Connect with us

News

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

Published

on

Spread the love

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.

Maduka College Advert

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.

News

26-year-old Lawyer dies while celebrating Ghana’s World Cup victory over Panama

Published

on

Spread the love
A 26-year-old lawyer, Sara Araba Tettey, has tragically died while celebrating Ghana’s World Cup victory over Panama.

Tettey, a newly qualified lawyer and alumna of the Faculty of Law at Kwame Nkrumah University of Science and Technology (KNUST), was among millions of Ghanaians rejoicing over the Black Stars’ triumph when tragedy struck.

According to reports, she suffered a cardiac arrest while watching the match with friends at Standard Hostel, a private student hostel located at Bomso near the KNUST campus in Kumasi.

Witnesses immediately rushed her to the KNUST Hospital, where medical personnel reportedly spent about 45 minutes administering Cardiopulmonary Resuscitation (CPR) in a desperate attempt to save her life. Sadly, all efforts proved unsuccessful, and she was pronounced dead.
Tettey had only recently been called to the Ghana Bar, making her sudden death even more heartbreaking for family, friends, colleagues, and members of the legal community.

News of her passing has spread rapidly across the country, casting a shadow over what had been a moment of national celebration. While Ghanaians continue to celebrate the Black Stars’ victory, many are also mourning the loss of a promising young professional whose life was cut short.

The tragic incident has once again highlighted the importance of emergency preparedness and rapid medical response during large public and social events.

What should have been a day remembered solely for Ghana’s sporting success has instead become a day marked by both celebration and sorrow.

Maduka College Advert
Continue Reading

News

Shocking! Vandals excavate, steal 3km of Port Harcourt–Kaduna Pipeline after spending months in South-East forest

Published

on

A petroleum product pipeline
Spread the love

A major national security and economic sabotage has unfolded in Nigeria’s South-East as suspected pipeline vandals have excavated and removed more than three kilometres of a strategic high-pressure petroleum pipeline.

The pipeline transports refined petroleum products from Port Harcourt, Rivers State, to Kaduna in Northern Nigeria.

An investigation revealed that the large-scale vandalisation occurred in remote forests straddling Eha-Amufu in Isi-Uzo Local Government Area of Enugu State and Obeagu Community in Ishielu Local Government Area of Ebonyi State, raising serious questions about security oversight and the protection of critical national infrastructure.

The affected pipeline forms part of Nigeria’s vital petroleum distribution network, conveying petroleum products from the Port Harcourt refinery corridor through several states to northern parts of the country.

During a visit to the scene, SaharaReporters observed extensive excavation trenches stretching across difficult terrain, with evidence suggesting that the operation was carried out over an extended period rather than as a hit-and-run criminal activity.

The scale of the operation indicates a highly organised network involving specialised equipment, logistics support and detailed knowledge of the pipeline route.

Maduka College Advert

Reaching the vandalised section underscored the remoteness of the operation. It took the media over three hours and twenty minutes to reach the area by motorcycle.

At one point, the journey became impossible by road, forcing our crew and the commercial motorcyclist conveying them to abandon the motorcycle and trek more than two kilometres through a dense forest before arriving at the site.

At the scene, large sections of the pipeline had already been excavated and removed, leaving behind deep trenches and signs of heavy mechanical activity.

Residents of both Eha-Amufu and Obeagu communities alleged that the operation was masterminded by a businessman in Ebonyi State, whose identity could not be ascertained at the time of filing this report.

According to multiple sources familiar with the operation, the suspect allegedly mobilised dozens of workers from Abakaliki area of Ebonyi State and established a makeshift camp inside the forest for weeks or even months, while the excavation progressed.

One source told SaharaReporters: “I don’t know his real name. He came with more than 50 able-bodied men from Izzi. They spent over two months inside the bush excavating the pipeline.”

The source added that after exposing the buried infrastructure, the group deployed specialised cutting equipment to slice the pipes into transportable sections before evacuating them in trucks.

“They dug up the pipeline, cut it into pieces using heavy machinery and loaded the materials onto trucks. They lived in the forest throughout the operation. They evacuated the pipes in the dead of the night with assistance of corrupt elements in the security,” the resident said.

Residents expressed shock that such a large-scale operation could have continued for months without attracting decisive intervention from authorities.

Several sources alleged that multiple security agencies operating in the area were aware of the activities of the criminals. (SaharaReporters)

Continue Reading

News

My name has been cleared, says Alison-Madueke after London Jury acquits her of corruption charges

Published

on

Diezani Allison-Madueke
Spread the love

Former Minister of Petroleum Resources, Diezani Alison-Madueke, has declared her complete vindication after being acquitted of all charges brought against her by a jury at Southwark Crown Court in London.

In a statement issued on Wednesday through her representative, Bolouere Opukiri, Alison-Madueke said the verdict marked the end of an eleven-year legal battle that had subjected her and her family to intense public scrutiny.

“Today, at Southwark Crown Court, I was acquitted of all charges brought against me,” she said.

Reflecting on the lengthy legal process, the former minister described the period as one of immense hardship and personal suffering.

“For eleven arduous years, this matter has weighed heavily upon me and my family. Today, a decade of unrelenting and unjust vilification, condemnation, and scrutiny has finally concluded,” she stated.

Alison-Madueke expressed gratitude to God, her legal team, family and friends for their support throughout the trial.

Maduka College Advert

“I give thanks to Almighty God for His faithfulness and for the complete vindication I have received. I am grateful to my legal counsel for their diligence, and to my family and friends for their steadfast support and encouragement throughout this period,” she said.

The former minister said the verdict had brought a sense of relief and closure after years of legal uncertainty.

“I am profoundly relieved. My name has been cleared, and this ordeal has come to an end,” she added.

Despite the acquittal, Alison-Madueke indicated that she intends to speak further about the events of the past decade and outline her future plans.

“This, however, is not the final chapter. In due course, I shall address this difficult period in greater detail and share my intentions for the future. For now, I intend to embrace the freedom that has been unjustly denied me for many years,” she said.

The statement followed her acquittal at Southwark Crown Court, bringing to a close a legal case that had attracted significant public attention over the past eleven years.

Continue Reading

Trending

Maduka College Advert