US-based financial firm, JP Morgan, has disclosed that Nigeria’s foreign reserves stood significantly lower than the figure the Central Bank of Nigeria (CBN) claimed the country has.
JP Morgan estimated in its recently released report; ‘Nigeria: Reform pause rather than fatigue’ that as of the end of 2022, about $3.7 billion was left in Nigeria’s foreign reserves.
This is significantly lower compared to the $37.08 billion reported by the Central Bank of Nigeria (CBN) at the end of last year.
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