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Nigeria’s Reserve is $3.7b, Not $33.8b – JP Morgan Clarifies

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Nigeria?s reserve is .7b, not .8b - JP Morgan clarifies

Global financial service firm JP Morgan has estimated Nigeria’s net foreign reserve to be $3.7 billion, a figure very well below the $33.8 billion stated on the Central Bank of Nigeria (CBN) website last week.

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 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.”

The bank said 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.

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Obeena Delivers Show-Stopping Performance at Igbotic Game Night in East London

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East Ham, East London — 8 August 2026: The vibrant Igbo community in the UK came together for an unforgettable evening of entertainment, culture and social connection at Igbotic Game Night, one of the biggest social gatherings celebrating the Igbo community in the United Kingdom.

Among the night’s standout moments was an electrifying performance by Afrobeats artist Obeena, who took the stage and immediately captured the attention of the crowd.

Obeena delivered performances of two of his hit songs, “Wara Wara” and “Banging,” bringing his energetic sound and distinctive stage presence to the event. From the opening moments of his set, fans responded with excitement, singing along, dancing and enthusiastically supporting the artist.

His performance of “Wara Wara” created an instant connection with the audience, while “Banging” took the energy to another level. Obeena’s ability to engage the crowd transformed his set into one of the most memorable entertainment moments of the evening.

Held in East Ham, East London, on 8 August 2026, Igbotic Game Night provided a unique platform for members of the Igbo community to celebrate their heritage while enjoying music, games and social interaction. Events such as this continue to play an important role in bringing together Nigerians and the wider African diaspora in the UK.

For Obeena, the performance was another opportunity to showcase his growing artistry and connect directly with fans. His energetic delivery, stage confidence and ability to command the audience demonstrated why his live performances continue to attract attention.

By the end of his set, Obeena had left the crowd amazed and added another memorable chapter to his journey as an Afrobeats artist. His appearance at Igbotic Game Night was not simply a performance—it was a celebration of Nigerian music, culture and community.

 

With performances like this, Obeena continues to demonstrate his ambition to take his sound beyond the studio and onto major stages, connecting with audiences through music, energy and an unmistakable African identity.

Igbotic Game Night brought the Igbo community together. Obeena gave them a performance to remember.

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Afrocentric Music Festival Invites 1,000 Music Artists!

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Are you a rising African artist ready to take your career to the next level? Showcase your talent on a massive stage at the AFROCENTRIC Music Festival in Abuja, running from November 7–18, 2026! Presented by NICOCUSA’s AFROCENTRIC Cultural Expo, this premier platform is inviting 1,000 up-and-coming artists to perform live before tens of thousands of music lovers, industry insiders, and energetic fans. Don’t miss this life-changing opportunity to launch your music career on a global stage—slots are limited, so visit afrocentricculturalexpo.com to register today, and follow us on social media for live updates!

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KenryWhite Releases “Kilometers” & “The King” A Powerful Double Release Celebrating Faith, Purpose, and the Journey to Greatness

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Nigerian Afrofusion artist KenryWhite unveils his compelling two-track release, “Kilometers & The King,” a project that explores the realities of life’s journey while affirming identity, faith, and purpose.

Leading the release is “Kilometers,” an uplifting anthem that reflects on the distance between dreams and fulfillment. Through heartfelt lyrics, captivating melodies, and vibrant Afrobeats production, KenryWhite encourages listeners to embrace the process, remain resilient, and keep moving forward despite life’s challenges.

Complementing the project is “The King,” featuring Wonder J. The record is a bold declaration of confidence, royalty, and divine purpose, blending infectious Afrobeats rhythms with inspiring lyricism. Together, the duo delivers a record that celebrates self-belief, leadership, and the mindset required to overcome every obstacle.

With rich storytelling, memorable melodies, and contemporary African sounds, “Kilometers & The King” showcases KenryWhite’s artistic growth while delivering music that inspires, motivates, and connects with audiences across the globe.

Now available on all major streaming platforms, “Kilometers & The King” invites listeners to embrace the journey, recognize their worth, and walk confidently into their purpose.

 

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