Nigeria’s external reserves declined by about $731 million within the first three weeks of April 2026, data from the Central Bank of Nigeria (CBN) has shown.
According to the CBN data, shows reserves fell from $49.18 billion on April 1 to $48.45 billion as of April 23, representing an average weekly decline of about $233 million.
Reserve movements show the sharpest decline occurred in the early part of the month, before moderating in the latter half of April. Reserves dropped from $49.18 billion to $48.81 billion between April 1 and April 10, reflecting stronger outflows. Between April 13 and April 17, reserves eased further from $48.72 billion to $48.62 billion, suggesting a slower pace of decline. From April 20 to April 23, reserves slipped marginally from $48.54 billion to $48.45 billion, indicating relative moderation in outflows.
The early-month drawdown may have reflected stronger foreign exchange interventions and settlement of external obligations, while the later slowdown could point to reduced intervention intensity or some improvement in inflow support.
The April decline follows reserve pressure recorded in March, reinforcing concerns over sustained external liquidity management.
Reserves had declined from above $50.08 billion on March 12 to $49.61 billion by March 23.
Despite the recent decline, reserve levels remain significantly above the same period in 2025, when external reserves stood at around $37.83 billion.
Recently, the CBN Governor, Olayemi Cardoso, had said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
