Nigeria’s net FX reserves likely dropped to $3.7bn in 2022 – JP Morgan

According to the firm in its latest report titled ‘Nigeria: Reform pause rather than fatigue’, the $3.7 billion figure is significantly lower than prior estimates, owing to larger-than-expected currency swaps and borrowing against existing reserves.

“Based on partial information from the audited financial accounts, we estimate that CBN’s net FX reserves were around US$3.7bn at the end of last year, from US$14.0bn at end-2021,” the report said.

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