Nigeria’s external reserves have risen above $47 billion for the first time in about eight years, signalling strengthening external buffers and reinforcing confidence in the Central Bank of Nigeria’s medium-term outlook. Latest data show gross reserves climbed to $47.025 billion — the highest since August 3, 2018, when they stood at $47.01 billion — extending a steady upward trend that began in late 2025. Reserves closed 2025 at about $45.5 billion, up from roughly $40.8 billion at the start of the year, representing an accretion of nearly $4.7 billion. Momentum continued into 2026, with reserves rising from $45.565 billion at…
Author: Abdoulaye Kay
President Bola Tinubu has nominated Ambassador Ismail Abba Yusuf as Chairman/Chief Executive Officer of the National Hajj Commission of Nigeria (NAHCON), following the resignation of Professor Abdullahi Usman. The nomination, announced on Wednesday, is subject to Senate confirmation in accordance with Section 3(2) of the NAHCON Act, 2006. In a letter addressed to Senate President Godswill Akpabio, the President requested the expeditious consideration and confirmation of Yusuf’s appointment to fill the vacancy created by Usman’s resignation earlier this week after about 14 months in office. Ambassador Yusuf is a career diplomat who served as Nigeria’s Ambassador Extraordinary and Plenipotentiary to…
The naira appreciated further at the official foreign exchange market on Tuesday, closing at N1,351.02 to the United States dollar and extending recent gains. Data from the Central Bank of Nigeria (CBN) showed the local currency strengthened by N3.23 at the end of trading, representing a 0.23 per cent rise from Monday’s rate of N1,354.25/$1. Analysts attributed the modest appreciation to improved liquidity and continued central bank interventions aimed at stabilising the market amid cautious investor sentiment. They added that movements are likely to remain gradual in the near term as authorities balance reform measures with efforts to sustain confidence.…
The Central Bank of Nigeria (CBN) has warned that persistent excess liquidity and expansionary election-cycle spending could undermine macroeconomic stability despite recent policy gains. CBN Governor Yemi Cardoso issued the warning at the National Economic Council conference at the Presidential Villa on Tuesday, February 10, 2026. The apex bank said improved exchange-rate conditions and tighter monetary policy were yielding results, but Nigeria’s recovery remains fragile and vulnerable to policy slippages. A sizeable liquidity overhang continues to pose risks of renewed inflation and currency pressure, while election-related spending historically weakens monetary policy transmission and reverses reform gains. Cardoso said safeguarding price…
The Senate has amended the Electoral Act to permit the electronic transmission of election results, introducing safeguards to address possible technical challenges. The move follows the upper chamber’s decision on Tuesday to rescind its earlier position rejecting compulsory electronic transmission from polling units to the Independent National Electoral Commission’s (INEC) Result Viewing Portal (IReV). Under the amendment, lawmakers approved electronic transmission — without the “real-time” provision — as part of the electoral process. Electronic uploading is designated as the primary method, while Form EC8A will serve as a fallback in the event of internet connectivity failure. In such cases, results…
Releaf Earth, a climate and agriculture tech company, has issued Nigeria’s first industrial-scale carbon removal credits, signaling a new era for Africa in the global climate economy. The inaugural tranche of 190 tonnes of carbon dioxide equivalent (tCO₂e) was purchased by global firms including Salesforce through Milkywire, a platform supporting high-impact climate action. The credits come from Releaf’s biochar facility in Iwuru, Cross River State, which converts agricultural waste into biochar—permanently sequestering carbon while improving soil fertility and crop yields for smallholder farmers. Unlike traditional forestry offsets, Releaf’s biochar-based credits are chemically stable and resistant to decay, providing a “physics-based”…
Former Minister of Women Affairs, Uju Kennedy-Ohanenye, says she has no regrets over her removal, insisting President Bola Tinubu could not have deliberately acted to hurt her. Speaking on Channels Television’s Political Paradigm on Tuesday, Kennedy-Ohanenye reflected on her tenure, leadership style, and the circumstances surrounding her dismissal. “I have no regrets. If anything, I wish I had been tougher. It is difficult to rule Nigerians. The president is working, the governors are working, but what are Nigerians doing in between? If you want to achieve anything, you must go offline and be firm,” she said. She added that during…
The Central Bank of Nigeria (CBN) has confirmed the full operational deployment of its Scripless Securities Settlement System (S4) as the exclusive platform for primary market auctions of government securities. The confirmation follows the February 2026 Treasury Bills auction, where the Federal Government offered N1.15 trillion across 91-day, 182-day, and 364-day bills, conducted entirely through S4. The system now centralises bid submission, price discovery, allocation, and settlement, eliminating physical submissions and decentralised aggregation channels. According to the apex bank, only authorised banks can transmit bids on behalf of investors, while the apex bank retains oversight of auction execution, adding that…
The Grand Chief Imam of Lagos, Sulaimon Oluwatoyin Abou Nolla, has announced that Muslims in Lagos State will commence and conclude this year’s Ramadan fasting in line with the directive of the Sultan of Sokoto and President-General of the Nigerian Supreme Council for Islamic Affairs, Muhammad Sa’ad Abubakar. Speaking in a video message monitored in Lagos on Tuesday, February 10, 2026, the Chief Imam said the practice remains consistent with previous years, stressing the need for patience while awaiting the Sultan’s official announcement on the sighting of the Ramadan moon. He described the Sultan as the leader of the Muslim…
Nigeria maintained its low score of 26 out of 100 on the 2025 Corruption Perceptions Index (CPI) while slipping in the global ranking, dropping from 140th position in 2024 to 142nd out of 180 countries assessed, according to Transparency International (TI) and its Nigerian chapter, the Civil Society Legislative Advocacy Centre (CISLAC). The CPI measures perceived levels of public sector corruption using data from independent and reputable institutions and does not assess individual corruption cases. Transparency International describes the index as the most widely recognised global benchmark for measuring corruption across countries. In a statement accompanying the release and signed…