Abuja, April 28, 2026 – Nigeria’s external reserves dropped to $48.45 billion as of April 23, 2026 from $49.18 billion on April 1.
The drop represents an average weekly decline of about $233 million and cumulative drop of $731 million in the first three weeks of the month.
The drop has also been attributed to renewed pressure on the reserves and follows similar pattern in March when the reserves dropped from over $50.08 billion on March 12 to $49.61 billion by March 23.
The Central Bank of Nigeria (CBN), however, said the current level of reserves still remained near 13-year high even in spite of the recent decline.
The CBN has attributed the steady rise in the reserves to increased oil production, foreign direct investment inflows, improved foreign liquidity, and the monetary policy stance of the apex bank.
