Nigeria’s Foreign Reserves Fall To Record Low From $24bn In 2024 – IMF
Business News, Latest Headlines Tuesday, February 13th, 2024
(AFRICAN EXAMINER) – The International Monetary Fund, IMF, has stated Nigeria’s foreign reserves came down to a record low of $24 billion in 2024 from $33 billion last year.
The IMF’s latest country report for Nigeria stated this on Monday in his report as it talked about the looming challenges for Africa’s largest economy.
According to the report, the first half of 2023 witnessed a surplus in the current account but 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.
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