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Nigeria’s External Reserves Soar To $41 Billion, Sparks Expert Reactions

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Nigeria’s external reserves have risen to $41.046 billion, the highest level in nearly four years, sparking optimism among economists and financial market watchers.....KINDLY READ THE FULL STORY HERE▶

According to Nivo News, Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said the buildup in reserves will strengthen the naira, stabilize the economy, and boost investor confidence. He noted that healthy reserves also enhance Nigeria’s capacity to meet external financial obligations and reduce inflationary pressures.

“When reserves are robust, the currency gains strength and the economy becomes more stable,” Yusuf explained. “It signals to both domestic and foreign investors that the economy is healthy and conducive for business. If the exchange rate holds steady, inflation is also likely to ease. This is a very positive development, showing that recent reforms are starting to produce tangible results.”

Central Bank of Nigeria (CBN) data show that while reserves have grown by only 0.39 percent year-to-date—rising from $40.88 billion on January 2 to $41.04 billion on August 20—much of the buildup occurred in August. Within 20 days, reserves climbed by $1.5 billion, or 3.8 percent, from $39.54 billion at the start of the month.

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Financial experts attribute the improvement to reforms in Nigeria’s foreign exchange market. Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, highlighted the unification of exchange rates, clearance of over $7 billion in forex backlogs, and the introduction of the Nigeria FX Code as measures that have restored confidence.

CBN Governor Olayemi Cardoso also expressed optimism, noting that the reforms are yielding results. “We have done what we should do—acting as a catalyst to make this happen. And it is happening. The numbers are showing it,” he said at the last Monetary Policy Committee meeting.

Analysts further point to elevated treasury yields, regular open market operations, stronger crude oil prices, and improved production volumes as factors driving foreign exchange inflows. A mid-year economic outlook by CardinalStone projected that reserves could exceed $41 billion by year-end, supported by plans to secure $3.2 billion in external borrowings and continued portfolio inflows.

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Meanwhile, the naira recorded a slight appreciation at the Nigerian Foreign Exchange Market (NFEM), closing at ₦1,535.78 to the dollar on Thursday, compared to ₦1,536.73 on Wednesday. The currency remained stable in the parallel market, trading between ₦1,545 and ₦1,550 per dollar.

Analysts at FBNQuest Merchant Bank, however, cautioned that heavy reliance on foreign portfolio investments poses risks. “The sustained dominance of portfolio inflows as a key source of forex supply underscores Nigeria’s dependence on short-term capital to maintain liquidity. While this offers immediate relief, it leaves the market vulnerable,” the firm warned.

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Kwara PDP Protests As Govt Moves To Reopen Robbery Case Against Saraki, Others.

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The Peoples Democratic Party (PDP) in Kwara State has strongly opposed reported moves by the state government to revisit the alleged Offa robbery case involving former Governor Abubakar Bukola Saraki and others.....KINDLY READ THE FULL STORY HERE▶

reports that the party made its position known during an emergency press conference in Ilorin on Friday, describing the development as politically motivated and unjust.

PDP spokesman, Comrade Olushola Adewara, said the alleged plan to reopen the case amounts to an attempt to politicise a matter that has already been concluded by the courts.

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He alleged that the move was targeted at dragging Saraki into a case in which, according to him, legal authorities had previously found no evidence linking him to the incident.

Adewara referenced earlier legal opinions from the Office of the Attorney General of the Federation, which reportedly stated that Saraki was not connected to the robbery case.

The party insisted that suspects in the case had already been prosecuted and convicted, with judgments upheld at appellate levels, while the matter is currently before the Supreme Court.

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PDP urged Governor Abdulrahman Abdulrazaq to focus on governance rather than what it described as attempts to revive old political narratives.

It also called on security agencies to monitor the situation closely, warning that such actions could heighten political tension in the state.

The party further appealed to residents, especially families of victims in Offa, not to allow their pain to be used for political purposes.

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2027: Oyo APC Senator Alli Declares Governorship Ambition.

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Senator representing Oyo South, Sharafadeen Alli, has declared his intention to contest the Oyo State governorship election ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Alli, who serves under the All Progressives Congress (APC), made the declaration on Friday during a formal event held at the Police Field in Yemetu, Ibadan North Local Government Area.

The APC chieftain and Ekaarun Balogun of Ibadanland said he will be running on the platform of his party.

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The event attracted thousands of APC leaders, stakeholders, and members, including top political figures such as Senator Yunus Akintunde, House of Representatives members Akin Alabi, Aderemi Oseni, Akeem Adeyemi, Olafisoye Akinmoyede, Tajudeen Abisodun, and Senator Hamzat Adeseun.

Also in attendance were former Deputy Governor Iyiola Oladokun, Asiwaju Yemi Aderibigbe, and Alhaji Fatai Ibikunle, among others.

Alli said his decision followed wide consultations with stakeholders and was driven by his desire to advance the development of Oyo State.

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He noted his past political experience, including serving as Chairman of Ibadan North Local Government and Secretary to the Oyo State Government under Senator Rasidi Ladoja, as well as his current role in the Senate, where he said he has consistently advocated for his constituents.

According to him, his ambition is focused on delivering better governance and moving the state forward.

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Showunmi Declares For Ogun 2027 Governorship, Seeks IPAC Support.

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A PDP chieftain and convener of The Alternative, Otunba Segun Showunmi, has declared his intention to contest the 2027 Ogun State governorship election.....KINDLY READ THE FULL STORY HERE▶

reports that Showunmi made the announcement during a courtesy visit to the Inter-Party Advisory Council (IPAC) secretariat in Abeokuta on Friday.

He called for a broad political coalition involving opposition parties and grassroots groups to challenge what he described as the failures of dominant political forces in the state.

Showunmi argued that political parties may choose or endorse candidates, but insisted such arrangements must not deny voters a genuine electoral choice.

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He said: “I will be running for governor in the 2027 governorship election. I have come to plead with you to set up a small committee… to determine how we can collaborate to make this happen.”

He also questioned whether Ogun State would experience a “coronation” or a competitive election process, urging stakeholders to allow open political contest.

The PDP chieftain noted that Ogun West’s long-standing exclusion from producing a governor is a legitimate grievance, but stressed that aspirations must still be tested through competition.

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He advocated issue-based campaigns ahead of 2027, rejecting “money politics” and challenging aspirants to public debates on governance.

Showunmi maintained that he has no history of violence or political thuggery, insisting the election should be centred on ideas and development plans for the state.

In response, IPAC leadership and other political actors at the event called for collaboration and careful selection of leaders ahead of the 2027 elections.

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