Nigeria's External Reserves Drop by $731 Million in April

In April 2026, Nigeria's external reserves experienced a significant decline of $731 million, falling from $49.18 billion on April 1 to $48.45 billion by April 23. This drop, averaging a weekly decrease of $233 million, highlights the continued pressure on the country's foreign exchange buffer, as reported by the Central Bank of Nigeria (CBN).

The sharpest decline occurred in the early part of the month, with a moderation in the latter half. The drawdown reflects stronger foreign exchange interventions and the settlement of external obligations, which later slowed down, reducing intervention intensity.

The CBN, under Governor Olayemi Cardoso, maintains an optimistic outlook despite the recent dip, emphasizing the importance of managing foreign exchange under a tight regime. The situation reinforces concerns about sustaining external liquidity management, particularly following record pressures in March and the reforms introduced by President Bola Tinubu.