* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, September 5, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

    Comanche Nation Entertainment closes casino near Devol – KSWO 7News

    Comanche Nation Entertainment Closes Casino Near Devol in Surprising Move

  • 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
    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    New Technology from Ramsey Theory Group Brings Diagnostic Testing and Telehealth Directly into Patients’ Homes – Yahoo Finance

    Revolutionary Ramsey Theory Technology Delivers Diagnostic Testing and Telehealth Right to Your Doorstep

    China’s CATL sells stake in Finnish subcontract car manufacturer – Reuters

    China’s CATL Sells Stake in Finnish Auto Supplier in Strategic Move

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

    Comanche Nation Entertainment closes casino near Devol – KSWO 7News

    Comanche Nation Entertainment Closes Casino Near Devol in Surprising Move

  • 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
    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    New Technology from Ramsey Theory Group Brings Diagnostic Testing and Telehealth Directly into Patients’ Homes – Yahoo Finance

    Revolutionary Ramsey Theory Technology Delivers Diagnostic Testing and Telehealth Right to Your Doorstep

    China’s CATL sells stake in Finnish subcontract car manufacturer – Reuters

    China’s CATL Sells Stake in Finnish Auto Supplier in Strategic Move

    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 

Singapore Thrived in a US-Led World. Now What? – Bloomberg

Singapore Thrived in a US-Led World. Now What? – Bloomberg

September 5, 2025
Niger will be Africa’s fastest-growing economy in 2025, says World Bank – Peoples Dispatch

Niger will be Africa’s fastest-growing economy in 2025, says World Bank – Peoples Dispatch

September 5, 2025
Justin Bieber’s ‘Swag II’ Album Isn’t Out as Promised & It’s Keeping Fans Waiting – yahoo.com

Justin Bieber’s ‘Swag II’ Album Postponed, Fans Left Counting Down the Days

September 5, 2025
Kennedy draws bipartisan pushback at Senate hearing over moves to limit vaccines – NBC News

Kennedy Faces Strong Bipartisan Opposition at Senate Hearing Over Vaccine Restrictions

September 5, 2025
Stephen A. Smith is ready to talk politics: ‘I will spare no one’ – The Washington Post

Stephen A. Smith Is Ready to Dive Into Politics: ‘I Will Spare No One

September 5, 2025
Borgo Laudato si’: Pope Leo XIV to launch new ecological and spiritual chapter – Vatican News

Pope Leo XIV to Ignite a Powerful New Era of Ecological and Spiritual Renewal at Borgo Laudato Si

September 4, 2025
Scientific objectivity is a myth – cultural values and beliefs always influence science and the people who do it – The Conversation

Why Scientific Objectivity Is a Myth: How Culture Shapes Science and Its Practitioners

September 4, 2025
Nuclear Fuel: The Art And Science Of The Nuclear Renaissance – The National Interest

Nuclear Fuel Uncovered: The Art and Science Powering the New Energy Revolution

September 4, 2025

Ramlila Artists Embrace Healthy Lifestyles to Truly Bring Divine Characters to Life

September 4, 2025
Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

September 4, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
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 (807)
  • Economy (826)
  • Entertainment (21,704)
  • General (16,863)
  • Health (9,867)
  • Lifestyle (839)
  • News (22,149)
  • People (827)
  • Politics (833)
  • Science (16,036)
  • Sports (21,324)
  • Technology (15,806)
  • World (807)

Recent News

Singapore Thrived in a US-Led World. Now What? – Bloomberg

Singapore Thrived in a US-Led World. Now What? – Bloomberg

September 5, 2025
Niger will be Africa’s fastest-growing economy in 2025, says World Bank – Peoples Dispatch

Niger will be Africa’s fastest-growing economy in 2025, says World Bank – Peoples Dispatch

September 5, 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