Nigeria's Foreign Reserves Drop Over $1B in April After Recent Gains

Nigeria's foreign exchange reserves dropped by $1.02 billion within 18 days to $33.5 billion on April 3.

The reserves had previously seen a 43-day surge between February and March, increasing by $1.28 billion.

The CBN has been actively intervening to support the naira, likely contributing to the reserve decline.

The CBN recently cleared the FX backlog and facilitated dollar sales to Bureau De Change operators.

The IMF projects reserves could fall further to $24 billion by 2024 due to Eurobond repayments and continued portfolio outflows.