigeria (CBN) shows that reserves fell from $39.72 billion on January 31 to $38.42 billion by February 28. This is a 3.3% drop in just one month. This was a sharper decline than the $1.16 billion depletion recorded in January, underscoring the ongoing pressure on the nation’s external finances.
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