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Nigeria’s $42bn external reserves can finance importation for at least 9 months — CBN
The Central Bank of Nigeria, CBN, on Wednesday, in Abuja, announced that the country’s external reserves of $42.01 billion can finance the importation of goods and services for more than nine months.
The apex bank also assured Nigerians of improved economic prospects in 2025.
CBN Governor Olayemi Cardoso disclosed this while presenting the bank’s performance index report to the Senate Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East).
According to him: “External reserves rose from $38.35 billion as of September 30, 2024, to $42.01 billion as of December 12, 2024.
“The increase in external reserves during this period was largely driven by receipts from crude oil-related taxes and third-party inflows in Q3 2024.
“We maintained a current account surplus and witnessed remarkable improvements in our trade balance.
“Our external reserves level can finance over 9.09 months of imports of goods and services or 13.91 months of imports of goods alone. This is significantly higher than the international benchmark of three months and provides a robust buffer against economic shocks,” he explained.
On the issue of cash shortage, the CBN governor reiterated the implementation of a new policy imposing a fine of N150 million on any bank branch found engaging in the illegal distribution of new naira notes to currency hawkers or other unscrupulous individuals.
He also expressed confidence that Nigeria’s economy would improve in the 2025 fiscal year through policies and measures already implemented.
“Distinguished Senators, as we conclude this briefing, I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism.
“The gradual stabilisation of the forex market, ongoing banking sector recapitalisation, and positive growth trends in key sectors—especially the services sector—indicate a path toward recovery and stability,” he said.
The chairman of the committee, apparently impressed by the presentation, remarked that the CBN governor deserved a round of applause—although applause is not permitted in the Senate chamber.
Justice Emeka Nwite of the Federal High Court in Abuja has granted bail to former Kogi governor, Yahaya Bello, in the sum of ₦500 million with two sureties in like sum.
Justice Nwite ruled on Bello’s bail application on Friday.
The judge said the two sureties must swear to an affidavit of means and must be owners of properties in Abuja.
He said the sureties must tender the title documents of the properties, which must be verified by the Deputy Chief Registrar of the court.
The judge also ordered that the ex-governor must deposit his international passport with the court, while he and his two sureties are also to deposit two recent passport photographs with the court.
The judge ordered that Bello be remanded in the Kuje Correctional Centre, Abuja pending the perfection of his bail conditions.
Justice Nwite’s ruling followed Bello’s non-guilty plea to the 18-count charge preferred against him by the Economic and Financial Crimes Commission (EFCC).
The 18-count charge borders on money laundering, breach of trust and misappropriation of public funds to the tune of about N80.2 billion.
When the case was called for hearing on Friday, Counsel for the EFCC, Kemi Pinheiro SAN informed the court of the prosecution’s intention to withdraw an earlier application for abridgement of the earlier date fixed for arraignment.
He said the application had been overtaken by events.
The defendant’s counsel, Joseph Daudu SAN raised no objections and Justice Nwite accordingly granted the request.
Meanwhile, the court fixed February 24 and 28, 2025, for the commencement of full hearing.
The Super Eagles and the Super Falcons have been nominated for the 2024 CAF Men’s and Women’s National Team of the Year.
African champions Elephants of Cote d’Ivoire and Bafana Bafana of South Africa are nominated for Men’s National Team of the Year, while Banyana Banyana of South Africa and Atlas Lionesses of Morocco are in the running for Women’s National Team of the Year.
The Super Eagles came second at the 2023 Africa Cup of Nations in Cote d’Ivoire.
The West Africans lost 2-1 against the hosts in the final.
The Super Falcons were eliminated at the group stage of the 2024 Olympic Games in Paris, France.
Ligue 1 champions, Paris Saint-Germain are still interested in Victor Osimhen.
According to Corriere dello Sport, the Old Lady will bid for the Nigeria international next month.
Osimhen is presently on loan with Turkish Super Lig champions Galatasaray.
The striker’s release clause is €75 million, allowing him to join another team in January.
PSG were linked with a bid for the 25-year-old this summer.
Osimhen is now recovering from a muscular injury.
He has scored 10 goals and provided five assists in 13 appearances across all competitions for Galatasaray.
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