Nigeria’s external reserves recorded a notable decline in April 2026, falling from $49.18 billion at the start of the month to $48.45 billion as of April 23, according to data from the Central Bank of Nigeria.
The drop represents a loss of about $731 million within the first three weeks of the month, translating to an average weekly decline of roughly $233 million. This marks a reversal from the upward trend observed earlier in the year.
Analysts attribute the movement to a combination of fluctuating oil revenues, foreign exchange interventions, and the settlement of external obligations—factors that typically influence reserve dynamics.
Despite the decline, CBN Governor Olayemi Cardoso has maintained that the situation is not alarming. He expressed confidence in the country’s external position, noting that the apex bank remains committed to strengthening macroeconomic stability.
The central bank had earlier projected that reserves could rise to $51 billion by the end of 2026 as part of a broader strategy to enhance balance-of-payments resilience and restore investor confidence.
A closer look at the data shows that the sharpest drop occurred in early April, when reserves fell from $49.18 billion to $48.81 billion between April 1 and April 10, reflecting stronger outflows.
The pace of decline slowed in subsequent weeks. Between April 13 and April 17, reserves dipped slightly from $48.72 billion to $48.62 billion. From April 20 to April 23, the figure eased marginally from $48.54 billion to $48.45 billion, indicating a moderation in outflows.
The April dip follows similar pressure recorded in March, when reserves declined from above $50.08 billion on March 12 to $49.61 billion by March 23.
However, current reserve levels remain significantly higher than the $37.83 billion recorded during the same period in 2025, highlighting an overall improvement in Nigeria’s external position over the past year.
Earlier in January 2026, reserves had risen by about $509 million within the first 22 days, supported by stronger inflows. Historical trends also show that short-term fluctuations are not uncommon, with reserves dropping by $1.1 billion within two weeks in October 2018.
