* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Wednesday, June 4, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    California Mid-State Fair announces entertainment lineups for Frontier and Mission stages – KSBY News

    Exciting Entertainment Lineup Unveiled for California Mid-State Fair’s Frontier and Mission Stages!

    Spotify & OpenAI: Will Gen AI ‘Hollow Out’ Entertainment? – Technology Magazine

    Will Generative AI Transform the Future of Entertainment

    Author Richard Russo Will Speak At Sandwich Town Hall – CapeNews.net

    Join Us for an Inspiring Evening with Author Richard Russo at Sandwich Town Hall!

    Entertainment Partners Acquires CASHét, Digital Payments Vendor for Productions – Variety

    Entertainment Partners Acquires CASHét, Digital Payments Vendor for Productions – Variety

    Salem’s Harborwalk Garden Cultivates Community with Entertainment, Food, and Events – 105.7 WROR

    Discover the Vibrant Community Spirit at Salem’s Harborwalk Garden: A Hub for Entertainment, Food, and Fun!

    Entertainment-Focused Narrative and Culture Change Practice – New America

    Transforming Culture Through Engaging Entertainment Narratives

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    When fiction becomes fact: 3 pieces of modern technology inspired by Star Trek – Redshirts Always Die

    From Screen to Reality: 3 Modern Technologies Inspired by Star Trek

    The Isfahan Center for Nuclear Technology – UCF, ZPP, and IRR10 – Alma Research and Education Center

    Exploring the Isfahan Center for Nuclear Technology: Innovations and Insights from UCF, ZPP, and IRR10

    Inside the tedious effort to tally AI’s energy appetite – MIT Technology Review

    Inside the tedious effort to tally AI’s energy appetite – MIT Technology Review

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    AI for lawyers: Win back your time using technology – nationaljurist.com

    Reclaim Your Time: How AI is Transforming the Legal Profession

    Prosecutors accuse men of exporting U.S. military technology to China – Milwaukee Journal Sentinel

    Men Charged with Illegally Exporting U.S. Military Technology to China

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    California Mid-State Fair announces entertainment lineups for Frontier and Mission stages – KSBY News

    Exciting Entertainment Lineup Unveiled for California Mid-State Fair’s Frontier and Mission Stages!

    Spotify & OpenAI: Will Gen AI ‘Hollow Out’ Entertainment? – Technology Magazine

    Will Generative AI Transform the Future of Entertainment

    Author Richard Russo Will Speak At Sandwich Town Hall – CapeNews.net

    Join Us for an Inspiring Evening with Author Richard Russo at Sandwich Town Hall!

    Entertainment Partners Acquires CASHét, Digital Payments Vendor for Productions – Variety

    Entertainment Partners Acquires CASHét, Digital Payments Vendor for Productions – Variety

    Salem’s Harborwalk Garden Cultivates Community with Entertainment, Food, and Events – 105.7 WROR

    Discover the Vibrant Community Spirit at Salem’s Harborwalk Garden: A Hub for Entertainment, Food, and Fun!

    Entertainment-Focused Narrative and Culture Change Practice – New America

    Transforming Culture Through Engaging Entertainment Narratives

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    When fiction becomes fact: 3 pieces of modern technology inspired by Star Trek – Redshirts Always Die

    From Screen to Reality: 3 Modern Technologies Inspired by Star Trek

    The Isfahan Center for Nuclear Technology – UCF, ZPP, and IRR10 – Alma Research and Education Center

    Exploring the Isfahan Center for Nuclear Technology: Innovations and Insights from UCF, ZPP, and IRR10

    Inside the tedious effort to tally AI’s energy appetite – MIT Technology Review

    Inside the tedious effort to tally AI’s energy appetite – MIT Technology Review

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    AI for lawyers: Win back your time using technology – nationaljurist.com

    Reclaim Your Time: How AI is Transforming the Legal Profession

    Prosecutors accuse men of exporting U.S. military technology to China – Milwaukee Journal Sentinel

    Men Charged with Illegally Exporting U.S. Military Technology to China

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

Nigeria’s share of global FX reserves falls to 0.26%, as global FX reserves hit $12.3 trillion 

June 19, 2024
in News
Nigeria’s share of global FX reserves falls to 0.26%, as global FX reserves hit $12.3 trillion 
Share on FacebookShare on Twitter

Story highlightsGlobal forex reserves reached $12.3 trillion at the end of 2023, a 3.5% increase from the previous year, with the U.S. dollar maintaining a stable but historically lower share of global reserves, while the euro, pound sterling, and Japanese yen shares remained consistent.Nigeria’s forex reserves declined to $32.3 billion by the end of 2023, representing just 0.26% of global reserves, down from 0.36% in 2022, mainly due to decreased forex inflows and increased outflows.The composition of Nigeria’s forex reserves includes Chinese Renminbi and gold, with a significant portion encumbered by currency swap deals and collateral for loans, while global trends indicate a rising use of non-traditional reserve currencies driven by diversification and digital financial technologies.

Global forex reserves hit $12.3 trillion at the end of 2023 representing a 3.5% year-on-year increase from the $11.92 trillion recorded a year earlier. 

This is according to the latest data from the  IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER).  

Nigeria’s forex reserves at the end of 2023 were $32.3 billion representing just 0.26% of the global FX reserves. A four basis points decline from about 0.30% as of 2022-end.  

Forex reserves in Nigeria was $36 billion at the end of 2022, however, a combination of a decline in forex inflow and an increase in forex outflows resulted in a decline to $32.3 billion at the end of 2023. 

On a quarter-on-quarter basis, Nigeria’s portion of the global FX reserves also declined, with the country’s share standing at 0.28% as of the end of Q3 2023. Nigeria ended Q3 2023 with a FX reserve of $33.32 billion.   

There was also a 4.2% increase in QoQ in the global FX reserve from Q3 2023, which recorded a total global FX reserve of $11.85 billion.  

Global share of FX reserve 

In terms of currency shares, the U.S dollar share of global FX as of Q4 2023 was $6.687 trillion, representing 54.22%, like Q4 2022, where the USD’s share was $6.46 trillion, or 54.21%.  

While the USD’s share of global FX reserves remains quite consistent in 2023, it is a significant decline from its 59% share recorded in Q4 2020. It is a further decline from the 71% share of 1999.   The Euros share of global FX reserves in Q4 2023 was $2.29 trillion, representing an 18.55% share. Year-on-year, there was a slight 1.6% increase from $2.25 trillion, as of Q4 2022. However, the Euro’s share declined marginally, from 18.9% as of Q4 2022 to 18.55% as of Q4 2023. Since 1999, the U.S. dollar’s share of global foreign exchange reserves has significantly declined, while the euro’s share has remained stable, consistently hovering around the 20% mark since the currency’s inception in 1999.  For Pound Sterling and Japanese Yen, their share in the global foreign exchange reserves has remained consistent, with their share as of Q4 2023 at 4.5% and 5% respectively. Since 1999, the share of both currencies in global foreign exchange reserves has remained consistent around the 5% region.   According to the IMF, this shift in the composition of the global foreign exchange reserves is linked to a rise in the share of non-traditional reserve currencies.  The share of the other currencies, including the Chinese Renminbi, Canadian Dollar, Australian Dollar, and Swiss Francs as of Q4 2023 was 10.3%, up from 9.9% as of Q4 2022, and 9% as of Q4 2020.   Composition of Nigeria’s FX reserves  

Controversy continues to trail what constitutes a significant portion of Nigeria’s FX reserves. However, previous reports have also tied parts of the FX reserves to Chinese Renminbi and gold reserves.   

According to the most recent publicly available data on Nigeria’s foreign exchange (FX) reserve composition, from the third quarter of 2022, the Chinese Yuan constituted $3.2 billion of Nigeria’s FX reserves.  Additionally, as of 2023, Nigeria’s FX reserves included 21.37 metric tonnes of gold, valued at approximately $1.6 billion. The lack of certainty on the composition of Nigeria’s FX reserves can also be linked a recent by Fitch that claims that 30% of Nigeria’s FX reserves comprise of FX bank swaps.  According to Fitch, about 30% of Nigeria’s FX reserves is tied up in currency swap deals with other central banks, and some foreign banks. Thus suggesting that a portion of the FX reserve can be described as unallocated.   

Another report by the Economist Intelligence Unit in August 2023, claimed that 40% of Nigeria’s FX reserves is “encumbered”. According to the report, CBN had used the FX reserves as collateral on a $7.5 billion loan from a foreign bank.  

Rise in usage of other currencies as FX reserves 

The rise in the usage of other currencies as FX reserve currencies comes as quite a surprise, with the US Dollar hitting a level of strength not witnessed in the past decade.

 In addition, moves by global blocs such as the BRICS to decouple from the dollar suggest a shift towards a world that relies on the dollar as the global reserve currency. 

According to IMF analysts, while private investors are onboarding more USD-denominated assets, central banks around the world are slowly shifting away, and they highlighted certain factors responsible for the shift.  

It was noted that these nontraditional reserve currencies are appealing to those who manage reserves because they help diversify investments and offer good returns.

According to the analysts, they have also become easier to trade and manage due to new digital financial technologies like automatic systems for buying and selling and managing liquidity. 

The analysts also noted there was no data to back up the idea that US financial sanctions have accelerated movement away from the greenback.

They noted that countries that want to reduce their reliance on the dollar for political reasons do not share details about their reserve holdings with COFER, and they make up a small part of the global reserves.  

They highlighted some potential reasons as China’s Renminbi internationalization policy, Russia’s geopolitical tensions, which have caused the country to skip the usage of the USD as a reserve currency, and Switzerland’s accumulation of Euros in its reserves over the years.  

According to a 2023 research paper by IMF analysts, Serkan Arslanalp, Barry Eichengreen, and Chima Simpson-Bell, financial sanctions imposed in the past have led central banks to slightly change the mix of currencies they hold in their reserves.  

It was noted that they tend to reduce holdings of currencies that could be frozen due to sanctions and increase holdings of gold. 

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Nairametrics – https://nairametrics.com/2024/06/19/nigerias-share-of-global-fx-reserves-falls-to-0-26-as-global-fx-reserves-hit-12-3-trillion/

Tags: GlobalnewsReserves
Previous Post

Court backs EFCC Chairman’s appointment by Tinubu, berates “busybodies” suit 

Next Post

Aiteo shuts down Nembe oil field due to oil spill 

Ecological crisis in Brazil’s Pantanal fuels human-jaguar conflict – Mongabay

Rising Tensions: How Brazil’s Pantanal Ecological Crisis is Igniting Human-Jaguar Conflicts

June 4, 2025
Why you’re catching the ‘ick’ so easily, according to science – Fast Company

Unpacking the ‘Ick’: The Science Behind Why We Fall Out of Attraction So Easily

June 4, 2025
Science Perspectives to Inform the ICJ Advisory Opinion on Climate Change – SDG Knowledge Hub

Science Perspectives to Inform the ICJ Advisory Opinion on Climate Change – SDG Knowledge Hub

June 4, 2025
My company transferred me from Chicago to London. Here’s how my lifestyle and the work culture compare. – Business Insider

My company transferred me from Chicago to London. Here’s how my lifestyle and the work culture compare. – Business Insider

June 4, 2025
Nvidia reclaims crown as world’s most valuable company as $1 trillion rally continues – Yahoo Finance

Nvidia reclaims crown as world’s most valuable company as $1 trillion rally continues – Yahoo Finance

June 4, 2025
Americans Are Worried About These 3 Aspects of the Economy — Should They Be? – MSN

Are Americans Right to Worry? Unpacking 3 Key Economic Concerns

June 4, 2025
California Mid-State Fair announces entertainment lineups for Frontier and Mission stages – KSBY News

Exciting Entertainment Lineup Unveiled for California Mid-State Fair’s Frontier and Mission Stages!

June 4, 2025
Altera Digital Health Collaborates With MCAG Amid $2.8B Blue Cross Blue Shield Provider Settlement – Business Wire

Altera Digital Health Teams Up with MCAG Following Major $2.8B Blue Cross Blue Shield Settlement

June 4, 2025
Appeals court upholds New York’s Reproductive Health Act – Spectrum News

Victory for Women’s Rights: Appeals Court Affirms New York’s Reproductive Health Act

June 4, 2025
When fiction becomes fact: 3 pieces of modern technology inspired by Star Trek – Redshirts Always Die

From Screen to Reality: 3 Modern Technologies Inspired by Star Trek

June 4, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (666)
  • Economy (680)
  • Entertainment (21,586)
  • General (15,261)
  • Health (9,722)
  • Lifestyle (683)
  • News (22,149)
  • People (681)
  • Politics (689)
  • Science (15,900)
  • Sports (21,184)
  • Technology (15,666)
  • World (667)

Recent News

Ecological crisis in Brazil’s Pantanal fuels human-jaguar conflict – Mongabay

Rising Tensions: How Brazil’s Pantanal Ecological Crisis is Igniting Human-Jaguar Conflicts

June 4, 2025
Why you’re catching the ‘ick’ so easily, according to science – Fast Company

Unpacking the ‘Ick’: The Science Behind Why We Fall Out of Attraction So Easily

June 4, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version