ADVERTISEMENT

ADVERTISEMENT

Nigeria’s external reserves have risen to $54.08 billion, reaching their highest level in nearly 18 years and moving further above the Central Bank of Nigeria’s (CBN) projection for the year.

Latest CBN data showed that the reserves last stood around the $54 billion mark on December 22, 2008, when they reached $54.21 billion.

The latest figure represents an increase of about $1.42 billion from the $52.66 billion recorded on August 19.

Since the beginning of the year, the reserves have gained approximately $8.52 billion, rising from $45.56 billion on January 2. This represents an increase of about 18.7 per cent in just over eight months.

The reserves crossed the $53 billion threshold on August 24, reaching $53.11 billion, and continued their upward trajectory to $53.30 billion on August 26.

The figure rose further to $53.51 billion on August 28 and $53.81 billion on August 31.

In September, the reserves increased from $53.90 billion on September 1 to $53.99 billion on September 2, before reaching the latest $54.08 billion on September 3.

The current reserve position is about $3.04 billion above the CBN’s projected $51.04 billion target for external reserves by the end of 2026.

CBN Governor, Olayemi Cardoso, had attributed the sustained increase to stronger foreign-exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

The rise in the reserves has also coincided with improved conditions in the foreign exchange market.

The naira appreciated to N1,315/$ at the official market on Thursday, its strongest level in about two years, amid increased foreign-exchange liquidity.

ADVERTISEMENT

ADVERTISEMENT

The United States Mint has released 250,000 $1 coins featuring the likeness of President Donald Trump to commemorate the country’s 250th anniversary.

The coins, released on Wednesday, are legal tender and have also entered circulation, meaning members of the public could receive them as change when making cash payments.

US Mint, in a post on its website, said the coin features a portrait of Trump designed by the United States Mint Chief Engraver, Joseph Menna, and inspired by an official White House photograph by Daniel Torok.

“The reverse (tails) design features the Presidential Seal, which shows an eagle holding an olive branch and a bundle of arrows, with a shield on its breast and a banner inscribed ‘E PLURIBUS UNUM’ in its beak.

“The shield contains the additional inscription ‘250’ to honor the Semiquincentennial of the United States. The additional inscriptions are ‘UNITED STATES OF AMERICA’ and ‘ONE DOLLAR.’

The coins have a gold-like finish but are made from non-precious metals. They are being minted in Philadelphia.

The Mint is selling the coins in rolls of 25 and bags of 100. A roll costs $61, while a bag costs $154.50.

Some special-issue coins were randomly included in the rolls and bags. According to the Mint, those coins bear a “July 4th” mark because they were struck on July 4, the anniversary of the Declaration of Independence.

The Mint said demand for the coins was high, with a virtual waiting room activated on Wednesday because of “extraordinarily high traffic” on its website.

Households were initially limited to two orders, although the Mint said the restriction would be lifted at 2 p.m. Eastern time on Thursday.

The release follows controversy over the depiction of a living president on US currency.

Federal law had previously prohibited living people from being depicted on US currency, but the Circulating Collectible Coin Redesign Act of 2020, signed by Trump during his first term, contained provisions allowing coins commemorating the country’s 250th anniversary.

Treasury Secretary Scott Bessent said the coin “celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all.”

The Trump administration has also maintained that congressional approval was not required for the coin, citing a history of commemorative coins bearing the likeness of sitting presidents.

The US Mint has released other commemorative coins as part of the 250th-anniversary celebrations, including Revolutionary War Quarters, American Eagle Gold Coins and Enduring Liberty Half Dollars.

In June, 250,000 Semiquincentennial 2026 Declaration of Independence Quarters bearing a special “July 4th” mark were also released into circulation.

ADVERTISEMENT

ADVERTISEMENT

Iran’s currency has suffered another historic collapse, with the rial plunging to more than 2.2 million against the US dollar amid renewed military strikes and escalating tensions in the Middle East.

The latest crash represents a fresh blow to Iran’s already battered economy as the conflict continues to put pressure on the country’s financial markets and businesses.

The rial has been under sustained pressure in recent weeks, with growing uncertainty over the country’s economic outlook, sanctions and the intensifying military confrontation contributing to the currency’s rapid decline.

Advertisement

The latest exchange-rate movement means that $1 is now worth more than 2.2 million Iranian rials on the open market, highlighting the extraordinary deterioration in the currency’s purchasing power.

The plunge comes as US-Iran military hostilities enter another dangerous phase, with fresh strikes reported amid the wider confrontation surrounding the strategically vital Strait of Hormuz.

The economic impact of the escalating conflict is expected to extend beyond Iran, particularly as disruption around the Strait of Hormuz threatens global energy supplies and international trade.

For ordinary Iranians, the continued fall of the rial could translate into higher prices for imported goods, increased inflationary pressure and further erosion of household purchasing power.

The latest record low adds to mounting economic challenges facing Tehran as the country grapples with the combined impact of sanctions, military tensions and declining confidence in its currency.

With the rial now trading above the 2.2-million mark to the dollar, Iran’s currency crisis has entered another alarming phase as the military confrontation continues.