External Reserves Decline $731m To $48.45bn Amid April Outflows

Nigeria’s external reserves have declined sharply in early April 2026, dropping from $49.18 billion on April 1 to $48.45 billion by April 23—a loss of about $731 million over three weeks.

This indicated an average weekly dip of roughly $233 million, heightening scrutiny on the country’s foreign exchange liquidity despite earlier optimism from the Central Bank of Nigeria (CBN).

The slide reversed gains from prior months, including a $509 million rise in January’s first 22 days, driven by stronger inflows and market confidence.

Analysts attributed such swings to crude oil revenue shifts, CBN interventions, debt repayments, and external obligations.

Data from the CBN showed that the steepest drop was between April 1 ($49.18 billion) and April 10 ($48.81 billion).
Declines eased afterward: from $48.72 billion (April 13) to $48.62 billion (April 17), then a slight fall from $48.54 billion (April 20) to $48.45 billion (April 23).

This followed March’s pressure, with reserves falling from $50.08 billion (March 12) to $49.61 billion (March 23).
However, the reserves levels remained far healthier than April 2025’s $37.83 billion.

CBN Governor Olayemi Cardoso has dismissed alarm, reaffirming the bank’s macroeconomic strategy to rebuild investor trust, bolster liquidity, and stabilize the naira.

He projected that reserves will hit $51 billion by year-end to enhance balance-of-payments strength