2023-08-23 07:54:20
While they were announced at 33.8 billion dollars by the Central Bank of Nigeria (CBN), Nigeria’s foreign exchange reserves, according to the financial services company JP Morgan, are 3.7 billion dollars.
Sylvestre TCHOMAKOU
Africa’s leading economic power with a Gross Domestic Product (GDP) valued at $477 billion in 2022, Nigeria, contrary to the estimate of $33.8 billion made by the Central Bank of Nigeria (CBN) on 17 August, has a reserve of 3.7 billion dollars, or more than 2,200 billion FCFA. This was reported by global financial services company JP Morgan. The bank disclosed this in its latest report on Nigeria titled “Nigeria: Reform pause rather than fatigue”. The global financial institution said: “Based on partial information from audited financial accounts, we estimate that CBN’s net foreign exchange reserves were approximately $3.7 billion at year-end. last, compared to $14 billion at the end of 2021”. According to the bank, these assumptions followed an addition of $5 billion in International Monetary Fund Special Drawing Rights (SDRs) to external reserves to arrive at total gross foreign exchange reserves of $37.8 billion. This figure, according to the central bank, is broadly in line with the 30-day moving average of $37.08 billion previously published on the central bank’s website. He added this by adjusting gross external reserves with three main foreign exchange liability lines which include forward foreign exchange contracts ($6.84 billion), securities lending ($5.5 billion) and swaps. currency (contracts) ($21.3 billion). It estimated currency swaps by removing forward foreign exchange contracts and outstanding over-the-counter (OTC) forward contract balances from an overall aggregate published in the financial accounts. The bank said the CBN could still withstand the pressure that accompanies low foreign exchange reserves, particularly because, thanks to swap agreements between the CBN and commercial banks, rates will continue to rise.
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QA August 23, 2023
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