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Nigeria’s external reserves increase to $35bn — first time in over a year

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Nigeria’s external reserves increased to $35.05 billion on July 8 — the highest since May 30, 2023.

 

According to data from the Central Bank of Nigeria (CBN), the foreign reserves rose by $280 million from $34.77 billion on July 5.

 

The country’s foreign reserves recorded steady increases in July — reaching the highest so far in the year.

 

The foreign reserves rose from $34.34 billion to $34.43 billion, 34.55 billion, and $34.66 billion from July 1 to 4, respectively.

 

The latest data is also the first time Nigeria’s external reserves would reach such levels since May 30, 2023 (at $35.09 billion) — a day after the present administration took office.

 

Since President Bola Tinubu assumed office, the federal government, through the CBN, has introduced several policies to improve the foreign exchange (FX) market and strengthen the naira.

 

One of the latest interventions is the apex bank’s directive to banks to transfer all excess foreign currency notes to its Lagos or Abuja branches.

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In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the Bank,” CBN had said.

 

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”

 

Olayemi Cardoso, governor of CBN, on June 25, said the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.

 

Meanwhile, despite the positive movement in foreign reserves, the naira weakened at the close of Wednesday, trading at N1,561 against the dollar in the official window

 

 

 

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Bauchi Gov Bala Mohammed dumps PDP for APM

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Governor Bala Mohammed of Bauchi state has resigned his membership of the Peoples Democratic Congress (PDP).

The governor announced his decision to join the Allied Peoples Movement (APM) during a stakeholders’ meeting on Saturday.

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I don’t reply when Obi’s supporters abuse me because I want peace —Amaechi

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Former governor of Rivers state and ex-minister of transportation, Rotimi Amaechi, has claimed that supporters of Peter Obi, the 2023 Labour Party (LP) presidential candidate, have “abused” him, but that he has refused to respond.

Amaechi spoke on Friday in Lagos at a town hall convened by his supporters under the aegis of the African Democratic Congress (ADC) progressive movement.

He said he has warned his supporters to argue with facts instead of engaging in online abuse of party chieftains or political opponents.

“My people don’t fight. Have you seen any Amaechi person fighting on social media? It is between Atiku people and the Obi people. And Obi people are abusing me; we never reply,” he said, according to a video posted on X by CRA27 Advocacy, his campaign network.

“It’s not because we don’t know English or we cannot reply. The reason we don’t reply is that we always want peace.”

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He said his camp avoids verbal attacks to keep the opposition united ahead of the elections.

“There are things you say when you want to win, because it becomes difficult to bring everybody together. Because we know we will win, we’re not abusing everybody, so we can bring everyone together. I’m careful what I say,” he said.

“My team is under permanent instruction: don’t abuse anybody in ADC. Even Mr President — don’t abuse the president, show the facts.”

Amaechi, who contested for the presidency in 2023 on the platform of the All Progressives Congress (APC), but came second in the primary won by President Bola Tinubu, officially joined the ADC on March 6 and is seeking the party’s 2027 presidential ticket alongside Obi and former Vice-President Atiku Abubakar.

At the Lagos event, Amaechi reiterated his ambition, urging Nigerians to assess his record against that of Obi and the former vice-president.

“Compare me to Peter Obi — we were governors at the same time. If he’s a better governor, please choose him. Although the former vice-president was not a governor, he was once a vice-president. Compare my role as governor, as minister, with the role he played as vice-president. If he’s a better person, please choose him,” he said.

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He added that he played more roles in public service than the other ADC figures, citing his hands-on approach to infrastructure projects.

“When you are sleeping, I’m running on this track, coming back to Lagos by 2 a.m. As minister, from Ibadan, making sure this job was completed on time — I wasn’t sitting in my office writing or reading memos. I made sure that either once or twice a month, I’m on this track. When we were building Kaduna–Kano, the same thing,” he said.

Amaechi described himself as a “practical man” who understands realities on the ground.

“I’m young. I’m on the street. I know what the problems are. As a minister, as a former governor, I eat in the same restaurants people eat. I don’t go to all these big men’s restaurants because they don’t give me the kind of food I ate when I was small,” he said.

He urged supporters of Obi and Atiku to close ranks, warning that internal divisions could weaken the opposition.

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“If you cause this kind of friction, it will be difficult to come together to defeat Tinubu. Focus on defeating Tinubu. On the day of the primary, go and vote for your own candidate, so that when your candidate wins, you’ll be able to bring everybody together,” he said.

Amaechi added that political leaders are influenced by their supporters, warning that persistent hostility could undermine future cooperation within the party.

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Former Adamawa APC governorship candidate, Binani dumps ADC for NDC

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Nine months after leaving the All Progressives Congress (APC) to join the African Democratic Congress (ADC, Aisha ‘Binani’ Dahiru, who was the 2023 governorship candidate of the APC in Adamawa state, has defected to the Nigeria Democratic Congress (NDC).

The move, which was announced on Friday, comes exactly nine months after she left the APC for the ADC.

Binani was presented with her NDC membership card at a ceremony where Seriake Dickson, the party’s national leader, welcomed her and announced her as the head of the NDC in Adamawa, pending internal democratic processes.

Speaking at the event, the former governorship candidate said she was drawn to the NDC after a careful study of its constitution.

According to her, the NDC constitution demonstrates “a strong commitment to structured, policy-driven governance.”

“Some may point out that just nine months ago, I was at another party. Let me say clearly that I will never condemn where I came from,” she said.

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“Politics is dynamic and often local in nature, and decisions are made based on prevailing realities.”

Binani said she was encouraged by her supporters to move to the NDC.

“About nine months ago, we collectively made the decision to join our former party. But over time, for reasons best known to them, my supporters felt it was necessary to move on. They took the initiative and urged me to join the NDC,” she said.

According to her, loyalists had already built significant inroads into the NDC before her formal declaration, resulting in Adamawa recording the highest number of registered members in the party.

“I always say that no individual can succeed in politics alone. It is the supporters who drive the process, build the foundation, and sustain the journey,” she added.

She expressed gratitude to the NDC’s national working committee (NWC) for the warm reception and called for “fairness, equity, justice, transparency, and, most importantly, the strengthening of internal democracy” within the party.

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While welcoming Binani and her supporters, Dickson, described the party as an inclusive platform ready to accommodate new entrants and expand its base.

“This party is open, inclusive, and ready to harness your energy, ideas, and strength. My dear sister, once again, you are welcome,” the former governor of Bayelsa said.

“As the chairman has rightly said, the flag of leadership of the NDC in Adamawa has now been handed over to you.

“We are confident that when the party’s democratic processes are concluded, we will gather again in Adamawa to formally engage with the good people of the state and to continue building this movement together.”

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