By Ayo Kehinde
Nigeria’s external reserves fell by approximately $731 million in the first three weeks of April 2026, underscoring persistent pressure on the country’s foreign exchange buffers.
Figures from the Central Bank of Nigeria (CBN) show reserves declined from $49.18 billion on April 1 to $48.45 billion by April 23, translating to an average weekly drop of about $233 million.
The decline extends a broader trend, highlighting the delicate balancing act faced by monetary authorities as they manage exchange rate stability, liquidity, and external obligations. CBN Governor Olayemi Cardoso recently downplayed concerns, stating that the reserve dip should not trigger alarm.
Data showed that the steepest fall occurred early in the month. Reserves dropped sharply from $49.18 billion to $48.81 billion between April 1 and April 10, likely reflecting increased foreign exchange interventions and external payments. The pace of decline slowed mid-month, easing from $48.72 billion to $48.62 billion between April 13 and 17. By April 20–23, reserves dipped only marginally to $48.45 billion, suggesting moderating outflows.
April’s drawdown follows similar pressure in March, when reserves fell from $50.08 billion to $49.61 billion within weeks. Despite this, current levels remain well above the $37.83 billion recorded in the same period of 2025.
While reserves rose earlier in January 2026, the recent decline signals renewed strain, driven by oil revenue fluctuations, FX interventions, and external commitments.
