Nigeria’s foreign exchange reserves came under renewed pressure in April 2026, declining by approximately $731 million within the first three weeks of the month.
Data published by the Central Bank of Nigeria (CBN) shows that the country’s external reserves fell from $49.18 billion on April 1 to $48.45 billion as of April 23, 2026. This translates to an average weekly drawdown of about $233 million.
The decline occurred in phases. Reserves dropped more sharply in the first 10 days of the month, falling from $49.18 billion to $48.81 billion. The pace of depletion slowed somewhat in the following weeks, with reserves easing from $48.72 billion to $48.62 billion between April 13 and 17, and then slipping marginally to $48.45 billion by April 23.
This latest drawdown continues a pattern of fluctuations observed in recent months. In March, reserves also declined, moving from above $50 billion earlier in the month to around $49.61 billion by late March. However, current levels remain substantially higher than the same period in 2025, when reserves stood at approximately $37.83 billion.
CBN Governor Olayemi Cardoso has downplayed concerns over the recent movements, describing them as normal fluctuations in a market-driven foreign exchange regime. He noted that Nigeria’s reserves remain strong and well above international benchmarks, providing a comfortable buffer against external shocks. The apex bank has projected that reserves could reach $51 billion by the end of 2026, supported by ongoing macroeconomic reforms and improved investor confidence.
Analysts attribute the April decline primarily to foreign exchange interventions by the CBN to support the naira, alongside outflows for external debt servicing and other obligations. The early-month drop coincided with heightened demand for dollars, which has also contributed to recent depreciation of the naira at both the official and parallel markets.
Despite the dip, the CBN maintains an optimistic outlook, pointing to structural improvements in the foreign exchange market since the removal of multiple exchange rate windows. Officials believe that sustained non-oil export growth, higher oil production, and continued capital inflows will help rebuild buffers over the medium term.
The latest reserve figures come at a time when the naira has been facing sustained pressure, trading above ₦1,360 per dollar at the official window in recent sessions. Market participants will be watching closely for any signs of renewed inflows or policy adjustments in the coming weeks.
Overall, while the decline has raised some concerns among stakeholders, the Central Bank insists that Nigeria’s external position remains resilient.
