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CBN not happy over debt servicing as FX reserves drop $2bn

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Nigeria’s gross foreign exchange reserves fell by $2.57bn from January to March 2025, marking a 6.29 per cent decrease over the three-month period.

This was revealed in external reserves data available on the website of the Central Bank of Nigeria.

Earlier this week, the CBN attributed the decline in the country’s foreign exchange reserves during the first quarter of 2025 to the burden of foreign debt servicing.

On January 2, 2025, Nigeria’s foreign exchange reserves stood at approximately $40.88bn but dropped to $39.72bn by the end of the month.

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By the end of February, the reserves fell further to $38.42bn, representing a decline of $1.3bn within one month, equivalent to a 3.27 per cent decrease.

The downward trend continued into March as the reserves dropped to $38.31bn by the end of the month. This represents an additional reduction of $110m, translating to a 0.29 per cent decline compared to the previous month.

The combined month-on-month decreases led to a total quarterly drop of $2.57bn, representing a cumulative decline of 6.29 per cent over the first quarter of 2025.

Despite the strong reserves position at the end of 2024, the first quarter of 2025 witnessed a reversal, primarily driven by the need to service foreign debts.

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The CBN noted that the first quarter figures reflected seasonal and transitional adjustments, including significant interest payments on foreign debt.

These obligations have been a consistent pressure point, leading to a drawdown of reserves despite the improvements observed in the preceding quarter.

In a statement, the CBN said, “Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.”

Data from the CBN revealed that Nigeria’s total debt service payments amounted to $540m in January 2025 and $276m in February 2025.

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This means that a total of $816m was spent on foreign debt servicing in the first two months of the year.

The significant outflow in January was attributed to scheduled foreign debt repayments, creating substantial pressure on the reserves.

The reduction in February’s debt servicing to $276m provided some respite, but high debt obligations continued to weigh on reserve levels.

Despite the decline in the first quarter, the CBN remains optimistic about a rebound in reserve levels as oil production improves and non-oil FX earnings are expected to rise.

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The apex bank expressed confidence that improved oil production levels and a more supportive export growth environment would boost non-oil FX earnings and diversify external inflows.

The bank has reiterated its commitment to prudent reserve management, transparent reporting, and macroeconomic policies that aim to stabilise the naira, attract investment, and build long-term economic resilience.

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Governor Kefas Inaugurates Taraba State Investment International Summit Committee+Photos

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In a significant step towards enhancing investment opportunities in Taraba State, Governor Dr. Agbu Kefas on Saturday inaugurated the Committee for the International Investment Summit at the Executive Chamber of the Government House in Jalingo.

Senator Manu Haruna, former deputy governor of Taraba State and a serving Senator, a seasoned administrator who chairs Taraba State Mobilization and development Investment Committee expressed gratitude to Governor Kefas for his visionary leadership in organizing an international summit aimed at attracting investment to the state.

He highlighted the potential this initiative holds for fostering economic growth and development in Taraba State.

Rt. Hon. Ndudi Elumedu the Chairman of the Taraba State International Investment Summit Committee, emphasized that such summits are crucial for stimulating economic activities and creating opportunities..

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According to him, the summit will play a vital role in showcasing Taraba’s investment potential, thereby attracting both local and international investors.

The committee is expected to work diligently to prepare for the summit, ensuring that it positions Taraba State as a favorable destination for investment and economic collaboration.

Governor Kefas remains committed to promoting policies that support economic diversification and sustainable

development in the state.

This inauguration marks a positive development in Taraba’s ongoing efforts to enhance its economic landscape and improve the standard of living for its residents.

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OERAF Rounds Up Late Chief Ekuogbe Rowland Akpodiete’s remembrance with Novelty Match

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By Kennedy Atevure

Olotu & Ekuogbe Rowland Akpodiete Foundation (OERAF) rounded up the remembrance of late Chief Ekuogbe Rowland Akpodiete, Ph.D., with a novelty match at Ughelli Public Field on April 11, 2025.

Speaking shortly after the match, Dr. Olotu Otemu Akpodiete appealed to the Ughelli North Local Government Council Vice Chairman’s representative for the council to upgrade the field to a mini stadium.

Dr. Akpodiete stressed that Ughelli Public Field has been in existence since before the state government built the Ughelli Township Stadium.

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The novelty match, which ended in a 1-1 draw, thrilled everyone who watched it.

The team of the children of late Chief Ekuogbe Rowland Akpodiete, Ph.D., scored the first goal, which was equalized by the grandchildren’s team through a penalty kick.

Dignitaries present during the novelty match included Hon. Chief (Mrs.) Meg Atano, Ughelli North Local Government Council Vice Chairman, ably represented by Pst. (Mrs.) Rita Nyewhoema; Evang. Nicolas Evwienure; Mrs Efe Akpodiete -Minabowan Barr. Agboka Akpodiete-Omale; Hon . Felix Uloho, Chief Grace Akpodiete; and Mr. Kennedy Otega (Big Daddy), among others.

Other highlights of the event included the presentation of cash prizes to both teams and a group photograph with light refreshments.

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Senate President moves to build capacity for Senate Clerk, other officials for efficient performance

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In a deliberate bid to build capacity for the Senate Clerk and other officials of clerks-at-the-table, the Senate President, Godswill Akpabio has encouraged refresher courses for such officials to bolster their performance levels for efficiency and effectiveness.

The first to benefit from the initiative was the Clerk of the Senate, Mr Andrew Nwoba, who just rounded off his one-month refresher course on Thursday, April 10, 2025 and is due to resume at his desk in plenary when they reconvene, 29th April, 2025.

This positive development is contrary to media reports on Thursday, April 10, 2025, insinuating that the Senate President passed a vote of no confidence in Mr Nwoba’s capacity to properly guide the upper legislative chamber during the sittings.

An official of the National Assembly said that the President of the Senate, in his leadership consideration, magnanimity and support for top officials of the Senate and other staff members, approved a refresher course for the Clerk Senate, Andrew Nwoba.

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The approval was to free him from his responsibilities in the chamber for a month. The Deputy Clerk (legislative) acted in his absence.

Reports said that having served creditably as Clerk of National Population and Gas committees, Secretary, Legislative Budget and currently, Clerk Senate, Mr Nwoba has garnered requisite experience to proactively guide and advise on adherence and compliance with the Standing Rules of the Senate.

Besides, staff members agree that Nwoba has efficiently and responsibly discharged his role as the Chief Accounting Officer of the Senate.

As Senate Clerk, Nwoba ensures smooth proceedings in line with procedural orders that are circumscribed in the Standing Rules of the Senate.

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In addition to ensuring legislative due process through the eyes of the rules, he also discharges other administrative duties.

The Clerk Senate performs these overarching assignments with the assistance of two Deputy Senate Clerks, one in charge of legislative duties and the other in charge of administration.

An official explained that the refresher course could hold any time and would not disrupt the workings of the clerks-at-the-table since there are enough hands, particularly, Deputy Clerk (Legislative), to deploy in plenary to guide, direct and advise the presiding officer in his absence.

As learnt, Nwoba, has been doing this by allowing the Deputy Clerk (Legislative) to help guide, direct and advise the presiding officer, and the synergy has been adjudged to be “progressive and productive.”

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Another official said in a chat that “It is most unfortunate, that some naysayers want to create bad blood between the President of the Senate and the Clerk of the Senate by making tenuous utterances and unfounded insinuations.

“The Clerk of Senate has been enjoying the support of the Senate President. He particularly received his unequivocal support during his elevation to the position by the National Assembly service Commission. The Clerk, in turn, has tremendous respect and regards for the President of the Senate, his leadership style, his listening ears, his simple nature, which are qualities that are rare in today’s political space.

“Out of his concern for the Senate Clerk, considering his zeal, determination, dedication and passion for the job, the Senate President respectfully asked him to go for a month refresher course to enhance top-notch performance and greater efficiency. This, for me, is the real vote of confidence in the Clerk Senate.”

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