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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.

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.

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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INEC Chairman Breaks Silence On Atiku’s Fate If Court Rules Against Him.

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The Chairman of the Independent National Electoral Commission (INEC), Joash Amupitan, has stated that the commission will comply with any court ruling concerning former Vice President Atiku Abubakar.....KINDLY READ THE FULL STORY HERE▶

News recalls that the Federal High Court in Abuja, presided over by Justice Peter Lifu, had nullified the David Mark-led African Democratic Congress (ADC) caretaker committee and invalidated its decisions, including the process that produced Atiku as the party’s presidential candidate.

Speaking on the matter on Thursday during an engagement at Chatham House in London, Amupitan said INEC was legally bound to obey any court order, particularly a decision of the Supreme Court, irrespective of its political implications.

He explained that although implementing such rulings could put the commission at the centre of political controversies, it would still have to respect the law.

He said: “If it travels through the courts and, as you said, he eventually fails, well, I’m obligated under section 285 of the Constitution of Nigeria to obey every court order, especially if it is from the Supreme Court.

“But the danger is that whenever there’s such a decision, and it’s you who now has to implement it, you become the problem.

“The problem now is transferred to you. But that is the position of the law.”

The INEC chairman also disclosed that the commission was handling more than 300 court cases, with approximately 66 days remaining before the 2027 general election.

Amupitan said he had previously called for pre-election disputes to be concluded at least six months to one year before an election to enable INEC to focus on its preparations.

According to him, resolving such cases early would allow the commission to concentrate on logistical arrangements, particularly the procurement of sensitive election materials.

He said: “I had advocated in several forums that election matters, pre-election matters rather, should be at least a year before the election. Or let’s say six months.

“So that we can face our logistics. Now we have gone into serious procurement of the most sensitive materials. So that’s a very big issue for us.”

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“My Man Is Not Finding It Funny” – Nkechi Blessing Warns Opeyemi Falegan Over Her Pictures.

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Nollywood actress Nkechi Blessing has appealed to her former lover, Opeyemi Falegan, to stop posting her pictures on social media.....KINDLY READ THE FULL STORY HERE▶

The warning came barely five days after the actress and the Ekiti-born politician reconciled and apologised to each other during a TikTok live session.

News reports that Nkechi and Falegan settled their past differences on November 7, 2026, following issues surrounding their former relationship.

However, Falegan, who is also a United States-based military officer, later shared a picture of himself and the actress on social media.

The post generated reactions among Nigerians, with some assuming that the former lovers had rekindled their romance.

Nkechi, however, dismissed such suggestions, insisting that their reconciliation did not mean they had resumed their romantic relationship.

In a post shared on her Instagram Story on Thursday, the actress called on people close to Falegan to advise him to stop sharing her pictures.

She explained that his repeated posts were creating tension between her and her current partner, who was uncomfortable with the situation.

She said: “Anybody wey sabi that honorable should pls tell him to stop posting my picture on his page every minute. My man is not finding it funny and I am seriously tired of explaining like I’m a child. Oga we don apologise to each other kindly leave me alone na.”

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Nollywood Actor Justin UG Joins US Military, Reveals Why He Chose New Path.

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Nigerian content creator and actor Justin Ugonna, popularly known as Justin UG, has enlisted in the United States military......KINDLY READ THE FULL STORY HERE▶

News reports that the entertainer announced his new career development in a post shared on his Instagram page.

Justin UG revealed that joining the military was never part of his plans, noting that he would have found it difficult to believe anyone who predicted a few years ago that he would eventually wear the military uniform.

He disclosed that the past few weeks had been physically and mentally challenging, but the experience had taught him the importance of mental strength and the ability to push beyond personal limits.

The actor expressed pride in himself for completing the demanding experience, while appreciating the lessons he had learnt along the way.

He wrote: “You never really know where certain decisions will take you or how much they can change the course of your life.

“If you had told me a few years ago that I’d one day be wearing this uniform, I probably wouldn’t have believed you. This was never a path I imagined for myself, but here we are.

“The past few weeks have been some of the most mentally and physically challenging weeks of my life. But if there’s one thing this experience has taught me, it’s just how powerful the mind really is. We’re capable of so much more than we give ourselves credit for and I’m incredibly proud of myself for seeing this through and grateful for everything this experience has taught me.

“Would I want to do it all over again? Absolutely not 🙏😂. But I wouldn’t trade the experience for anything.”

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