Posted 2/13/2024, 12:46:16 AM
IMF: Nigeria Foreign Reserves Could Drop to $24B by 2024 Due to Debt Payments, Lower Oil Revenue
- IMF forecasts Nigeria's foreign reserves to fall to $24bn in 2024 from current $33bn
- Drop attributed to no new Eurobond issuances, $3.5bn in repayments, and continued portfolio outflows
- IMF notes first half 2023 current account surplus but reserves still fell due to lower oil exports
- Authorities have not shared full information on short-term liabilities to accurately calculate reserves
- IMF says stalled per-capita growth, poverty and food insecurity worsening Nigeria's cost-of-living crisis
