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    MarketForces Africa » MarketForces News » Nigeria’s External Reserve to Fall to $24bn, IMF Says

    Nigeria’s External Reserve to Fall to $24bn, IMF Says

    Julius AlagbeBy Julius AlagbeFebruary 13, 2024Updated:October 17, 2025 News No Comments1 Min Read
    Nigeria’s External Reserve to Fall to $24bn, IMF Says
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    Nigeria’s External Reserve to Fall to $24bn, IMF Says

    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. #Nigeria’s External Reserve to Fall to $24bn, IMF Says#

    Flour Mills of Nigeria to Raise N49bn from Debt Market

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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