Gross external reserves slipped from about $38B in early 2020 to a low of $32.5B in April 2024, then recovered strongly to $48.7B by April 2026 as oil receipts and FX reforms improved inflows.
Reserves are the foreign currency the CBN holds to defend the Naira, pay for imports and service external debt. A larger buffer gives the central bank more room to stabilise the currency.
The blue line is gross reserves; the green line is liquid (readily usable) reserves. The second chart shows blocked reserves — funds under lien that count toward the gross figure but aren't freely available.
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What this shows: Nigeria's gross foreign-exchange reserves. They fell to a $32.5B low in April 2024, then recovered to $48.7B by April 2026 — a bigger buffer to defend the Naira.
Blocked reserves are foreign exchange under lien or encumbrance — unavailable for the CBN to deploy even though they count toward gross reserves.