The CBN Questions JP Morgan's Estimate Of Nigeria's Foreign Reserves At $3.7 billion.

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According to the Central Bank of Nigeria, JP Morgan's most recent estimate of the nation's foreign exchange reserves was "out of context" and therefore incorrect.



JP Morgan predicted earlier this week that the CBN's net foreign exchange reserves will decrease from $14 billion in 2021 to $3.7 billion at the end of 2022.

Director of the CBN's Monetary Policy Department Hassan Mahmud, who appeared on Money Line Africa Independent Television on Wednesday, clarified the accurate estimation of Nigeria's reserves by stating that changes in the reserves' value as well as obligations and other encumbrances were only natural and expected.

We also read the JP Morgan data internally, and we weren't alarmed by them, he continued. It's not the first time we've seen individuals or institutions spouting figures; they must have reasons for doing so, whether to stir up market fervor or deceive the public, Mahmud added.

"However, the central bank has made every effort to be open. The only thing I will say about those figures is that they are amusing in that number one, reserves, like any account balance, is a flow with changes occurring at any given time.

Two, you don't mark the outstanding liabilities to market on a day and declare that this is your net balance even though you have outstanding liabilities.

When questioned about whether the public should dismiss the JP Morgan estimate, Mahmud responded, "It is a mockery for us (the CBN) to come to the public realm, whether the CBN governor or deputy governor to talk on problems by JP Morgan. In JP Morgan, I'm not even sure who said it.

"I don't want us to reach the point where we will be made fun of as a sovereign or nation because of a private investment who provided those data for its own purposes. Another possibility is that those figures were taken out of context.

Mahmud claimed that the CBN held around 80% of the money in reserves, mostly to sustain the local currency during times of turbulence and to increase the confidence of foreign investors.

"The numbers are there. The reserves of the central bank are on our bank network. Yes, the number you see today might not be accurate to the very last decimal point, but you still have that picture, the CBN official stated.

"We have $33bn, there is an IMF facility there, the SDR is also there, we have the JP Morgan numbers that you mentioned, we have forwards, they are all there."

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