Business
I’ve powers to suspend Sanusi – GEJ
ABUJA — President Goodluck Jonathan, yesterday, affirmed his powers to suspend Mallam Sanusi Lamido Sanusi as governor of the Central Bank, saying the action was totally unconnected with alleged corruption charges raised by Sanusi against the Nigerian National Petroleum Corporation, NNPC.
Speaking during an interactive media chat on television last night, President Jonathan equally pooh-poohed issues about his intentions for the 2015 presidential elections just as he declared that the country would not break under his watch.
The president said that the forthcoming national conference was an opportunity for Nigerians to address long standing issues affecting them in the polity just as he queried the propriety of the Borno State governor’s claim that the Federal Government was not doing enough in fighting the terrorist group, Boko Haram. The president dared the governor that should he pull out the troops from Borno State for one month, the governor would not be able to stay in Government House for one month.
The media chat anchored by AIT’s Imoni Amarere also had Grace Ekpo, Goodluck Nnaji of Base FM, Oraifite in Anambra State, and Bolaji Tunji of New Telegraph on the panel.
The media chat which lasted exactly 75 minutes was mainly taken up by last week’s suspension of Sanusi as governor of the CBN but the president also addressed issues concerning defections by governors and senators from the parties on which they were elected; the resurgence of Boko Haram attacks in the country, his 2015 presidential bid and the controversies surrounding subsidy on kerosene, among others.
On his declaration for 2015
The President said: “In Finland, when you are elected as the president of that country, you no longer belong to any political party. But that is Finland; in Nigeria and with the tradition of the PDP, as soon as you become the president, you become the leader of the party. In the parliamentary system, the Prime Minister is the leader of the party. So, ideally, the president has some challenges. Even today, I am not contesting elections but I must make sure that I lead my party to victory.
“I remember in 2007, when former president Olusegun Obasanjo was leading the campaign for the late Yar’Adua and myself. There was a particular place we visited and Yar’Adua was not with us when I addressed the press and I was asked the question, ‘why should President Obasanjo be the key person campaigning for you’?.
I told them then that what you do not understand is that the President of Nigeria according to the PDP constitution, is the leader of the party and the president should lead his party to victory. As at that time, I was still the governor of Bayelsa State.
“While I am campaigning here, I will also go and lead the campaign in Bayelsa State because I was the leader of the party and as the governor, I had to make sure that the party wins. Even today that I am not contesting elections, any candidate contesting on the PDP platform, I must still lead the party to victory.
The president must lead his party to victory and the political environment is so hot and I do not want to use this platform to campaign and to talk about PDP; it will not be fair. I was there to tell the world that the PDP is still the dominant party in the country. I cannot run away.”
Defections of governors
“I will prefer we do not go to that area to market my party. I want to use this platform to comment on contemporary issues. I believe one thing very clearly- that we are elected by Nigerians and the days when Mr President, Mr governor or Mr Senator imposes his will on Nigerians is over. Nigerians have been made to understand that their votes count.
The issue is that if the governor is doing very well, the people will definitely follow him, but if the people do not believe in him, they will go with their votes.”
Are you contesting and when are you going to declare your interest?
“If I tell you I am not contesting, there will be issues and if I say I am contesting, there will be issues. I know the political environment is hot now but at the appropriate time, you will know.
Centenary celebration funding
“I cannot say the total cost of the centenary but it is mainly sponsored by the private sector. The Heads of states that are coming are my guests. I will accommodate them, feed them and pay for their transportation, that is the role of the president but every other thing is being sponsored by the private sector. Government is not going to spend so much money.”
Kick off of the national conference
“We will not want the disintegration of Nigeria to be a subject matter for that discussion but I am quite happy that when the committee went round, it was discovered that only one person submitted a memo on the disintegration of the country.
“Our thinking is that the national conference will begin on March 3. You will know the chairman, the deputy chairman and the secretary but they will start work for at least a week before we invite others to join. On March 10, I will formally inaugurate the conference. The plan so far is that the conference will start on March 3.”
Nigeria will not disintegrate
“We are not holding the conference so that the country will break. People feel that the present constitution is not the peoples’ constitution, but that the constitution was imposed on them by the military dictators and that Nigerians must have their own constitution. People have different views, all what we are doing, other countries have done, but they call it different names. Just as other countries have done, it shows that we are entering another centenary.
“If there are issues we think we can correct, we must go and correct them but if there are no issues, then fine. But let us go from different backgrounds and redeem our country. If there are one or two grey areas that we think we can make corrections, then, let us make them. The purpose is not to prevent the disintegration of Nigeria. Nigeria will not disintegrate. The idea of the conference is not to create any environment that will affect this administration, but this conference is necessary. At the end of the day, I believe that there will be a lot of changes.
On his powers to suspend the CBN governor, he said:
“The issue of the Central Bank is quite unfortunate but I will respond based on the issues you raised. Forget whether it is Goodluck Jonathan; it is whether the President of the Federal Republic of Nigeria has powers to suspend the governor of CBN. I will tell you, yes, the President has absolute powers to suspend the CBN governor. CBN is not even well defined in the Nigerian constitution. If you look at the Nigerian constitution, section 153, talks about executive bodies like Federal Character Commission, Civil Service Commission, Judicial Service Commission, about 14 of them, the code of conduct, these are clearly defined and it says that the President appoints, but must clear with the National Assembly. For the President to remove anybody, the president must go through Senate. CBN as the number one bank is not even well defined in the Nigerian constitution, but CBN law makes the provision that to appoint the governor, deputy governors, and the non-executive directors, the President appoints and sends to Senate but the President has oversight functions over cbn. But if somebody tells you that the CBN is a different country, it is not true because for the cbn governor to change the colour of the Naira, the President must approve and for the CBN account to be even published, the President must approve.
Sanusi is still the governor of CBN and people must know that and that is why there can never be a substantive governor until the issue is sorted out. Sanusi could come back tomorrow to continue his work because the issues raised are issues that the board of CBN with the Financial Reporting Counicl, the authority that has the power to look into the financial transactions of CBN will deal with.
“The issue of suspension came in because the CBN Act is somewhat anomalous. We have similar situations where the CBN governor is also the chairman of the board. The CBN governor is the chief executive of CBN and at the same time is chairman of the CBN board; so if there are allegations about the CBN governor, it becomes a problem for you to look into it. And there were issues raised based on the 2012 audit report and for you to look into those issues, for you to be sure of what you are doing, the CBN governor should just step aside.
Immediately the board and the Financial Reporting Council sorts out those grey areas, and if it does not affect him, he would come back to do his work. So, you cannot say now that you are going to Senate to ask for powers to suspend, then maybe in one week or so, if the board of the Financial Reporting Council… then you go back to the Senate, this man is coming back, no.
“It is when you want to remove the governor completely. Assuming that the board of CBN and Financial Reporting Council look into those grey areas and feel that the infractions are grave enough for Sanusi to leave completely, then I will have to go to Senate no matter the issues they raise. I cannot say that I am firing him, it is the Senate. So, I can place those issues before the Senate and if the Senate agrees with the report, and says yes, then he can leave.
The issue of suspension and removal are quite different.”
On why it took long for the CBN governor to be suspended, he said:
“People raised all kinds of issues that the suspension will affect the economy. When you are dealing with the treasury of the nation, you have to consult widely and take the necessary steps to ensure that it does not affect the economy. One little thing and if issues bordering on the capital market are not taken carefully, it can bring the economy down especially when the Central Bank is involved. When the financial statement was sent to me, I had to send the report to the FRC to seek their opinion. Even if I am the best accountant in the world, I still have to consult widely. It went back and forth. The first report that came to me, issues were raised. Then based on the issues raised, I raised a query to the CBN governor. Of course, the CBN governor now wrote back and I sent it back again to the FRC telling them the response of the CBN governor. It took them time, but what quickly made me to rush to take that decision? By now, the 2013 audit report ought to be published.
One of the things we had to do to stabilise the economy was to send the name of the next CBN governor to the Senate even though the tenure of Sanusi will expire in June in order to tell the international community that we have a succession plan. At any time, if they are through, Sanusi can even come back as CBN governor. So, we want to assure the international community that the succession plan will not affect the economy. It is quite a sensitive thing and you must handle it with care. I really want to use this opportunity to advise people. President Jonathan is a Nigerian, Sanusi is a Nigerian and having been governor of the CBN, he must have stepped on toes.”
Prosecuting Sanusi
People should know how government functions. Government does not prosecute anybody. Any one can be accused of anything. Even in normal civil service operations, even when you are suspected, let us say fraud, they first thing they do is to place you on suspension or interdiction and that matter is investigated. Why they place one on suspension or interdiction until the end of investigation is to ensure that the person dosen’t stay in office to frustrate the process of investigation.
“Government normally places one on interdiction without salary, but if it is a grievious offence, the person is suspended without salary, but not sack, until when they conclude the investigation. The person might go back if he has no case to answer. If he has a case to answer that is when he will be prosecuted.
“The FRC is not a member of CBN, so there might be some issues they pointed out and probably they might need some explanations.
“I’m not saying what they raised there is incriminating on the CBN or Sanusi. It will depend on when the Board of CBN and the FRC look into the grey areas. If he has no case to answer, we won’t prosecute.
“If he has a case to answer, it will depend on the nature of the case. In the public service there are some cases, which are not criminal in nature, such as an act of negligence, or that he skipped a process that he is supposed to follow, this might not lead to prosecution, he might only be sanctioned, indictment or so.
“Prosecution will only come in if a fraud is established. If a fraud is not established, it is just that somebody failed to follow due process or some other issues that are not clearly fraudulent. Nigerians should wait.”
President Jonathan also addressed issues relating to the autonomy of the apex regulatory bank saying that a bid to amend the act was frustrated last year.
He said:
“They are aspects of the CBN operations that most be absolutely y autonomous, not everything about CBN should be autonomous.
“The issues of monetary policies on which CBN is autonomous. For instance, if the CBN wants to devalue the naira, they don’t need to take permission from the President. They just need to look at international actions and take an action. If they want to strengthen the money or withdraw money from circulation, they don’t need to tell the president, nobody interferes. Anything that needs to do with the monetary policies of the CBN, nobody interferes and they don’t need to take permission from anybody, the law gives them absolute autonomy. They should not be subjected to political actions, so that they can manage the country’s finances effectively.
“There are, however, a number of positions that they need the consent of the Presidency, such as when they want to change the colour of the naira, they must seek the President’s consent. The CBN law may be, I’m not saying will be. However, where it may be amended, we might have to consider international best practices.”
Asked why the deputy governors were retained despite the report indicting them, he said:
“The Governor has to step aside, not because anybody has convicted Sanusi, but because he is the Chairman of the Board. Yes, there is somebody among the Deputy Governors, who is now acting, because we cannot remove everybody, unless the office will collapse. In cases like this, the leader steps aside.
“Those are not convictions, but suspected transactions and so on. There may be explanations. The issue of one having to remove all the deputy governors and directors, is not right. While going into the issue, and it is discovered that one of the deputy governors is involved, the person will be asked to step aside, for that area to be properly examined.
“For now, the report is central, so it sort of affects the head.
Kerosene subsidy
“I don’t need to be briefed about the kerosene subsidy issue, because I was involved. I was the Vice President to the late President Yar’Adua.
About 2008, 2009, international crude oil price dropped significantly, it was $48 or so and we realized that at that time, the pump price of PMS was N70 per litre, while kerosene was N50.
We realized that if we completely deregulate, Nigerians at that time would have gotten PMS at about N60 per litre. We then agreed that we will pull out, completely deregulate the industry, because if we have pulled out then, the pump price would have dropped, and if the pump price dropped, nobody would have protested and that is the best time. So those approvals were given.
Along the line, people, even labour leaders were among the people that said this might be short-lived, let us wait for another six months, then if it is stable, government can pull out. We were afraid that the price can go up again, and if we pull out now and the international price of crude oil goes up again, citizens will suffer.
“We decided to leave it that way, because the petroleum law did not recognize the president, it is the minister. So, what happened is that instead of keeping the pump price at N70, the president now got the pump price to N65. This is the first time the pump price of petroleum products were brought down. It always goes up and up. Nigerians would have been buying at N62, but the presidency brought it to N65 and it was announced.
Those are memos authorizing the minister to act, the president has no power based on the law, but of course we know that before the minister will effect it, the president must give clearance.
The law governing changing the price of petroleum products is very clear. To increase or decrease the price of any petroleum product, the law states that you have to advertise it. You must inform Nigerians in some daily newspapers, you will state the date and the time. If you listen very well, when we want change the price, we might say maybe Sunday 12 midnight, so that by then, every station will change.
Kerosene subsidy still remains, it was not removed and no Nigerian can say that at a particular period it was removed. I was Vice President, and there was no particular period that we announced that we have completely deregulated kerosene.
On Boko Haram
We are worried that people are being killed. There are successes but the negative stories create the impression that the security services are not working. If they are not working, we will not be walking freely in Abuja. We are working with the Cameroonian authorities. The killings are quite worrisome but we will get over it.
On the statement by the Borno governor.
The statement by the governor is unfortunate. I don’t expect that from the Borno governor. If he thinks that the armed forces are not doing well, he should tell me and I will pull them out and see if he will stay in Government House for one month.
– VANGUARD
Ingentia Energies Limited has said it is targeting an expansion of its drilling operations after increasing its oil production by 150 per cent under the leadership of Engr Charles Odita as the company’s acting Chief Executive Officer.
This was disclosed in a statement signed by the Chairman of the Board, Chief Oseni Elamah, following a meeting in Lagos attended by Agbaroji and the outgoing CEO, Odita, after Victor Agbaroji assumed office as the company’s new Managing Director and CEO.
The board commended Odita for what it described as transformational leadership, noting that “production increased by 150 per cent during his tenure, from 2,200 barrels per day”.
Elamah extended congratulations and appreciation to Odita, describing his tenure as transformational and characterised by strategic clarity, decisive execution and exceptional leadership.
Agbaroji, who succeeded Odita, expressed appreciation for the achievements recorded under his predecessor and pledged to build on the foundation already established.
He identified enhancing drilling operations, maximising the value of existing assets, improving cost competitiveness, expanding the company’s portfolio and unlocking greater value from its gas resources as key priorities for the next phase of growth.
“Our immediate focus is to strengthen the next phase of our drilling campaign by leveraging the seismic acquisition programme currently underway.
This will enable us to execute a more robust and efficient drilling programme while improving exploration outcomes and operational performance,” Agbaroji said.
He also stressed the importance of crude oil evacuation infrastructure to future production growth, saying the company would intensify efforts to advance its pipeline evacuation project.
Agbaroji reaffirmed management’s commitment to sustaining the momentum achieved under Odita, adding that the company would continue to benefit from the experience and institutional knowledge developed during his tenure.
The leadership transition is expected to consolidate Ingentia’s recent gains, expand production capacity, improve operational efficiency and strengthen its position as an indigenous energy company.
A prominent royal father has mounted a spirited defence of the Dangote Petroleum Refinery and Petrochemicals Limited (DPRP), dismissing criticisms of the Initial Public Offering (IPO) and challenging detractors to replicate its scale by raising the estimated $22 billion required to build a competing refinery.
The Emir of Kano, His Royal Highness Khalifa Muhammadu Sanusi II, on Thursday made the remarks during the DPRP’s “People’s IPO” roadshow in Kano, where he passionately advocated broader Nigerian participation in the IPO as a pathway to wealth creation and economic inclusion.
Addressing a gathering of investors, business leaders, professionals and members of the public, the former Central Bank Governor described the refinery as one of the most significant industrial projects in Africa’s history and urged Kano residents to seize the opportunity to become shareholders.
According to the Emir, equity ownership represents one of the most effective means through which ordinary citizens can participate directly in national economic growth and build long-term financial security.
“Kano is a commercial city with a long tradition of trade, investment and entrepreneurship. Our people understand business, and they should understand the value of owning shares in productive enterprises,” he said.
READ ALSO: The Soludo, Obi Spat – When Brothers Fight to the Finish
Drawing from personal experience, Sanusi recounted his interactions with Aliko Dangote during his banking career in the late 1990s when Dangote Group was evolving from a trading company into a manufacturing powerhouse.
The Emir revealed that many observers at the time questioned Dangote’s strategy of deploying short-term financing to support long-term industrial investments. However, he noted that what critics considered risky was actually a demonstration of strategic foresight and a deep commitment to transforming Nigeria’s productive capacity.
Recalling the philosophy that drove the company’s industrial expansion, the monarch said the vision was anchored on a simple principle: producing domestically what Nigerians consume daily instead of relying excessively on imports.
“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he stated.
The Emir described the Dangote Refinery as a game-changing investment that could fundamentally alter the structure of the Nigerian economy by reducing dependence on imported petroleum products and preserving foreign exchange.
Drawing on his experience at the nation’s apex bank, Sanusi explained that Nigeria had historically earned foreign exchange through crude oil exports only to expend a substantial portion of it importing refined fuel.
“What Aliko has done is disrupt that model,” he said.
According to him, the emergence of a world-class refinery on Nigerian soil positions the country not merely as an exporter of crude oil but as a major supplier of refined petroleum products to regional and international markets.
As evidence of the refinery’s growing global relevance, he cited reports that European airlines had sourced aviation fuel from the facility during recent supply disruptions linked to tensions around the Strait of Hormuz, underscoring its ability to compete effectively on the global stage.
Sanusi also addressed concerns raised by critics who have accused the refinery of seeking market dominance. The monarch firmly rejected such claims, arguing that competition remains open to anyone willing to undertake the financial and operational challenges associated with large-scale refining.
“There is no monopoly if a monopoly is not protected by law,” he declared.
“Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so.”
The comment drew applause from participants at the roadshow, many of whom viewed the statement as a direct response to persistent criticism of the refinery’s market influence.
The Emir stressed that Nigeria’s economic future depends on encouraging more investments in productive industries capable of creating jobs, generating exports and strengthening local value chains. He warned against a culture that prioritises speculation and the accumulation of overseas assets at the expense of domestic industrial development.
He therefore described the Dangote Refinery IPO as a historic opportunity for millions of Nigerians to own a stake in one of Africa’s most strategic industrial assets.
“It is the shareholders who own it. It is the shareholders who take the returns. It is the shareholders who own the profits,” he said.
While encouraging broad participation, the respected traditional ruler advised prospective investors to approach the market responsibly. He urged citizens to invest only funds they could afford to commit for the long term and not resources earmarked for essential family needs.
In his closing remarks, Sanusi called on Kano residents and Nigerians generally to embrace the capital market and take advantage of the IPO, arguing that widespread ownership would democratise wealth generation and deepen public participation in national economic development.
He said broader participation in the Dangote Refinery IPO would not only reward investors financially but also strengthen local ownership of critical national infrastructure, expand financial inclusion and ensure that the benefits of industrialisation are shared more widely across the country.
“The opportunity is here. The question is whether you will participate,” the Emir told the audience.
The DPRP IPO roadshow, tagged “Kano Grand Homecoming,” brought together leading figures from Nigeria’s business, investment and financial sectors, including Aliko Dangote, President of Dangote Industries Limited; Bismarck Rewane, Managing Director of Financial Derivatives Company; Adetilewa Adebajo, CEO of CFG Advisory; and other capital market stakeholders.
Photo Caption – From Left: Emir of Kano, His Highness, Muhammadu Sanusi II (Special Guest of Honour & Chairman); President/CE, Dangote Industries Limited, Aliko Dangote, at the Dangote Petroleum Refinery IPO Roadshow tagged “Kano Grand Homecoming” in Kano on Thursday, September 17, 2026.
Nigeria’s gross foreign exchange reserves have risen to $54.61 billion in 2026, representing a $12.76 billion increase from the $41.84 billion recorded a year earlier.
The latest figure, recorded as of September, represents a 30.5 per cent year-on-year increase and continues a steady accumulation of Nigeria’s external reserves that became more pronounced from the middle of the year.
But how did Nigeria build up such a substantial reserve position within months?
Available data and analysis point to a combination of stronger oil-sector earnings, increased foreign capital inflows, diaspora remittances, non-oil export proceeds and changes in foreign exchange and monetary management.
Oil production and earnings
One of the factors supporting the improvement has been stronger crude oil production.
SEE ALSO: Nigeria Beats 2026 Foreign Reserves Target, Hits $53.1b
Analysis of Central Bank of Nigeria (CBN) data by Nairametrics showed that reserves stood at $49.80 billion on June 1 before crossing the $50 billion mark on June 4. By July 3, the balance had risen to $51.53 billion and subsequently moved above $52 billion in August.
Earlier CBN data analysis also showed that crude oil and condensate production averaged about 1.68 million barrels per day in April, 1.73 million barrels per day in May and 1.72 million barrels per day in June, before standing at about 1.68 million barrels per day in July.
The stronger production has coincided with higher oil-sector revenues. Nairametrics reported that NNPC revenue rose from N2.57 trillion in January to N2.68 trillion in February and N2.77 trillion in March, before jumping to N4.97 trillion in April. It subsequently stood at N4.34 trillion in May, N4.39 trillion in June and N3.09 trillion in July.
Aminu Gwambe, President of the Association of Bureaux De Change Operators of Nigeria, also attributed part of the reserve improvement to higher crude oil prices and increased production.
According to Gwambe, reduced volatility in the Niger Delta and lower crude oil theft have helped improve production and, consequently, foreign exchange receipts.
Foreign capital inflows surge
Another major development has been the increase in foreign capital entering Nigeria.
Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026, representing an 83.8 per cent increase from the $5.64 billion recorded in the corresponding period of 2025, according to National Bureau of Statistics data.
Portfolio investment accounted for the overwhelming majority of the inflows, reaching $9.86 billion, or 95.09 per cent of total capital imported during the quarter.
The banking sector attracted $7.55 billion, representing 72.79 per cent of total capital imported, while the financing sector received $2.43 billion.
The United Kingdom was the largest source of the foreign capital, contributing $5.08 billion, followed by the United States with $3.18 billion and South Africa with $983.83 million.
The increase in portfolio inflows has been linked by analysts to improved conditions in Nigeria’s foreign exchange market and the attractiveness of Nigerian financial assets and yields.
However, the composition of the inflows is significant because portfolio investments can be more easily reversed than longer-term foreign direct investment.
Remittances and non-oil exports
The reserve buildup has also been linked to stronger diaspora remittances passing through official channels.
Gwambe pointed to increased remittance flows following Nigeria’s foreign exchange reforms, as well as growing dollar liquidity through licensed fintech channels.
Higher non-oil export proceeds have also contributed to the country’s foreign exchange earnings, while improvements in fiscal and monetary management have supported the broader accumulation.
These sources are important because they provide foreign exchange beyond crude oil, although their contribution must be viewed alongside the much larger role still played by oil and financial-market inflows.
Foreign investors show greater interest
Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, linked part of the improvement to stronger foreign investor confidence and increased portfolio inflows.
Yusuf said, “It takes a lot of confidence in an economy for foreign inflows to come in,” while also pointing to improving export performance.
A source at the CBN disclosed that interest from foreign investors in Nigerian government securities had increased, with the apex bank receiving enquiries from foreign investors seeking information about Nigeria’s long-term bonds.
The development suggests that some investors are showing greater interest in holding Nigerian financial assets, although the extent to which such inflows remain in the country over the longer term remains uncertain.
FX and monetary reforms
Changes in Nigeria’s foreign exchange management have also played a role in the changing external position.
Analysts have linked stronger inflows partly to reforms aimed at improving liquidity and reducing distortions in the foreign exchange market.
The improvement in reserves has occurred alongside a period of relative stability in the naira.
The currency closed at N1,329.50/$ on September 15, compared with N1,328/$ on September 10, with the naira remaining within a narrow range over four consecutive trading sessions.
The stronger reserve position gives the CBN a larger external buffer with which to respond to temporary foreign exchange pressures and manage excessive volatility.
The numbers show how quickly reserves have accumulated
The pace of accumulation has accelerated during 2026.
Reserves stood at $50.03 billion in March and reached $49.80 billion on June 1. They crossed $50 billion on June 4 and reached $51.53 billion by July 3.
By August 14, reserves had risen to $52.32 billion.
They then climbed to $53.90 billion on September 1, $54.08 billion on September 3 and finally $54.61 billion on September 14.
That means Nigeria added about $707.75 million to its reserves during the first 14 days of September alone, while the balance increased by about $2.28 billion between August 14 and September 14.
The current position is also above the approximately $51.04 billion reserve level projected by the CBN for the whole of 2026.
Sustainability remains a concern
Despite the sharp increase, analysts have cautioned that the composition of the reserves matters as much as the headline figure.
A former Access Bank Treasury official noted that it is difficult to attribute the buildup to one particular source because several channels contribute to reserve accumulation.
Portfolio inflows can strengthen Nigeria’s foreign exchange liquidity, but they can also leave quickly when global interest rates, exchange-rate expectations or investor sentiment change.
Similarly, oil remains vulnerable to fluctuations in international crude prices and disruptions to domestic production.
Olu Olajemgbese of the University of Abuja therefore argued that a more sustainable improvement would require a broader mix of foreign exchange sources, including non-oil exports, remittances and productive foreign direct investment.
Gwambe has also raised concerns about the continuing gap between the official and parallel foreign exchange markets.
“My worry is on the inherent gaps between the official market and the parallel market rates,” he said.
He called for greater integration of Bureau de Change operators into the formal foreign exchange system and increased participation in the market.
‘Obi Has Nowhere to Hide’ — APC Campaign Council Tackles Peter Obi Over Anambra Record
‘A Nation Cannot Escape the Bill’ — Atiku Questions Tinubu’s Third UNGA Absence
Tinubu Reacts as Former Kogi Governor Ibrahim Idris Dies at 77
Why Ondo is Buying Dangote Shares for 500 Citizens
NMDPRA Points to PIA for Price Control Lapses
Indonesia’s Pertamina Leads Foreign Interest in Nigeria’s 2026 Oil Licensing Round
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
