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Nigeria’s foreign reserves decrease to $24bn record low in 2024 – IMF

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Nigeria’s foreign reserves decrease to $24bn record low in 2024 – IMF

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International Monetary Fund says Nigeria’s foreign reserves dropped to a record low of $24 billion in 2024 from $33 billion last year.

IMF’s latest country report for Nigeria disclosed this, signalling potential challenges for Africa’s largest economy.

It noted that the first half of 2023 witnessed a surplus in the current account, yet there was a notable decline in reserves.

“Through 2024–25, the financial account will likely deteriorate, with no projected issuance of Eurobonds, large Fund and Eurobond repayments of $3.5 billion, and portfolio outflows.

“Hence, despite a current account surplus, officially reported reserves are projected to decline to $24 billion in 2024 before increasing again to $38 billion in 2028 as portfolio inflows resume,” the report stated.

But Central Bank of Nigeria data showed Nigeria’s foreign reserves stood at $33.12 billion as of February 8, 2024.