Nigeria’s foreign exchange reserves fell to $48.6 billion as of April 16, 2026, reflecting a cumulative drop of $1.38 billion over five weeks.
This information comes from data published by the Central Bank of Nigeria (CBN).
According to the CBN’s website, reserves were at $50.03 billion on March 11, 2026, before gradually declining to $48.65 billion by April 16.
Although the CBN has not provided an explanation for the decline, historical trends suggest a steady drawdown rather than a sudden drop.
Key Insights from the Data
The latest figures show a consistent decline in reserves over several weeks, indicating ongoing outflows or interventions in the foreign exchange (FX) market.
Daily data reveals a gradual reduction:
- Reserves fell from $49.18 billion on April 1 to $48.72 billion by April 13.
- By April 16, reserves had dropped further to $48.65 billion.
This pattern suggests controlled drawdowns, likely due to measured interventions or external obligations, rather than abrupt depletion.
Despite earlier gains recorded at the start of the year, the data highlights persistent pressure on Nigeria’s foreign exchange reserves.
Context and Historical Trends
Nigeria’s external reserves have historically been volatile, influenced by factors such as global oil prices, capital flows, and domestic monetary policies.
In January 2026, reserves increased by $509 million within the first 22 days, reflecting stronger inflows and improved FX conditions at the time. However, the current decline marks a reversal of that upward trend, underscoring the cyclical nature of reserve movements.
A similar situation occurred in October 2018, when reserves dropped by $1.1 billion in just two weeks, demonstrating how quickly external buffers can fluctuate.
Looking ahead, Fitch Ratings has projected that Nigeria’s foreign exchange reserves will fall to $47 billion by the end of 2026, despite ongoing economic reforms aimed at stabilizing the economy
