The naira has maintained relative stability in the foreign exchange (FX) market despite the drop in external reserves.
Nigeria’s gross external reserves declined by eight percent year-to-date to $37.84 billion as of April 28, 2025 from $40.88 billion at the beginning of the year, according to data from the Central Bank of Nigeria (CBN).
The naira has recorded appreciation since January, after the introduction of the Electronic Foreign Exchange Matching System (EFEMS) and the foreign exchange codes by the CBN.