NNigeria’s foreign exchange reserves have recorded their first decline in six months, falling by $263.15 million to $45.21 billion as of December 17, 2025, according to data from the Central Bank of Nigeria (CBN).
The drop followed three consecutive days of outflows between December 15 and 17, bringing an end to a 25-week accumulation streak that had pushed reserves to a six-year high of $45.47 billion on December 12. By December 17, reserves had slipped to $45.21 billion, pointing to renewed pressure on Nigeria’s external buffers.
The decline comes despite strong reserve growth earlier in the year. CBN data show that gross reserves rose by $1.5 billion month-on-month to $44.7 billion at the end of November, buoyed by a $2.4 billion Eurobond issuance, part of which was used to refinance a maturing $1.2 billion bond.
Analysts attribute the December pullback to slowing FX inflows, elevated seasonal dollar demand, and heavy debt repayments by the CBN. While reserves remain well above 2024 and 2023 levels and continue to provide solid import cover, experts warn that prolonged weak inflows could pose risks to naira stability amid rising year-end demand.
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