Nigeria’s external reserves declined by $731 million in the first three weeks of April 2026, as the Central Bank of Nigeria intensified foreign exchange market interventions to stabilise the naira.
The reserves fell from $49.18 billion on April 1 to $48.45 billion as of April 23, according to CBN data, representing an average weekly drop of about $233 million.
The sharpest drawdown occurred between April 1 and April 10, when reserves fell from $49.18 billion to $48.81 billion, before the pace slowed later in the month.
Reserves edged down from $48.62 billion on April 17 to $48.45 billion on April 23, extending a broader trend of depletion since March 2026.
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Despite the recent decline, the current level of $48.45 billion remains significantly above the $37.83 billion recorded in the same period of 2025.
CBN Governor Olayemi Cardoso previously stated that the decline in reserves should not be a cause for concern, as the bank projects reserves could reach $51 billion by the end of 2026.
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The central bank had built up reserves by about $509 million in the first 22 days of January 2026 before the current drawdown trend began.
The sustained FX interventions reflect the CBN’s commitment to managing exchange rate volatility, though they continue to put pressure on the country’s external buffers.
