Nigeria’s Forex Reserves Slide $731m in April Amid Ongoing CBN Interventions

Nigeria’s foreign reserves fell by about $731 million in the first three weeks of April 2026, underscoring persistent pressure on available dollar liquidity. Central Bank data shows reserves declined from $49.18 billion on April 1 to $48.45 billion by April 23. The biggest drop occurred in early April, with smaller weekly falls through the month’s end. This continues March’s downward trend, though reserves remain well above the $37.83 billion level seen in April 2025. January saw a $509 million boost, showing occasional strength in inflows. CBN Governor Olayemi Cardoso says the recent dip is not alarming, and the bank still expects reserves to reach about $51 billion by year end to support exchange-rate stability and external payments.

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