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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.

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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.

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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Fulani Militia leader linked to Christian killings arrested in Plateau

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Mahmoud Adam, a suspected militant allegedly linked to deadly attacks on Christian communities in Nigeria’s Middle Belt, has reportedly been arrested in Plateau State.

The arrest was disclosed in an exclusive report published on Friday by the US-based Daily Caller, which identified Adam as an alleged secret leader of the Fulani Ethnic Militia (FEM) operating in Plateau State and surrounding parts of the Middle Belt.

According to the report, Adam was arrested in the early hours of September 12 at his compound in Plateau State, where he was known as a prominent Fulani community leader.

A former US intelligence officer with expertise in Islamist terrorism reportedly confirmed Adam’s alleged role in FEM, while Nigerian journalist Masara Kim of Truth Nigeria was also cited as having reported evidence allegedly linking him to deadly attacks in Plateau State.

The Daily Caller said information from a whistleblower indicated that Adam had previously established contacts with senior Nigerian military figures and had allegedly received high-value gifts from military officers.

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The report also alleged that a serving senator had intervened in 2024 to secure Adam’s release following an earlier arrest.

The senator, Shehu Buba, has previously denied allegations of links to criminal networks. Separate reports said photographs showing Buba and Adam together have emerged, prompting calls for further investigation.

The Daily Caller reported that Adam was previously released from custody several days after his 2024 arrest following the alleged intervention.

Photographs cited by the publication reportedly show Adam meeting a Nigerian major general in 2023. According to the account accompanying the photographs, the military officer handed over five motorcycles to Adam and associates as part of efforts described as aimed at restoring peace in Plateau State.

The latest arrest comes amid renewed security concerns in Plateau State, where several communities have experienced deadly attacks in recent weeks. Local reports have linked some of the violence to armed groups, although attribution for individual attacks remains subject to confirmation by security authorities.

Reports of Adam’s arrest have also generated reactions in the United States. US Representative Riley Moore welcomed the reported arrest, describing it as evidence of increased US-Nigeria security cooperation, while the circumstances surrounding the allegations against Adam remain subject to official investigation and clarification.

As of the latest reports, the Nigerian security agencies had not publicly released a detailed statement outlining the charges against Adam or the evidence being relied upon in the investigation.

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IGP Disu deploys DIG, two CPs to rescue abducted NYSC members, passengers

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 The Inspector-General of Police (IGP), Tunji Disu, has deployed Shehu Nadada, Deputy Inspector-General of Police (DIG) in charge of operations, to coordinate the the rescue of 20 passengers abducted in Imo.

On October 1, two buses conveying National Youth Service Corps (NYSC) members and other passengers were waylaid in Umunoha, along Owerri-Onitsha expressway.

The police command in Imo said it recovered the two buses and rescued 10 persons at the scene of the incident.

In a statement on Friday, Anietie Iniedu, force spokesperson, said Nadada has arrived in the state with two commissioners of police and conducted on-the-spot assessment of the operation.

He said the DIG reviewed the deployment of personnel and operational assets and issued directives to strengthen the coordinated response.

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Iniedu said the assessment was conducted alongside Audu Bosso, Commissioner of Police in Imo; Akpan Anifiok, commissioner of police in charge of federal operations, and other service commanders.

“The search-and-rescue operation has been further intensified, with additional deployments of tactical teams and operational assets across identified areas, backed by intelligence-led tracking of the suspects,” the statement reads.

“The police are working in close coordination with sister security agencies to ensure the safe rescue of the abducted persons and the apprehension of the perpetrators.”

The force assured the public that it would continue the operation until the 20 abducted persons are rescued.

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NYSC Abduction: Families panic over N950m ransom demand

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Some of the victims rescued by security operatives
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Abductors who seized 19 graduates travelling from Ibadan, Oyo State, for their National Youth Service Corps orientation camps have demanded N950m for their release.

The victims were travelling in two buses when gunmen attacked them along the Owerri-Onitsha Road in Umunoha, Imo State, on Thursday.

The Managing Director of Uko Akwa Ibom Motors Nigeria Limited, Isiah Akpan, who confirmed the incident on Friday, said the gunmen demanded N50m for each of the victims.

He noted that occupants of the vehicles, owned by his company, were corps members heading to Abia and Akwa Ibom orientation camps.

It was gathered on Friday that the abductors contacted some of the victims’ families and demanded N50m for each person.

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The demand heightened anxiety among families as security operatives continued efforts to locate the missing passengers.

Recounting how the incident happened, Akpan said the two buses left Bodija/Samonda Park in Ibadan on Wednesday but were delayed by traffic around Benin, Edo State.

According to him, the vehicles eventually reached Onitsha, Anambra State, late in the day.

He explained that they could not continue the journey because of the condition of the road, forcing the drivers and passengers to spend the night in Oba.

Akpan said the buses resumed their journey around 5 am on Thursday.

He said they had barely entered Imo State when gunmen emerged from the bush.

“They blocked the two vehicles and took 19 passengers, all corps members, into the bush,” he added.

Akpan noted that the drivers managed to escape and alerted security personnel at a nearby checkpoint, prompting the police and military to begin searching the area.

He, however, said the search operation was initially complicated when some villagers allegedly prevented security personnel from removing the abandoned buses from the scene.

According to him, the intervention delayed the movement of security personnel as they attempted to pursue the abductors.

The two buses were subsequently left at the scene, with passengers’ belongings scattered inside the vehicles.

The Imo State Police Command had on Thursday night said 10 victims were rescued.

In a statement on Friday, the Police Public Relations Officer, Henry Okoye, explained that security agencies were on the trail of the abductors and had launched a coordinated search for the remaining victims.

However, Okoye could not confirm if the rescued victims were among the abducted corps members.

Parents in panic

A parent of one of the victims, who did not want to be named for security reasons, told Saturday PUNCH that the abductors contacted her through her son’s phone and demanded N50m for his release.

“The kidnappers called with my son’s phone this morning (Friday) and demanded N50m for his release. The N50m is for only my son,” she said.

Another mother, who identified herself as Mrs Oladosu, whose daughter, Greatness, was travelling to Uyo, said the abductors briefly contacted the family through her daughter’s phone.

She said the family was able to see Greatness and other victims during a video call.

“They used my daughter’s number to call us. We saw her and other corps members sitting on the ground in the bush, crying. Where will petty traders get N50m? They are just going to serve Nigeria; why this punishment?” Oladosu lamented.

In a viral video obtained by Saturday PUNCH on Friday, Mrs Alimotu Akanke, the mother of another victim, Akande Farouq, said she had been tracking her son’s journey when the distress message arrived.

Farouq, who was posted to Abia State, according to his mother, managed to send a one-word message, “Kidnappers!”, to his family WhatsApp group before his telephone line went dead.

A manifest from the two affected vehicles listed 30 passengers, 15 in each bus, while two other vehicles operated by the same company and heading to Abia State escaped the attack.

Among those on the manifest were Akande Kehinde, Olaleye Mary, Oladosu Greatness, Obafunsho Rhoda, Abdulrof Anifat, Esther Oyede, Hassan Usman, Ayomide Isa, Mary Makinde, Azeez Adejoke and Abdulrazaq Anifat.

Friends launch social media campaigns for victims

Some purported friends of the abducted prospective NYSC members have taken to social media to seek support for their rescue.

One of the victims was identified as Precious Oladipupo, a graduate of Obafemi Awolowo University.

Writing on X, one Adebayo (@Adebayoakim1), solicited public support for the safe release of Wahab Ayandare, whom he claimed was also abducted in the same incident.

Another friend, Akinlabi Abayomi (@Mubiiiiin), appealed for help for another alleged victim, Oyindamola Adeoye.

Abayomi said the abductors had demanded N50m for her release. PUNCH

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