The International Monetary Fund, IMF, says Nigeriaโs foreign reserves dropped to a record low of $24 billion in 2024 from $33 billion last year.
The IMFโs latest country report for Nigeria disclosed this, signalling potential challenges for Africaโs 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.
โThrough 2024โ25, the financial account will likely deteriorate, with no projected issuance of Eurobonds, large Fund and Eurobond repayments of $3.5 billion, and portfolio outflows.
โHence, 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,โ the report stated.
However, Central Bank of Nigeria, CBN, data showed Nigeriaโs foreign reserves stood at $33.12 billion as of February 8, 2024.