Nigeria’s External Reserves Reverse Earlier Gains

The external reserves fell from $49.18 billion on April 1 to $48.45 billion as of April 23, representing an average weekly decline of about $233 million.

The recent decline represents a reversal of that earlier upward trend. Movements are typically driven by a mix of oil revenue changes, FX interventions, and external obligations.

According to data from the Central Bank of Nigeria…