Nigeria’s foreign exchange reserves have declined to $48.6 billion as of April 16, 2026, marking a cumulative drop of about $1.38 billion over a five-week period. This is according to data from the Central Bank of Nigeria (CBN).

Data published on the apex bank’s website shows that reserves stood at $50.03 billion as of March 11, 2026, before declining to $48.65 billion by April 16.

While the CBN is yet to explain the reason for the drop, historical trends indicate a steady drawdown rather than a sharp drop.

The latest figures indicate a gradual but consistent decline in reserves over several weeks, pointing to persistent outflows or interventions in the FX market.

• Daily data shows a steady reduction, with reserves dropping from $49.18 billion on April 1 to $48.72 billion by April 13, and further to $48.65 billion by April 16.
• The pattern reflects a controlled drawdown rather than abrupt depletion, suggesting measured interventions or external obligations.

The data highlights ongoing pressures on Nigeria’s foreign exchange reserves despite earlier gains recorded at the start of the year.

Nigeria’s external reserves have historically exhibited volatility, largely influenced by global oil prices, capital flows, and domestic monetary policy actions.

• In January 2026, reserves rose by about $509 million within the first 22 days, signalling improved inflows and stronger FX conditions at the time.
• The current decline represents a reversal of that earlier upward trend, underscoring the cyclical nature of reserve movements.
• A similar pattern was observed in October 2018, when reserves dropped by $1.1 billion within two weeks, highlighting how quickly external buffers can fluctuate.

Fitch Ratings recently projected that Nigeria’s foreign exchange reserves will decline to $47 billion by the end of 2026, despite ongoing reforms aimed at stabilising the economy.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that the recent decline in Nigeria’s external reserves should not be a cause for concern, noting that the country remains in a strong and comfortable position despite the fluctuations.

The CBN Governor disclosed this on April 17 during a press briefing at the end of the International Monetary Fund (IMF) spring meeting.

He explained that Nigeria’s reserve levels remain well above critical thresholds, noting that the country currently has about 13 months of import cover, far exceeding standard benchmarks, and stressing that such movements are normal.

Cardoso said he is not particularly concerned about the decline in external reserves, but rather about how Nigerians react to minor fluctuations in the figures, which he suggested are often overinterpreted.

• “In fact, what concerns me is not so much the decline in reserves, but the reaction to relatively small swings in the numbers, which in today’s market environment should not trigger anxiety,” he said, adding that such responses reflect outdated perceptions of how the foreign exchange system operates.

He further emphasized that Nigeria remains in a comfortable reserve position, noting that its current levels significantly exceed the minimum benchmark recommended by the International Monetary Fund, which typically advises about three to six months of import cover.

• “These levels are well above what the IMF recommends as a minimum. With around 13 months of import cover, Nigeria is in a very comfortable position. Such fluctuations are normal, and there is no cause for concern,” he added.

In January 2026, Nairametrics reported that Nigeria’s external reserves crossed the $46 billion mark for the first time in about eight years, highlighting the steady accretion in reserve levels since 2025.

Data tracked by Nairametrics shows that Nigeria’s last recorded reserves at this level was on August 27, 2018, when they stood at $45.9 billion.

By March 11, 2026, reserves climbed further to $50.03 billion, although subsequent data showed a downward trend from that peak.