Nigeria’s external reserves have declined in April, reversing earlier gains recorded at the start of the year, according to data from the Central Bank of Nigeria (CBN).
Figures show that reserves fell from $49.18 billion on April 1 to $48.45 billion as of April 23, marking a total drop of about $731 million within the first three weeks of the month—an average weekly decline of roughly $233 million.
The movement reflects a shift from the earlier upward trend, with fluctuations typically driven by factors such as oil revenue changes, foreign exchange interventions, and external financial obligations.
Despite the decline, CBN Governor Olayemi Cardoso maintained that the situation is not a cause for concern, expressing confidence in the country’s reserve outlook.
As part of its broader macroeconomic stabilisation strategy, the apex bank has projected that reserves could rise to $51 billion by the end of 2026, aimed at strengthening Nigeria’s balance-of-payments position.
A closer look at the data indicates that the steepest drop occurred in early April, when reserves fell from $49.18 billion to $48.81 billion between April 1 and April 10, reflecting stronger outflows.
The pace of decline later moderated, with reserves easing from $48.72 billion to $48.62 billion between April 13 and April 17, and further slipping slightly to $48.45 billion by April 23.
The April decline follows similar pressure recorded in March, when reserves dropped from over $50.08 billion on March 12 to $49.61 billion by March 23.
However, current reserve levels remain significantly higher than the same period in 2025, when they stood at approximately $37.83 billion, suggesting improved inflows over the past year.
Analysts note that such fluctuations are not unusual, pointing to historical patterns, including a $1.1 billion drop recorded within two weeks in October 2018.
