Latest – Page 31 – National Daily Newspaper

Fire guts Customs western marine command office in Apapa

Fire guts Customs western marine command office in Apapa

A fire outbreak on Monday damaged the Nigeria Customs Service (NCS) Western Marine Command office in Apapa, Lagos, destroying property estimated at millions of...

APC steps up 2027 mobilisation as campaign activities intensify nationwide

Latest4 weeks ago

APC steps up 2027 mobilisation as campaign activities intensify nationwide

The All Progressives Congress (APC) has intensified grassroots mobilisation for President Bola Tinubu, its governors and other candidates ahead of the 2027 general elections,...

Bauchi woman arrested after co-wife dies in alleged pestle attack

Crime4 weeks ago

Bauchi woman arrested after co-wife dies in alleged pestle attack

The Bauchi State Police Command has arrested a 35-year-old woman, Hauwa’u Haruna, over the alleged killing of her co-wife, Jamila Adamu, during a domestic...

Nigeria’s external reserves rose by $9.29 billion in the first nine months of 2026, more than seven times the increase recorded during the corresponding period of 2025. This is according to data from the Central Bank of Nigeria (CBN). The reserves increased from $45.57 billion on January 2, 2026, to $54.86 billion as of September 24, representing a 20.4% gain. Over the same period in 2025, reserves rose by about $1.32 billion, from $40.88 billion to $42.20 billion. This means the increase recorded in the first nine months of 2026 was about seven times the gain posted during the comparable period last year. Also Read Banks yet to lower lending rates nearly a week after CBN’s MPR cut FG engages World Bank for fresh $1.5 billion loans Delta drives N67.6 billion rise in states’ domestic debt to N4.59 trillion in Q2 2026 The stronger accumulation has also pushed reserves above the CBN’s projected year-end level. Reserves cross $54 billion Nigeria’s external reserves maintained an upward trajectory throughout much of 2026, crossing several key thresholds during the period. Reserves reached $50.04 billion on June 4 and rose to $51.04 billion by June 18. The stock climbed to $51.92 billion on August 12 and crossed $53 billion on August 24, reaching $53.11 billion. Reserves stood at $53.90 billion on September 1 before crossing $54 billion on September 3 at $54.08 billion. The stock continued rising through September, reaching $54.41 billion on September 10, $54.69 billion on September 17 and $54.86 billion on September 24. The latest position represents an additional $2.20 billion increase from the $52.66 billion recorded on August 24. Reserves exceed CBN projection At $54.86 billion, Nigeria’s reserve stock is $3.82 billion above the CBN’s projected $51.04 billion level for the end of 2026. The country therefore exceeded the central bank’s full-year reserve projection before the end of the third quarter. The accumulation also represents a larger external liquidity buffer for the economy compared with the beginning of the year, when reserves stood at $45.57 billion. Foreign capital inflows strengthen The reserve build-up has coincided with a sharp increase in foreign capital inflows into Nigeria. Data from the National Bureau of Statistics (NBS) showed that Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026, representing an 83.8% increase from the $5.64 billion recorded in Q1 2025. Foreign portfolio investment accounted for a substantial share of the inflows. Portfolio investment reached $3.37 billion in January 2026, representing 95.72% of total capital imported during the month. The stronger inflows coincided with increased activity in the foreign exchange market and periods of improved naira performance at the official market. Experts warned that portfolio investments can strengthen reserves and improve foreign exchange liquidity, but they are generally more sensitive to interest rates, exchange-rate expectations and global investor sentiment than longer-term foreign direct investment. The reserve trajectory also shows that accumulation accelerated as the year progressed.

Latest4 weeks ago

Lagos, Ogun, Rivers, 17 others face heavy rain as NiMet issues alert

Residents in parts of southern and central Nigeria are being advised to prepare for thunderstorms and moderate rainfall as the Nigerian Meteorological Agency (NiMet)...

Nigeria eyes fresh $1.5bn World Bank loans as public debt climbs

Business4 weeks ago

Nigeria eyes fresh $1.5bn World Bank loans as public debt climbs

By Odunewu Olusegun The Federal Government is seeking another $1.5 billion in financing from the World Bank for social protection, early childhood development and climate...

Chelsea face £47m-plus battle for Monaco midfielder

Football4 weeks ago

Chelsea face £47m-plus battle for Monaco midfielder

By Ihuoma Inyama Chelsea are reportedly preparing to revive their interest in Monaco midfielder Lamine Camara when the January transfer window opens. The Blues came...

Rivers Assembly backs State Police as constitutional amendment moves to states

Latest4 weeks ago

Rivers Assembly backs State Police as constitutional amendment moves to states

The Rivers State House of Assembly has endorsed the proposed constitutional amendment seeking to establish State Police Services, adding its voice to the growing...

Vucic resigns as Serbian President after months of anti-government protests

Latest4 weeks ago

Vucic resigns as Serbian President after months of anti-government protests

Serbian President Aleksandar Vucic has resigned from office, bringing his presidency to an early end as the country prepares for snap parliamentary elections amid...

NCDMB retirees recall local content struggles, celebrate growth to 61%

Business4 weeks ago

NCDMB retirees recall local content struggles, celebrate growth to 61%

Pioneering management staff of the Nigerian Content Development and Monitoring Board (NCDMB) have recalled the challenges that accompanied the implementation of the Nigerian Oil and Gas...

2027 Polls: Security, Funding and Technology Put INEC to the Test

Latest4 weeks ago

2027 Elections: Why electoral integrity is bigger than INEC

As Nigeria moves closer to the 2027 general elections, attention is increasingly turning to the institutions and political actors whose actions could shape public confidence in...