Connect with us

Business

Nigeria’s foreign reserves drop to record low, fall to $24bn in 2024 – IMF

Published

on

The drop in Nigeria’s foreign reserves to a record low of $24 billion in 2024 from $33 billion last year was disclosed by the International Monetary Fund (IMF). This presents potential challenges for Africa’s largest economy as indicated in the IMF’s latest country report for Nigeria. While the first half of 2023 saw a surplus in the current account, there was a noticeable decline in reserves. The report also projected a decline in officially reported reserves to $24 billion in 2024, before increasing to $38 billion in 2028 as portfolio inflows resume. Conversely, the Central Bank of Nigeria (CBN) data showed the country’s foreign reserves stood at $33.12 billion as of February 8, 2024.

The post Nigeria’s foreign reserves drop to record low, fall to $24bn in 2024 – IMF appeared first on NewsNow Nigeria.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending