Foreign reserves slip to $49.83bn

Amid increase in global crude oil prices, the nation’s foreign reserves have dropped to $49.83billion as of March 17, 2026 from $50.01 billion a week ago.

This is according to data by the Central Bank  of Nigeria (CBN)

The global oil is heading for a fifth straight weekly gain, with Brent near $109, as the Strait of Hormuz remains shut for a third week, keeping supply tight despite policy efforts to ease the market.

WESTERN POST can that the  foreign  exchange buffer so far in 2026 has gained $4.33 billion from $45.5 billion it opened to close at $49.83 billion as of March 17, 2026.

A group of analysts a Cordros Research said, “We expect the naira to remain stable in the near term, though downside risk persists. 

“Despite the ongoing US–Iran conflict, which has heightened investor caution, a relatively stronger external backdrop and elevated naira yields are likely to continue supporting foreign portfolio inflows, albeit at a more moderate pace compared to pre-conflict levels. 

“In addition, improving export receipts should provide further support for currency stability. Nonetheless, should demand pressures re-emerge, we expect the CBN to undertake measured FX interventions to contain excessive volatility.”