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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.

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.

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.

These historical movements reinforce the sensitivity of Nigeria’s reserves to both global market dynamics and domestic economic conditions.

Officials and analysts have maintained that the recent decline does not necessarily signal a crisis but reflects normal market adjustments and evolving FX dynamics.

These insights suggest that while reserves are declining, underlying market reforms may be improving liquidity and investor confidence.

Despite the recent dip, projections and policy outlooks remain relatively optimistic regarding Nigeria’s external reserves position.

While the near-term trend shows a decline, the outlook suggests that authorities are focused on rebuilding reserves through sustained reforms and improved inflows.