Global financial service firm JP Morgan has  revealed Nigeria’s estimated net foreign reserve. JP Morgan said Nigeria’s reserve stands at $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.