News
Nigeria’s foreign reserves drop to record low, fall to $24bn in 2024 – IMF
The International Monetary Fund, IMF, says Nigeria’s foreign reserves dropped to a record low of $24 billion in 2024 from $33 billion last year..
The IMF’s latest country report for Nigeria disclosed this, signalling potential challenges for Africa’s largest economy.
It noted that the first half of 2023 witnessed a surplus in the current account, yet there was a notable decline in reserves.
“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.
Several men accuse Diddy of r@p!ng them @n@lly in new wave of lawsuits
“US approving Ukraine to use missiles against Russia a big mistake” – Turkish president Erdogan
Lady cries out as she discovers her boyfriend of 11 months secretly infected her with HIV (Video)
Wizkid’s sister blows hot after being dragged for comparing brother to Albert Einstein
Four boys banished for life from upper-Benin over alleged g@y act (Video)
Trump announces plan to use military for mass deportation of Nigerians and others
Mixed reactions as singer Wizkid gives his colleague Davido a nickname
“Tinubu Has A Better Policy Document Than Peter Obi, Atiku” – Doyin Okupe says
-
News1 day ago“Tinubu Has A Better Policy Document Than Peter Obi, Atiku” – Doyin Okupe says
-
Crime1 day agoFive soldiers k!lled, 10 wounded and four missing as Boko Haram attacks troops in Borno
-
Lifestyle1 day ago17-year-old Delta student allegedly ass@ulted and locked inside dog cage by his female classmate’s father and brothers for visiting her
-
Celebrity Gossip & Gist1 day ago“FC dey do too much” – Video of a Wizkid die-hard fan bathing with a JBL speaker as he dances to the singer’s hit song “Dance” stirs the internet (Watch)