Nigeria’s external reserves declined steadily through April, reflecting renewed pressure on foreign exchange buffers.
According to the Central Bank of Nigeria, reserves fell from $49.18 billion on April 1.
They then dropped to $48.45 billion by April 23, marking a $731 million decline.
Early April Pressure Builds, Wipes External Reserves
At the start of April, reserves fell sharply, signalling stronger foreign exchange outflows at that time.
Specifically, they declined to $48.81 billion between April 1 and April 10.
Mid-Month Decline Slows
However, the pace slowed in mid-April, suggesting easing pressure on liquidity conditions.
During this period, reserves dropped to $48.62 billion between April 13 and April 17.
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By late April, movements eased further, pointing to relative stability in foreign exchange outflows.
As a result, reserves edged down to $48.45 billion between April 20 and April 23.
Initially, the central bank likely drove the early decline through FX interventions and external payments.
Later, reduced interventions or improved inflows likely supported the slower pace of decline.
Outlook Remains Positive
Meanwhile, April’s decline followed similar pressure recorded in March across external reserves.
During that period, reserves fell from $50.08 billion on March 12 to $49.61 billion.
Despite this trend, Governor Olayemi Cardoso said the decline should not cause concern.
Even so, reserves remain higher than $37.83 billion recorded during the same period in 2025.
Earlier in January, reserves rose by about $509 million, signalling stronger inflows at the time.
Before reforms under President Bola Tinubu, authorities tightly controlled foreign exchange management.
Looking ahead, the Central Bank of Nigeria expects reserves could reach $51 billion by end-2026.
