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$23bn net foreign exchange reserves will stablise exchange rate – Expert

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A financial expert, Prof. Uche Uwaleke, has said the current size of Net Foreign Exchange Reserves (NRER) at 23.11 billion dollars will positively impact on the value of the Naira.

Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, is also the President of the Capital Market Academics of Nigeria.

He said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to him, accretion to external reserves puts the Central Bank of Nigeria (CBN) in a stronger position to defend the value of the naira.

“The CBN can leverage rising external reserves to intervene in the forex market whenever it becomes necessary to stabilise the exchange rate,” he said.

He, however, raised concerns that the increase in the nation’s foreign reserves had been largely on account of temporary FX inflows such as Foreign Portfolio Investments (FPIs) and foreign loans.

He said that they represented unsustainable sources of growing external reserves.

“Impatient capital such as FPIs carry a lot of risks and have the potential of destabilising the economy whenever they leave the country.

“Against this backdrop, the government should pay more attention to diversifying the export base of the economy, especially via agriculture and solid minerals.

“The government should also create the enabling environment that attracts sustainable Foreign Direct Investments (FDIs) ,” he said.

NAN reports that the CBN recently revealed that the NFER stood at 23.11 billion dollars at the end of 2024, their highest level in three years.

The apex bank said that the development signalled a major improvement in the country’s external financial position.

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It said that the NFER, which adjusts gross reserves to account for near-term liabilities such as currency swaps and forward contracts, stood at 3.99 billion dollars at the end of 2023.

According to the CBN Governor, Yemi Cardoso, the improved position was due to substantial reduction in short-term foreign exchange liabilities, notably swaps and forward obligations.

Cardoso cited measures aimed at boosting forex market confidence and reserves, alongside increased non-oil foreign exchange inflows.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.

“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms,” Cardoso said.

He said that Gross external reserves also climbed to 40.19 billion dollars at the end of 2024, up from 33.22 billion dollars the previous year.

“Reserves declined in the first quarter of 2025 due to seasonal factors and foreign debt interest payments, the CBN anticipates a steady uptick in reserves throughout the second quarter,” Cardoso said. (NAN)

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Trending video on alleged Boko Haram invasion of Oyo recycled – Police

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The Oyo State Police Command on Tuesday said that the video of the alleged invasion of the state by suspected Boko Haram currently circulating on social media was recycled.

The command’s spokesman, CSP Adewale Osifeso, stated this in a statement made available to newsmen on Tuesday in Ibadan, the state capital.

The News Agency of Nigeria reports that a video clip is currently being circulated on social media alleging the arrest of suspected Boko Haram members who invaded the state along the Ibadan Expressway.

“The Police Command in Oyo wishes to address the recent circulation of misleading information on social media regarding a video that purportedly shows an attempted invasion of the state by Boko Haram elements intercepted along the Ibadan Express road.

“The video, which allegedly depicts articulated trucks filled with motorcycles and weapons, has been verified as a recycled clip from 2022,” he said.

Osifeso said the re-emergence of the video, particularly during a period of enhanced security in the state, suggests a deliberate attempt by certain individuals with malicious intent, seeking to spread falsehoods and incite fear and unrest.

 

“The command urges the public to remain vigilant and disregard such antics; we assure that this does not pose any current threat to the safety and security of the state.

“To further substantiate our claim regarding the video’s outdated nature, we note that the Divisional Crime Officer (DCO) at the Ilero Divisional Police Headquarters, DSP. Segun Adeyemo, who appeared briefly in the video, retired from the Nigeria Police Force in August 2024 after a long period of meritorious service,” he added.

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Osifeso reaffirmed the command’s unwavering commitment to safeguarding all residents in the state.

He urged the public to avoid circulating outdated video content pertaining to issues that had been previously resolved and encouraged them to thoroughly verify any information before sharing on social media.

NAN

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A Night of Prestige: Glenfiddich Grand Cru Partners Viva Jets For Premium In-Flight Experience

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It was an evening of glamour, prestige, and fine living as the crème de la crème of society gathered for the Falcon Aero Jet Night, hosted in collaboration with Glenfiddich Grand Cru. The event, which took place amidst an atmosphere of refined luxury, marked the announcement of a major partnership: Glenfiddich Grand Cru is now the official in-flight spirit and drinks partner for Viva Jets, catering to both local and intercontinental long-haul flights.

The gathering attracted industry heavyweights, top executives, and celebrated Nigerian celebrities, all of whom came out in full support of the union between the two premium brands. Guests and business leaders at the event expressed strong optimism that the partnership would set new standards for luxury travel and sophisticated experiences, aligning with the shared values of excellence and class that both brands embody.

Speaking on the significance of the partnership, Eddie Madaki, the Glenfiddich Grand Cru representative, emphasized that the collaboration with Viva Jets is a testament to the brand’s commitment to offering memorable, world-class experiences. “This partnership with Aero Jet will continue to create unforgettable memories for our patrons. Glenfiddich Grand Cru stands for elegance, tradition, and innovation, and we are excited to bring this spirit of excellence to the skies,” he said.

A representative from Aero Jet also shared insights into their vision for the collaboration, highlighting the importance of selecting Glenfiddich Grand Cru as their official in-flight partner. According to the representative, the choice was driven by Glenfiddich’s reputation for quality and luxury, which perfectly complements the bespoke flying experience Aero Jet is renowned for providing to its discerning clientele.

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Glenfiddich Grand Cru is a unique expression from the Glenfiddich distillery, renowned globally for its pioneering spirit and craftsmanship. Aged for 23 years and finished in rare French cuvée casks, Glenfiddich Grand Cru fuses the finest flavours from Scotland and France, delivering an extraordinary drinking experience designed to celebrate life’s most special moments. This latest partnership further cements Glenfiddich’s standing as a beacon of luxury and sophistication.

The Falcon Aero Jet Night was not just a celebration of a new venture, but a true testament to the power of vision, craftsmanship, and shared values, ushering in a new era of premium experiences in aviation and luxury lifestyle.

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Leaders Now Truly Committed To Southern Kaduna Development – KADIRS Boss

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By Israel Bulus, Kaduna

The Executive Chairman of the Kaduna State Internal Revenue Service (KADIRS), Comrade Jerry Adams, has commended the growing commitment of political leaders to the development of Southern Kaduna, describing it as unprecedented.

Speaking at the Southern Kaduna Solemn Assembly for Restoration held in Bara, Jema’a Local Government Area, Adams attributed the progress to the inclusive governance style of Governor Uba Sani and President Bola Ahmed Tinubu, citing several ongoing developmental projects as evidence of their dedication.

The meeting, convened at the instance of the Chief of Defence Staff, General Christopher Musa, brought together traditional rulers, religious leaders, and political figures to strategize on advancing the region’s growth.

Adams noted that Southern Kaduna is witnessing an unparalleled drive for development under the current leadership, and he urged residents to remain politically united ahead of the 2027 elections to consolidate these gains.

“Since the return of democracy, this is the first time we are seeing leaders who are truly passionate about the development of Southern Kaduna,” he said.

“We must learn to love ourselves so that others can love and respect us.”

Highlighting some of the projects the Governor played a pivotal role, Adams mentioned the military barracks under construction in Samaru Kataf, the Federal Medical Centre in Kafanchan, and the Federal University of Applied Sciences in Kachia.

He emphasized that the governor had to reclaim some state-owned properties to facilitate these developments.

“Southern Kaduna is not there yet, but we are firmly on the path to progress,” Adams asserted.

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He further called on the people of the region to unite politically and vote strategically in the 2027 elections, stressing that coordinated political action is crucial for attracting greater development.

“We must bring our votes together and negotiate a better deal for our people, rather than voting indiscriminately, which in the past has led to misfortune for the region,” he added.

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