{"id":117763,"date":"2025-04-22T16:55:17","date_gmt":"2025-04-22T15:55:17","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117763"},"modified":"2025-04-22T20:04:14","modified_gmt":"2025-04-22T19:04:14","slug":"nigerias-fx-reserves-hit-four-month-low-at-37-88bn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigerias-fx-reserves-hit-four-month-low-at-37-88bn\/","title":{"rendered":"Nigeria\u2019s FX Reserves Hit Four-Month Low at $37.88bn"},"content":{"rendered":"<div style=\"text-align: justify;\">Daniel Adaji<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Nigeria\u2019s foreign exchange reserves have dropped to a four-month low of $37.88bn as of April 16, 2025, marking a sustained downward trend that signals deepening pressure on the country\u2019s external sector.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Data from the Central Bank of Nigeria (CBN) on Tuesday showed that the gross reserves declined by nearly $1.2bn in just two weeks, falling from $38.8bn on April 2. The reserves have now slipped to their lowest level since December 2024.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This decline coincides with a broader reduction in foreign exchange inflows. According to the CBN\u2019s January 2025 Economic Report, total forex receipts fell to $9.63bn in January, down 5.31 percent from $10.17bn in December 2024. The drop was attributed mainly to weaker inflows through official channels.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cNet foreign exchange inflow stood at $4.79bn, compared with $5.01bn in December 2024, indicating a 4.49 per cent decrease,\u201d the apex bank stated.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The CBN&#8217;s share of total inflows plunged to $2.33bn from $4.09bn a month earlier. In contrast, autonomous inflows\u2014funds from private investors, exporters, and remittances\u2014rose to $7.31bn, up from $6.08bn.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Autonomous sources have become increasingly vital for Nigeria\u2019s forex earnings, especially amid declining oil revenues and policy uncertainty. Yet, risks persist. A recent PwC report warned that large-scale deportations of Nigerian workers from the U.S. could significantly reduce remittance inflows, which are key to household spending and fiscal stability.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In January, aggregate outflows also dipped to $4.84bn from $5.17bn. Outflows through the CBN accounted for $3.80bn, while private sector-driven outflows rose slightly to $1.04bn.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The pressure on reserves is further highlighted by the CBN\u2019s net outflow of $1.47bn in January\u2014much higher than the $70m net outflow in December. Meanwhile, autonomous sources posted a robust net inflow of $6.26bn.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Despite declining inflows, the naira showed some resilience in January, appreciating by 1.16 percent on average. It closed the month at N1,478.22 per dollar, gaining 3.90 per cent from December\u2019s rate.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Market turnover also rose by 18.3 percent to $408.49m in January, indicating improved liquidity and investor confidence. But analysts warn this may not last.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">PwC cautions that Nigeria\u2019s forex outlook remains fragile, especially under the threat of U.S. policy changes such as the expiration of the African Growth and Opportunity Act (AGOA), higher tariffs, and sanctions on oil imports.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cIf AGOA benefits are not renewed, Nigeria could lose significant trade privileges,\u201d PwC warned.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">To protect reserves and stabilize inflows, experts are urging the Nigerian government to diversify its forex sources, attract non-oil exports, and secure favorable trade agreements.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">As the reserves fall and global uncertainties loom, the country\u2019s ability to maintain currency stability and support imports will likely face more strain in the coming months.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji Nigeria\u2019s foreign exchange reserves have dropped to a four-month low of $37.88bn as of April 16, 2025, marking a sustained downward trend that signals deepening pressure on the&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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