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While Pension assets in Nigeria have been growing in local currency (naira) terms, the dollar value of those assets slumped by 29.4% to $14.39 billion as at January 2024.
The latest data from the regulator, National Pension Commission or PENCOM showed that the exchange rate applied in the period was N1,356/$, compared to N899.39/$ in December 2023.
The naira is down 70% against the dollar since June 2023.
In naira terms, Pension Assets rose by 6.4% to N19.53 trillion between December 2023 and January 2024.
The total Retirement Savings Account (RSA) membership stood at 10.2 million people in January. By asset allocation, FGN Securities led with N12.13 trillion, followed by Corporate bonds at N2.19 trillion, Domestic Equities N1.93 trillion and Money Market Instruments N1.71 trillion, for major asset classes.
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