Nigeria's FX Reserves Drop to $48.6 Billion in 5 Weeks

As of April 16, 2026, Nigeria's foreign exchange reserves have decreased to $48.6 billion, marking a drop of $1.38 billion over a five-week period, according to data published by the Central Bank of Nigeria (CBN). The reserves were at $50.03 billion on March 11, 2026.

The CBN has not provided an explanation for this decline; however, historical trends indicate a steady drawdown rather than a sharp drop. The latest figures suggest a gradual and consistent decline in reserves, attributed to persistent outflows and interventions in the foreign exchange market.

Despite earlier gains at the start of the year, Nigeria's external reserves have historically exhibited volatility, heavily influenced by global oil prices, capital flows, and domestic monetary policy actions. Analysts maintain that the recent decline does not necessarily signal a crisis but reflects normal market adjustments.

The outlook remains cautiously optimistic regarding Nigeria's external reserves, with a focus on rebuilding reserves and improving inflows through ongoing reforms.