Nigeria’s external reserves are projected to decline to $47 billion by the end of 2026, despite ongoing foreign exchange reforms and improvements in macroeconomic policy, according to Fitch Ratings. The agency cites rising fiscal pressures and external risks as factors contributing to this expected moderation. As of March 2026, gross external reserves stood at $49.4 billion, up from $32 billion in April 2024, supported by policy adjustments in the foreign exchange market fitchratings.com
.Fitch notes that while reforms have improved investor confidence and stabilized the FX market, structural weaknesses persist, including weak governance, high inflation, and heavy reliance on hydrocarbons. The agency projects Nigeria’s economy to expand by 4.1% in 2026, driven by relative exchange rate stability and non-oil sector performance.The Central Bank of Nigeria (CBN) has implemented measures to ease restrictions on oil export proceeds repatriation, aiming to stabilize the FX market. However, Fitch warns that fiscal pressures may intensify, with a projected budget deficit of nearly 5% of GDP in 2026 due to increased government spending
