External reserves have halted their two months of steady upward movement, which had seen reserves cross the $45bn mark in December, The PUNCH can report.

The first decline in the reserves in over two months was recorded on 15 December, when they settled at $45.32bn from $45.47bn. Thereafter, the reserves fell to $45.27bn before a day-on-day decline of $57.05m was recorded, bringing them to $45.21bn as of 17 December 2025. This dragged the year-to-date gain lower to +10.60 per cent, according to AIICO Capital. Before this month, the last recorded decline was on 8 October, when the reserves dropped to $42.56bn.

According to data available on the Central Bank of Nigeria’s website, the last three months have seen the external reserves steadily rise. They closed September at $42.35bn; in October 2025, they rose to $43.19bn, and by 28 November, the reserves stood at $44.69bn. The reserves crossed the $45bn threshold on 4 December 2025, when they gained $74.93m to reach $45.04bn.

Also, the naira depreciated by N10/$ in one week to settle at N1,464.50/$ as of Friday, on the back of continuous demand pressure at the official window. At the parallel market, the naira stood at N1,510.00/$ as of Friday, according to CardinalStone.

AIICO Capital, in its weekly report, said the “naira had weakened despite persistent intervention by the CBN and foreign portfolio investor inflows, as demand pressure continued to push the Nigerian naira lower against the US dollar in the Nigerian Foreign Exchange Market. The naira during the week weakened by N10.09/$ (-0.69 per cent w/w). Notably, the naira traded within a range of N1,450.00 to N1,469.90 per dollar within the week, with appreciation observed only on Tuesday.”

Meanwhile, the naira-to-US dollar exchange rate is expected to steadily appreciate over the next six months, according to the November 2025 Business Expectations Survey Report from the CBN.

The report, which surveyed business enterprises across Nigeria, indicated that the naira is expected to move from its current index of 28.8 points to 42.2 points over the next six months to May 2026, thereby strengthening the stability recorded this year into the new year.