Nigeria's foreign reserves dip $114m after July peak, stay above June levels
Nigeria's foreign reserves slipped $114 million in the week to July 29, falling from a peak of $52.04 billion on July 22 to $51.92 billion. The central bank’s daily figures show the reserve balance at $52.03bn on July 23, $52.02bn on July 24, $51.97bn on July 27, $51.94bn on July 28 and $51.92bn on July 29. Despite the dip, the reserves are still $463 million higher than the $51.46bn recorded at the end of June, reflecting a month‑long upward trend driven by stronger oil receipts, higher diaspora remittances and renewed investor confidence after the CBN’s foreign‑exchange reforms. The reserves have now crossed the $52 billion mark – their highest level since January 2009 – providing a bigger buffer against external shocks and bolstering the country’s ability to meet international obligations. Earlier this month, the Monetary Policy Committee kept the monetary policy rate at 26.5 %, the cash reserve ratio at 45 % for commercial banks and 16 % for merchant banks, and kept the standing facilities corridor at +50/−450 basis points around the MPR.
With reserves sitting just below $52 billion, does this renewed buffer mean the naira will find more stability in the coming months, or should businesses and households still brace for exchange‑rate volatility?