- It added that the country’s financial outlook in the near future looked gloomy
Nigeria’s foreign reserves have fallen to a record low, the International Monetary Fund said on Monday.
The reserves fell to $24 billion in 2024 from $33 billion last year, a development the global financial institution said is an indication of an economy distress
The IMF’s made this known in its latest country report for Nigeria released on Monday.
It noted that the first half of 2023 witnessed a surplus in the current account, yet there was a notable decline in reserves.
It added that the country’s financial outlook in the near future looked gloomy.
“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.
However, Central Bank of Nigeria, CBN, data showed Nigeria’s foreign reserves stood at $33.12 billion as of February 8, 2024