Wale Edun: Nigeria's External Reserves Remain Strong

Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy, addressed concerns regarding the recent decline in Nigeria's external reserves during a press briefing on April 17, 2026, following the International Monetary Fund (IMF) Spring Meeting. He emphasized that the country remains in a strong comfort position despite fluctuations in reserve levels.

Edun noted that Nigeria's current reserves provide 13 months of import cover, significantly exceeding the minimum benchmark recommended by the IMF, which is typically three to six months of import cover. As of March 11, 2026, Nigeria's reserves had climbed to $50.03 billion, although subsequent data indicated a downward trend, with figures published by the Central Bank of Nigeria showing reserves at $49.48 billion within a 15-day period.

Edun maintained that the fluctuations are normal and should not be overinterpreted, reiterating the importance of targeted interventions to maintain economic stability.