Some experts on Monday commended the federal government for sustaining the country’s external reserves to $48.65 billion.

The experts said that the robust reserves reinforced the economy’s resilience despite current global shocks.

The two experts, Ayo Teriba of Economic Associates and Muda Yusuf of the Centre for the Promotion of Private Enterprise, spoke in separate interviews in Lagos.

Mr Teriba commended the government for maintaining the reserve’s height despite current shocks.

“Our people must encourage the government to continue to ensure that the economy stays resilient in spite of the headwinds associated with the war.

“There is really a need to commend the government, as the country’s exchange rate is yet stable, the stock market is looking up, and the inflation rate increase is negligible,” Mr Teriba said.

He, however, urged the government to initiate more temporary programmes to support economically vulnerable Nigerians.

“This will cushion the economic hardship caused by expensive petroleum prices on the people.

“Also, the government has made more compressed natural gas (CNG) kits available as alternatives to petroleum products,” Mr Teriba said.

Similarly, Mr Yusuf acknowledged the government for ensuring confidence and stability in the foreign exchange market.

“The government should be lauded for yet again raising the country’s reserves to this height amid shocks.

“Our external reserves can sustain us for about ten months of import cover in spite of the global economic headwinds,” Mr Yusuf added.

He stressed that the temporary decline of the reserves could be triggered by pressures on the economy.

“The pressures on the economy, such as the Middle East crisis, may cause apprehension among portfolio investors, causing them to move their funds to other safer havens.

“Which will have a negative impact on the reserves.

The reserves are often used to meet other statutory obligations as well as servicing the country’s debt,” Mr Yusuf noted.

Nigeria’s foreign exchange reserves have declined to $48.65 billion as of April 16, 2026, marking a cumulative drop of about $1.38 billion over a five-week period.

This is according to data from the Central Bank of Nigeria (CBN).

Data published on the apex bank’s website shows that reserves stood at $50.03 billion as of March 11, 2026, before declining to $48.65 billion by April 16. 

(NAN)