The effectiveness of the Central Bank of Nigeria, CBN, reforms is facing renewed scrutiny as the country’s foreign exchange reserves declined by approximately $300 million in 10 days, falling from $55.17 billion on November 2, 2026, to $54.87 billion on November 12, 2026.
This represents a 0.54 per cent decline in Nigeria’s external reserves within the period, according to official data from the apex bank.
The latest figures indicate that Nigeria’s external reserves have continued to face pressure despite efforts by the CBN, under its Governor, Olayemi Cardoso, to strengthen the foreign exchange market and stabilise the naira.
The naira closed on Friday at N1,353.10 per dollar at the official foreign exchange market, while the parallel market exchange rate stood at around N1,430 per dollar.
The decline in reserves reflects a reduction in the country’s external buffers, which are used to support foreign exchange transactions, meet international obligations and cushion the economy against external shocks.
DAILY POST reports that foreign exchange reserves are a key indicator of a country’s external financial position and its capacity to meet foreign currency obligations.
Meanwhile, decisions expected from the CBN’s 308th Monetary Policy Committee, MPC, meeting scheduled for November 23 and 24, 2026, could have implications for the country’s foreign reserves, exchange rate and broader economic outlook.
Recall that six days ago, Nigeria’s foreign reserves had declined by $90 million in five days.
Cardoso: CBN reforms face fresh test as Nigeria’s foreign reserves plunge by $300m