Nigeria's foreign reserves reach an unprecedented low, declining to $24 billion, according to the IM
Nigeria's foreign reserves hit a historic low of $24 billion in 2024, down from $33 billion the previous year, as reported by the International Monetary Fund (IMF) in its recent Nigeria country report. Despite a surplus in the current account during the first half of 2023, the country's reserves experienced a significant reduction, indicating potential economic challenges for Africa's largest economy.
In the period spanning 2024–25, the financial account is anticipated to worsen, marked by the absence of projected Eurobond issuances, substantial repayments amounting to $3.5 billion for both the Fund and Eurobonds, and notable portfolio outflows.
Consequently, despite a surplus in the current account, officially reported reserves are forecasted to decrease to $24 billion in 2024, only to rebound and reach $38 billion by 2028 as portfolio inflows resume," as stated in the report.
Contrastingly, data from the Central Bank of Nigeria (CBN) indicates that as of February 8, 2024, the country's foreign reserves were reported at $33.12 billion.
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