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Nigeria’s External Reserves Fall by $731 Million in April 2026

Nigeria’s external reserves dropped by $731 million within the first three weeks of April 2026, showing fresh pressure on the country’s foreign exchange position.

Latest data from the Central Bank of Nigeria (CBN) shows reserves declined from $49.18 billion on April 1 to $48.45 billion on April 23.

This means Nigeria lost an average of about $233 million per week during the period.

What Nigeria’s External Reserves Mean

External reserves are funds held by the central bank in foreign currencies. They are used to support the naira, pay foreign debts, fund imports, and improve confidence in the economy.

When reserves fall, it may suggest stronger dollar demand, debt payments, weaker inflows, or central bank interventions in the foreign exchange market.

What the April Data Shows

The biggest fall happened early in the month.

Between April 1 and April 10, reserves dropped from $49.18 billion to $48.81 billion, showing stronger outflows during that period.

From April 13 to April 17, reserves fell again from $48.72 billion to $48.62 billion, but at a slower pace.

Between April 20 and April 23, reserves slipped slightly from $48.54 billion to $48.45 billion, suggesting that the pressure eased toward the end of the period.

Why Nigeria’s Reserves Are Falling

The early April drawdown may be linked to foreign exchange interventions by the CBN, payments of external obligations, and continued demand for dollars.

When the CBN sells dollars into the market to support liquidity or reduce pressure on the naira, reserves can decline.

Other factors that affect reserves include crude oil earnings, foreign investment inflows, debt servicing, and import demand.

How This Compares to Earlier Months

The April decline follows pressure already seen in March 2026.

Reserves had fallen from above $50.08 billion on March 12 to $49.61 billion by March 23.

However, current reserve levels are still stronger than the same period in 2025, when reserves stood around $37.83 billion.

In January 2026, reserves had increased by about $509 million within the first 22 days, showing that inflows were stronger earlier in the year.

What the CBN Is Saying

CBN Governor Olayemi Cardoso has said the recent drop in reserves should not cause concern.

The central bank remains positive about reserve growth and previously projected that Nigeria’s reserves could rise to $51 billion by the end of 2026.

According to the CBN, this target is part of a wider plan to improve economic stability, boost investor confidence, and strengthen Nigeria’s balance of payments.

What This Means for the Naira and Economy

A steady reserve position is important for currency confidence and macroeconomic stability.

If reserves continue to fall sharply, investors may worry about the CBN’s ability to support the naira or meet future obligations.

But if inflows improve through oil earnings, exports, remittances, or foreign investment, reserves may recover again.

For now, the decline is worth watching, but Nigeria still holds a relatively stronger reserve level than it did last year.

FAQs

What are Nigeria’s external reserves now?

As of April 23, 2026, Nigeria’s external reserves stood at $48.45 billion.

How much did Nigeria lose in reserves in April 2026?

Nigeria’s reserves fell by $731 million between April 1 and April 23, 2026.

Why do external reserves fall?

Reserves can fall because of FX interventions, debt payments, import demand, lower oil earnings, or weaker foreign inflows.

Is the fall in reserves a bad sign?

Not always. Short-term reserve declines can happen during market support operations. The bigger concern is whether the decline continues for a long time.