Prime Business Africa
Nigeria’s foreign reserves have decreased by $1.66 billion or 3.31 percent between March 11 and April 30, according to analysis of the external reserves by Prime Business Africa (PBA).
Data obtained from the Central Bank of Nigeria (CBN) showed that the foreign reserves reached its highest level in 17 years on March 11 when the external reserves rose to $50.02 billion.
Join our WhatsApp ChannelHowever, since attaining the feat, the foreign reserves have been on a downward trend, and as of Thursday, the external reserves have decreased to $48.36 billion.
This is $1.36 billion higher than the $47 billion Fitch Ratings projected the foreign reserves will drop to before the end of 2026.
On April 13, Fitch said Nigeria’s external reserves will decline to $47 billion by the end of 2026, due to rising fiscal pressures and external risks.
According to Fitch, reforms by the CBN have supported gradual normalisation in the foreign exchange (FX) market and improved investor confidence.
However, the ratings company warned that structural weaknesses continue to weigh on the economy.
The CBN had unified the FX Markets and defended the naira against the dollar by providing black market traders foreign currencies, and also eased repatriation of proceeds in the stock exchange and the oil and gas industry.
On April 16, Olayemi Cardoso, CBN governor, said the decline in the foreign reserves is not a concern and there is now more liquidity in Nigeria’s foreign exchange market.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
