Nigeria’s External Reserves Down To $3.7 Billion, Says Global Financial Service Firm

Nigeria’s external reserves has been estimated at an all-time low of $3.7 billion by a global financial firm, J.B Morgan.

The external reserves, according to data on the website of the central bank of Nigeria (CBN) is over $33 billion

But J.B Morgan in its latest report on Nigeria blames the sharp drop to several liabilities, including massive currency swaps with banks and borrowings against the external reserves by CBN.

According to J.P Morgan, Nigeria’s external reserve was $37.8 billion as at December 31, 2022.

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It, however, said the external reserves might have dropped to $3.3 billion, due to $6.8 billion borrowing against the reserve, $5.5 billion security lending and currency swap of $21.3 billion).

As part of moves to replenish the depleted external reserves, nigerian national petroleum company limited last week secured a $3 billion a crude oil advanced sale from Afreximbank.