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Nigeria’s External reserves fall by $1.8bn in 10 weeks – Report

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Nigeria’s foreign exchange reserves have fallen by $1.8bn in 10 weeks, according to data from the Central Bank of Nigeria.

As of May 29, 2024, the country’s FX reserves stood at $32.69bn, down from $34.44bn as of March 18.

This decline signifies a drop from the $36.1bn recorded in May 2023.

The reserves have been declining steadily over the past few months, with a total decrease of $3.4bn since February 2024.

Experts believe that the decline in FX reserves is attributed to a combination of factors, including debt repayment, a significant decline in oil exports, a decrease in foreign investment, and a rise in imports.

Debt repayment recorded by the apex bank as of January 2024 was $560m, it reduced to $283.29m in February and then $276.16m in March 2024. Experts claim that the apex bank must have been servicing the foreign debts from the external reserves.

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In the month of May, the naira ended the month weaker, despite a surge in dollar supply amounting to $4.60 billion in the official foreign exchange market.

The FX market closed for the month on Friday with the naira losing 5.60per cent as the dollar was quoted at N1,485.99, weaker than N1,402.67 quoted at the beginning of the month, according to data from the FMDQ Securities Exchange Limited.

The foreign exchange market closed for May 2024, with the dollar selling for N1,470, weaker weaker than N1,380 quoted at the beginning of the month.

The currency’s performance this week reflects a significant struggle to maintain its value amidst fluctuating forex turnover and investor sentiment.

According to The PUNCH, the CBN Governor, Olayemi Cardoso. gave the specific reasons for the significant decline in the reserves.

He explained, “What we have seen concerning shift in our reserves is the shift that you would find in any country where for example, debts are due and certain payments need to be made and they’re done because that is also part of keeping your credibility intact and other times money comes in and you know it takes the reserves up again and watches in the next couple of days, there will be an improvement.

Nigeria’s economy is heavily reliant on oil exports, which account for over 90 per cent of its foreign exchange earnings.

Financial experts noted that the decline in FX reserves had led to a weakening of the naira, Nigeria’s currency, which has been struggling against the US dollar.

The naira has lost over 100 per cent of its value against the dollar since the beginning of 2024, making it one of the worst-performing currencies in Africa.

“The CBN has been intervening in the foreign exchange market to stabilise the naira and boost investor confidence.

“However, the decline in FX reserves has raised concerns about the country’s ability to meet its foreign debt obligations and finance its imports.

Nigeria’s FX reserves are a critical indicator of the country’s economic health, and the decline has sparked concerns among economic experts. The government has been under pressure to diversify the economy and reduce its reliance on oil exports.

“The decline in FX reserves is a clear indication that Nigeria’s economic challenges are far from over,” he added.

He urged that “the government must take urgent steps to address the decline in oil exports, boost foreign investment, and diversify the economy to prevent further decline in the country’s FX reserves.

Meanwhile, the naira began trading activity at the official market on a positive note, appreciating to N1,476 per dollar on Monday.

The currency increase in value was 0.61 per cent from N1,485.99 recorded on Friday.

The daily market summary released by the FMDQ showed that the intraday high closed at N1,500 from N1,550 per dollar recorded on Friday. The intraday low closed weaker at N1,250/$1 from N1,174.88/$1 quoted at NAFEM on Friday.

The dollar supplied by willing buyers and willing sellers was $121.87m.

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2027: ‘Peter Obi must not die’ — Igbo Group warns of catastrophic consequences

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Peter Obi, Presidential candidate of NDC
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Njiko Igbo Forum, an affiliate of Ohanaeze Ndigbo, has issued a stern warning ahead of the 2027 general elections, cautioning that it will be catastrophic should anything happen to Mr Peter Obi.

It could be recalled that Obi, on Wednesday, raised the alarm that his life was under threat.

The presidential candidate of the Nigeria Democratic Congress, NDC, raised fears that he may not be alive in 2027 to be part of the election.

However, in a statement issued on Thursday, Rev Dr Okechukwu Christopher Obioha, Leader, Njiko Igbo Forum Nigeria, he warned that should anything happen to Obi or he was not in the ballot, the reaction and result would be very catastrophic.

Obioha said the caution was part of the decision taken during an emergency meeting held today, Thursday, in Enugu.

The Forum said, “That we have seen the viral video made by His Excellency, Mr Peter Gregory Obi, speaking on a number of issues, he expressed serious concern that his life is in danger.

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“For him to have gone to the extent of saying he might not be alive before the 16th of January 2027, speaks volumes both in our polity and in the country at large.

“We have seen him in the past, spoke about the federal government trying to frustrate and targeting him not to be in the ballot.

“We have also observed over a period of time that the presidency or the federal government led by President Tinubu does not want Peter Obi to be in the ballot.”

While drawing the attention of the Presidency, Nigeria and the world to those allegations, Njiko Igbo Forum declared that “if anything happens to Mr Peter Gregory Obi or finally his name is not in the ballot for the 16th January, 2026 presidential election, the reaction and result will be very catastrophic and may adversely affect the continued unity in diversity of this country Nigeria.”

It further stated that the Igbo had been very quiet, pushed to the wall, segregated against, marked out everywhere, chased about and even tried to take their possessions.

Njiko Igbo Forum cautioned that keeping quiet does not mean the Igbo are cowards.

It said the ruling government should not forget that for any democracy to thrive, there must be a viral opposition in the polity.

“There is no reason, for what we have seen in the process or polity in trailing Peter Obi and going to an extent of chasing him through all the political parties and now wanting to kill him.

“This outcry by Mr Peter Gregory Obi, must not be taken lightly and request as a matter of urgent National importance, that an urgent investigation panel be constituted to verify Mr Peter Obi’s allegations.

“We are strongly stating again that, nothing should happen to Mr Peter Gregory Obi.

“Yes, Chief Awolowo said, before Nigeria he was of the Yoruba Nation. The same way we are saying before Peter Obi is of Nigeria, he is of the Igbo.

“Mr Peter Gregory Obi will live and become the President of the Federal Republic of Nigeria in 2027,” it declared.

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US releases identities and photos of 124 Nigerians set for deportation

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The United States of America has announced an updated deportation list featuring 124 Nigerians.

This was disclosed in a statement released on the website of the US Department of Homeland Security (DHS) on Wednesday.

The DHS claimed that these individuals have been placed on what it described as its “worst-of-the-worst” criminal register.

While the names and photos have been made public, the timeline for deportations remains undisclosed.

However, the US immigration authorities explained that the deportations are part of ongoing immigration enforcement, stressing that those listed were convicted of serious crimes, but declined to provide details about the offences or when deportations would take place.

The statement read: “The U.S. Department of Homeland Security is highlighting the worst of worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement (ICE).

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“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here.”

The website then listed: “Sunday Adediora, Sunday Kunkushi, Mkpouto Etukudoh, Marcus Unigwe, Olaniyi Ojikutu, Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, Oriyomi Aloba.”

Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay, Joseph Ogbara, Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi and Omotayo Akinto.

There are also Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonye Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, Henry Idiagbonya, Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.

Also listed were Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.

The latest action is part of the sweeping immigration enforcement measures introduced by the administration of US President Donald Trump after his return to office on January 20, 2025.

On his first day back in office, Trump signed a series of executive orders declaring illegal immigration a national emergency and directing federal agencies to intensify border security and accelerate the removal of undocumented migrants.

One of the orders, titled: “Protecting the American People Against Invasion, instructed immigration authorities to prioritise the arrest and deportation of removable migrants, particularly those considered threats to public safety and national security.”

Defending the policy, the DHS said the administration was delivering on Trump’s campaign promise to carry out mass deportations, beginning with what it described as the “worst of the worst” criminal offenders.

The department said officers of the US Immigration and Customs Enforcement had been directed to intensify operations nationwide against non-citizens convicted of serious crimes.

White House Press Secretary Karoline Leavitt has also defended the crackdown, saying the administration remained committed to enforcing immigration laws and removing undocumented immigrants with criminal records in line with President Trump’s immigration agenda.Executive Branch

Official US immigration data indicate that Guatemala has recorded the highest number of deportees since the renewed crackdown began, followed by Honduras, Mexico and El Salvador, reflecting the administration’s focus on migrants from Latin America.

The US has also expanded deportation flights to countries across Africa, Asia and the Caribbean as enforcement operations continue.

Nigeria has also come under increased scrutiny by the Trump administration. In June, Washington imposed partial visa restrictions on Nigerian citizens, citing concerns over identity management, information sharing, visa overstay rates and security screening.Demographics.

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Atiku rejects ICPC probe of PFIPC, demands independent panel with ADC, PDP, NDC included

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Atiku Abubakar
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Former Vice-President Atiku Abubakar has demanded the establishment of an independent commission of inquiry to probe the controversial Presidential Foreign Intervention Promotion Council (PFIPC).

The PFIPC has come under scrutiny over the N1.3 billion budgetary allocation made to the council in the 2026 budget.

On June 11, Femi Gbajabiamila, chief of staff to President Bola Tinubu, issued a public disclaimer disowning the appointment of Adeniyi Adeyemi as the head of the council.

The former speaker of the house of representatives said such an office “does not exist” under Tinubu’s government, and no appointment has been made in that regard.

But Adeyemi rejected Gbajabiamila’s claim, describing it as a contradiction in official government records.

The presidency would later accuse Adeyemi of forging documents, including an appointment letter, to present himself as the head of the alleged non-existent government agency.

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On Tuesday, Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a “thorough investigation” into the PFIPC controversy.

‘FG MUST SET UP AN INDEPENDENT PANEL’

In a statement issued on Wednesday through Phrank Shaibu, his senior special assistant on public communication, Atiku said Tinubu’s directive to the ICPC to investigate the matter was a response to the seven-day ultimatum he had earlier issued demanding a transparent probe.

He said Tinubu’s directive to the ICPC exposed contradictions in the presidency’s previous position that the matter had already been comprehensively investigated by the police, with a suspect arrested and criminal charges filed.

“If all of that is true, what exactly is the ICPC expected to spend another 30 days investigating?” Atiku asked.

The presidential candidate of the African Democratic Congress (ADC) said if the police probe was indeed comprehensive, another investigation by a government agency would be unnecessary.

“What Nigerians demanded was never another internal government investigation. We demanded an independent investigation,” he said.

Atiku proposed the immediate establishment of a special independent commission of inquiry comprising 10 eminent Nigerians nominated by the federal government, the ADC, the Nigeria Democratic Congress (NDC), the Peoples Democratic Party (PDP), civil society organisations (CSOs), the Nigerian Bar Association (NBA), and retired judicial officers.Politics (Left)

He said the proposed panel should be empowered to conduct a comprehensive investigation into every aspect of the PFIPC affair, review investigative records compiled by the police and other security agencies, summon serving and former public officials where necessary, publish a white paper containing its findings and recommendations, and conclude its assignment within one month.

Atiku said only an independent commission, with representation from the government, opposition parties and CSOs, would command public confidence and restore trust in the outcome of the investigation.

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