Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan - Politics

Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan (27364 Views)

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Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by ijustdey(op): 7:55am On Aug 22, 2023

Global financial service firm JP Morgan has estimated Nigeria’s net foreign reserve to be around $3.7 billion.

The figure is far below the $33.8 billion as of August 17 on Central Bank of Nigeria (CBN) website.

JP Morgan’s estimate is much lower than the net figure of $14 billion reported at the end of 2021.

The bank disclosed this in its latest report on Nigeria titled “Nigeria: Reform pause rather than fatigue”.

It noted that the lower-than-reported forex reserve is the result of larger currency swaps and borrowings against the forex reserve.

The global financial institution said: “Based on partial information from the audited financial accounts, we estimate that CBN’s net forex reserves were around $3.7 billion at the end of last year, from $14 billion at the end-2021.”

According to the bank, the assumptions followed an addition of $5 billion in International Monetary Fund Special Drawing Rights (SDR) to external reserves to arrive at total gross forex reserves of US$37.8 billion.

This, it said, was broadly in line with the 30-day moving average of US$37.08 billion previously published on the central bank’s website.

It added that by adjusting the gross external reserves with three key forex liability lines that include forex forwards ($6.84 billion), securities lending ($5.5 billion) and currency swaps ($21.3 billion).

It estimated currency swaps by backing out forex forwards and outstanding Over The Counter (OTC) Futures balances from an overall aggregate published in the financial accounts.

The bank said the CBN still can withstand the pressure accompanying the low forex reserve especially, as profit from swap arrangements between the CBN and commercial banks, the rates will continue to rise.

https://thenationonlineng.net/nigerias-reserve-is-3-7b-not-33-8b-says-jp-morgan/

16 Likes 7 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Taylor90: 7:56am On Aug 22, 2023*

That was how he claimed he has saved billions on first month of fuel subsidy

Till NLC bursted his butts that he didn’t save shishi

A man synonymous with fake

Person wey hire fake bishops and faked Donald dukes childhood pics as his own

I’m not surprised na una dey surprise

343 Likes 38 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Nbote(m): 7:57am On Aug 22, 2023*

Hahahahaha... Busted... APC lies and Propaganda scamming Nigerians since 2015.. They cannot expose the level of thievery and damage done to the nation by PMB because na their party still so they have to reinforce the lies and pad it like they do the budget

187 Likes 10 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Asgard73: 7:57am On Aug 22, 2023

Apc has scammed Nigerians and Nigeria.

Everything about the party na fraud .. fake irresponsible..

God will help this country.

147 Likes 7 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Aonkuuse(m): 7:57am On Aug 22, 2023*

Seriously.... Government and lying.

Meanwhile, see the massacre in Benue state >>>>https://trendygists.com/2023/08/21/gunmen-kill-benue-guards-commander-three-colleagues-in-chito-photos/

5 Likes

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by mrvitalis(m): 8:02am On Aug 22, 2023

Aaah aaah no no no

This can't be true na... It can't be true APC cant be this wicked

Tinibu knew this is our reserves and want to fight war? That's would drain more of our reserve?

Who would even give us loans now

please Peter Obi withdraw your case in court...Nigeria is beyond repair if this is true

122 Likes 7 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by TinubuThief: 8:04am On Aug 22, 2023

E no go better for Ebola and his supporters

95 Likes 9 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by EyeCumInPiss: 8:04am On Aug 22, 2023

If e like make e be 338billion.
What matters to the common man is better life and not the amount of billions in foreign reserve.

9 Likes 2 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by TinubuThief: 8:04am On Aug 22, 2023*

Barawo Ebola Busted
They already creating avenue for failure and stealing.

103 Likes 7 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by FOOTSOLDIER2(f): 8:04am On Aug 22, 2023

APC and lies, even trying to defraud the international community too. Tue

71 Likes 5 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by BarrElChapo(m): 8:04am On Aug 22, 2023

These foreign banks should try to stfu sometimes😏

7 Likes 7 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by MrsTwrite(f): 8:04am On Aug 22, 2023

See money wey dem dey call... omo... embarassed

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Lovenorth: 8:04am On Aug 22, 2023

May God rescue us from the evil hands of Tinubu

24 Likes

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Hambivert: 8:05am On Aug 22, 2023*

Heist gone wrong!
So APC wanted to scam JPMorgan¿

APC is a demonic party with a demonic ideology. The party is the only party in power that turn previously great men to fools and incompetent molluscs.
Although things where hard under the administration of PDP, but never have things been as hard as this.
Even if Statistics lie, the reality on ground can never lie to you, except you want to blind the eyes of your conscience.
Its funny how Nigeria under the regimental rule of APC is openly borrowing from Private institutions, because they have sparogatively exhausted the borrowing limits of every other financial borrower.
Now a common JPMorgan is disgracefully humiliating and rightfully calling the most populous black nation on earth bunch of liars.

62 Likes 2 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by safarigirl(f): 8:05am On Aug 22, 2023

mrvitalis:
Aaah aaah no no no

This can't be true na... It can't be true APC cant be this wicked

Tinibu knew this is our reserves and want to fight war? That's would drain more of our reserve?

Who would even give us loans now

please Peter Obi withdraw your case in court...Nigeria is beyond repair if this is true

Country wey dem suppose put up for sale on Ali Baba, na wetin person wan fight for smelling mandate.

Peter Obi should withdraw that petition and go and sleep, let the people that have ruined the country continue to ruin it until the idiots that let it happen have sense.

72 Likes 9 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by ariesbull: 8:05am On Aug 22, 2023

APC has killed this country...may it not be well for those that votes this super party that tells fantastic lies

36 Likes 2 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by guywitzerogal(m): 8:05am On Aug 22, 2023

APC wan carry there lying career go international….. shameful set of people

27 Likes 1 Share

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Smithkafors(m): 8:05am On Aug 22, 2023

Nawao.

People will leave most important things and be discussing gatherings of corrupt politicians called ministers.

Let’s talk about real deals….Electricity, road, healthcare.

11 Likes

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Brendaniel: 8:05am On Aug 22, 2023

Buhari and Tinubu partnered to destroy Nigeria and the bad part is they have supporters who are ready to make sure they accomplish that..

Ololanla:
Buhari administration did a very bad job.

And Tinubu supported him twice to achieve that....

53 Likes 4 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by richard870(m): 8:05am On Aug 22, 2023

That means some individuals are richer than Nigeria....it is well

19 Likes 1 Share

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by AmazingELixir: 8:05am On Aug 22, 2023

Buhari has killed us ooh.....chai!

9 Likes 1 Share

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Ololanla: 8:06am On Aug 22, 2023

Buhari administration did a very bad job.

27 Likes 3 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by NOwazobia: 8:06am On Aug 22, 2023

Another propaganda busted. shocked

It is now obvious that no genuine data or statistics will come out of this administration.

This is an era where everyone should start fact checking everything that comes out of this government.

Even the ones we see with our very eyes could be as well be lies.

One chance government. undecided

27 Likes

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by cursedAbiola(f): 8:06am On Aug 22, 2023

so Dangote is virtually richer than Nigeria in dollars 😂

43 Likes 2 Shares

Re: Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan by Buhari4dullard: 8:06am On Aug 22, 2023

Buhari & Co have looted Nigeria silly, Tinubu wan add finishing touches.

APShit is a curse.

May thunder fire those who want the 4eyed druglord to be rigged in

41 Likes 1 Share