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External Reserves Drop by $950m In days — CBN Report

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Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira.

On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN.

Before the current decline, the reserve had been steadily growing, witnessing a remarkable 43-day surge between February 5 and March 18, 2024, during which it appreciated by $1.28bn.

The CBN attributed this rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

External Reserves Fall by $915m After Naira Float

Additionally, reforms in the foreign exchange market and an increase in oil production contributed to the reserve growth.

However, the trend since March 18 indicated a significant drawdown in the reserve. After peaking at $34.45bn, it gradually declined; $34.39bn on March 19, $33.57bn by April 2, and finally $33.50bn by April 3.

This rapid decline of $1.02bn within 18 days underscores the pressure on the reserve as efforts continue to stabilise the local currency.

The CBN has been actively intervening in the foreign exchange market to support the naira, which has faced pressure from various economic factors. These interventions often involve the sale of dollars to maintain liquidity in the market, a strategy that has likely contributed to the decrease in FX reserves.

During the 18 days under review, the Central Bank of Nigeria made two significant announcements. First, it declared the complete clearance of the valid foreign exchange backlog. Second, it facilitated the sale of foreign exchange to Bureau De Change operators in Nigeria at an exchange rate of N1,251/$1.

Usually, Nigeria’s foreign exchange reserve reflects the country’s balance of payments and its ability to meet international obligations. A substantial decline in reserve can erode investor confidence and potentially lead to a credit rating downgrade, which would further impact the nation’s borrowing costs.

 The International Monetary Fund recently projected that Nigeria’s foreign reserve would experience a significant reduction, plummeting to $24bn by 2024. The IMF foresaw a challenging period for Nigeria’s financial account through 2024–25, driven by the absence of new Eurobond issuances, substantial repayments of existing funds and Eurobonds totalling $3.5bn, and continued portfolio outflows.

Meanwhile, the federal government has said it will issue domestic bonds denominated in foreign currency in the second quarter of this year, precisely in the month of June, a move which some economists believe would stabilise the naira and nation’s reserve.

Nigeria Gets Afreximbank’s $1bn Loan in May

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Nigeria is set to receive a $1.05bn syndicated loan backed by oil from the African Export-Import Bank next month.

The loan is part of a larger $3.3bn prepayment facility arranged by Afreximbank, with repayment terms tied to crude cargoes from the Nigerian National Petroleum Company Ltd.

According to Bloomberg, Afreximbank’s Senior Executive Vice President for Finance, Administration, and Banking, Denys Denya, confirmed the verification of crude availability, paving the way for the final release of the balance within the next month.

Afreximbank Invests all-time High $36bn in Nigeria

The loan aims at reviving Nigeria’s economy and enhancing the supply of hard currency in the local foreign exchange market. A substantial portion of it — two-thirds, was already disbursed in January.

This financial manoeuvre is designed to provide Nigeria with immediate funds based on future oil production, offering a lifeline to the country’s struggling economy.

Niger State Signs $114M Deal With ECOWAS Bank

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The Niger State Government, North Central Nigeria, has successfully finalized a significant Memorandum of Understanding (MoU) with the ECOWAS Bank for Investment and Development.

This landmark agreement aims to finance four major projects totaling $114 million across various socio-economic sectors.

The MoU was formalized during the ECOWAS Investment Forum (EIF) held in Lome, Togo. The projects earmarked for funding include the construction of the Madalla-Suleja-Maje dual carriage road ($30 million) and the establishment of the Madalla Green Economic Market ($11 million).

Niger State To Invest N1tr In Infrastructure

According to the MoU, funds will also be allocated for the construction/conversion of the former Secretariat into a School of Medical and Health Sciences ($40 million), as well as the development of eight International Trailer Parks in strategic locations such as Mokwa, Tafa, Lambata, Bida, Makera, Dikko, Tagina, and Kontagora ($43 million).

During the signing ceremony, representatives from the Niger State government, including Commissioner of Finance Lawal Adamu Maikano and Sammy Adigun, Chairman of Niger Foods, were present.

They were joined by representatives from the ECOWAS Bank of Development and Investment, including Dr. Olagunju M. Olalekan Ashimolowo, Vice-President of Operations, and Dr. George Agyekum Donkor, President and Chairman of the Board of Directors, among others.

This strategic partnership signifies a concerted effort to expedite the ongoing transformation of Niger State, fostering new avenues for investment promotion and accelerating infrastructure development. Moreover, it is poised to generate numerous job opportunities, enhance the healthcare sector, and actualize Governor Mohammed Umaru Bago’s visionary “New Niger” agenda.

By leveraging the resources of the EBID Bank, established to promote cooperation, integration, and economic development among West African countries, Niger State is positioned to realize its full potential. The EBID Bank currently comprises fifteen Member States, including Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. This collaboration underscores Niger State’s commitment to regional development and prosperity.

Nigeria, Spain Forge Ties To Boost Maritime Security

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The Spanish Ambassador to Nigeria, His Excellency, Ambassador Juan Ignacio Sell, has expressed the Spanish Government’s keen interest in strengthening cooperation with Nigeria through enhanced collaboration with the Nigerian Maritime Administration and Safety Agency (NIMASA).

Ambassador Juan reiterated this commitment during his inspection of two state-of-the-art bulletproof security boats, constructed for NIMASA by the Spanish company Aresa.

Meanwhile, the Director General of NIMASA, Dr. Dayo Mobereola, has emphasised the paramount importance of deploying these vessels promptly to bolster maritime security and safeguard Nigeria’s waters.

Ambassador Juan said, “This is one more milestone in the cooperation between Spain and Nigeria for maritime security, while the Spanish government sees Nigeria as prime in attaining security in the Gulf of Guinea.

FG Declares NIMASA As Most Digitally Transformed Agency

“We also have a naval ship present in the Gulf of Guinea to enhance security. The message from our President back home is for the Embassy to seek more partnership with Nigeria in the Maritime Sector.

“The creation of the Marine and Blue Economy Ministry by President Bola Tinubu is a sign that this administration is committed to harnessing the ocean potential, and Spain is ready to support Nigeria all the way. This is why I came from Abuja to see the DG,” he said.

On his part, the Director General of NIMASA, Dr. Dayo Mobereola, noted that management, under his leadership, will fast-track the deployment of the patrol boats as soon as possible.

He also welcomed the partnership with Spain, noting that security in the maritime domain cannot be done in silos.

“Maritime security cannot be done in silos by any country. Collaboration plays a major role in achieving safety and security in the maritime domain. We appreciate the gesture from the Spanish Government and we will explore areas of collaboration, particularly in terms of both human and infrastructural development.

“We will work out the logistics so that these vessels can be deployed immediately. I am confident that they will be instrumental not just to enhance security in Nigerian waters, but also shore up revenue accruable to the Federal Government as Port calls by vessels will increase, and Fishing in Nigerian Coastal waters will become a major industry in Nigeria,” he stated.

The 8-passenger, 13.2-meter-long Security Boats with a fuel capacity of 3000 litres are fully air-conditioned with a range of 500 Nautical Miles. They are powered by two 2,300 Horsepower outboard engines with a maximum speed of 45 Knots and 25 Knots at cruising speed. NIMASA now has seven fast-intervention bulletproof Aresa boats to be deployed soon.

NPFL: Katsina End Rangers 10-Game Unbeaten Run

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Seven-time champions Enugu Rangers are holding on to a slim goal difference league at the top of the 2023/24 Nigeria Premier Football League table after falling to a 4-3 defeat against Katsina United at the Muhammadu Dikko Stadium in Katsina on Sunday.

The match-day 29 encounter opened up to a frenetic start with four goals in the opening 20 minutes.

Midfielder Azeez Falolu opened the floodgates in the seven-goal thriller with his fourth goal of the season for Katsina as early as the fourth minute, but Godwin Obaje responded for the visitors six minutes later.

Michael Ibe restored Katsina United’s lead in the 16th minute, but it took Rangers just two minutes to level up again through Saviour Godwin.

Ibe bagged his brace on the stroke of halftime to give the hosts a 3-2 lead while Andrew Idoko doubled the advantage five minutes after the restart, before Joel Odoh reduced the deficit to 4-3 for Rangers in the 81st minute.

In Lafia, Danbani Alao’s 58th minute goal was all Lobi Stars needed to secure a 1-0 win over Enyimba and keep the pressure on Rangers in second place.

Niger Tornadoes continued with their impressive goal scoring form as they hit relegation-threatened Gombe United 5-0 in Kaduna, while Heartland also won for the first time in four matches beating Sporting Lagos 3-1 in Owerri.

Kwara United needed a penalty from Isiah Ejeh to secure a 1-1 draw at home against Bendel Insurance, who took a first half lead through Meyiwa Oritseweyinmi.

In Akure, Tunde Adeniji marked his return to Sunshine Stars with a goal, which secured a 1-1 draw against visiting Bayelsa United. The result means Kennedy Boboye’s side remain winless after three matches, just as Bayelsa United continue to swim out of relegation waters.

I Respect Anthony Joshua – Oleksandr Usyk  Ahead Of Fury Bout

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Oleksandr Usyk has revealed his respect for Anthony Joshua and expressed that he didn’t require an apology from the Briton ahead of his upcoming fight with Tyson Fury next month.

Back in August 2022, Usyk clinched victory over Joshua in Saudi Arabia, following a previous triumph over the 34-year-old at Tottenham Hotspur Stadium. However, post-fight, Joshua’s actions drew controversy when he took some of Usyk’s belts and threw them away.

In February last year, Joshua apologized for his actions, stating: “Listen, I’m not perfect. It’s not the right thing to have done. I didn’t speak to Usyk but I spoke to Wladimir [Klitschko] and said give yourself a pat on the shoulder and tell him ‘well done and I apologize’, that’s man-to-man. But it was just raw, it may not make sense to a lot of people but it made a lot of sense to me and it was just how much it means, to a degree. I thought I would feel like that at the end of my career and when it’s all said and done I’d just be like ‘wow, what a rollercoaster, I made it through the trenches’.”

However, Usyk, speaking to Seconds Out, expressed his respect for Joshua and asserted that he didn’t need an apology in the first place. He stated, “I don’t have bad feelings about Joshua because I respect this man. He’s a great man. He’s a great boxer, an Olympic champion, and two times world champion. I think it’s emotion. I respect this man. No, I’m good.”

Usyk remains confident ahead of his fight with Fury next month. The duo is set to meet in the first heavyweight showdown since the days of Lennox Lewis.

Usyk is optimistic about his chances against Fury, expressing his ambition for a future fight in Ukraine. He stated, “Not if, when? I want to do a fight in Ukraine at the big stadium, Olimsky. My goal is to make a fight in a stadium. I think I [will] do it.”

Regarding the upcoming fight between Jake Paul and Mike Tyson, Usyk believes that the criticism directed towards the duo is exaggerated and sees no issue with the fight. He commented, “Listen, listen, it just shows, Tyson is a big, big famous man, who is well known around the world. Yeah, Jake Paul is young guy who won at boxing who wants to help young guys but it’s a big show. If people want to see the show, OK, give it to them. For me, I think it’s OK.”

The Fury vs Usyk match is scheduled to take place in Riyadh on May 18. With Fury winning 34 of his 35 fights and Usyk clinching victory in all 21 of his bouts so far, the encounter promises to be a thrilling showdown.

EPL Round Up:Liverpool Fail To Go Top After Draw With Manchester United

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Liverpool failed to return to the top of the table with after a 2-2 draw at Old Trafford as rivals Manchester United did their bit to try and derail the Reds’ quest to send off Jurgen Klopp with an English Premier League title, which would put Liverpool level with United on 20 league crowns.

They are behind Arsenal on goal difference, with both teams locked on 71 points. Champions Manchester City are a further point adrift.

It was an end to end start to the match on April 7 with the home team having a goal by Alejandro Garnacho disallowed after two minutes after the Argentinian strayed just offside.

From then on though, all the action in the first 45 minutes came at the opposite end as United failed to register a shot. The last time they did not record a shot in the first half of a Premier League game was in April 2022, during a 4-0 defeat by the Reds.

The last time that happened at Old Trafford was in October 2015, when they drew 0-0 against City.

Liverpool, meanwhile, had 15 first-half shots, four of them on target as the Red Devils continued their tendency to allow opponents to pepper their goal with shots. Before the game on April 7, the Red Devils had faced 526 shots in the Premier League, more than any other time in the 20 full seasons since Opta began keeping records.

While United have suffered from injury issues all season, which saw them start with three teenagers in a Premier League match against Liverpool for the first time, there was no shortage of experience on the pitch in the likes of Raphael Varane, Casemiro and Harry Maguire.

The Reds opened the scoring on 23 minutes when Darwin Nunez escaped the attentions of Aaron Wan-Bissaka from a corner and headed the ball on to an unmarked Luis Diaz, who finished past Andre Onana.

It was the Uruguayan striker’s 13th assist this term, more than any other Premier League player.

The Reds should have, however, gone into the break with more than a one-goal lead as only Onana kept the Reds in the game with saves from the likes Dominik Szoboszlai and Mohamed Salah.

It was a similar story to the teams’ FA Cup quarter-final clash in March, when United took advantage of the Reds’ profligacy to sneak a 4-3 win.

And so it seemed again at the start of the second half on April 7, when United scored with their first shot of the match.

Bruno Fernandes pounced on a loose pass by Jarell Quansah just inside the Liverpool half in the 50th minute and launched a first-time shot over a stranded Caoimhin Kelleher for his 50th Premier League goal.

Indeed, the Red Devils could take have taken a shock lead minutes with their second shot but a flying Casemiro just failed to get a boot on a cross into the box.

Liverpool’s second-half nightmare continued on 67 minutes when Kobbie Mainoo received a pass into box by Wan-Bissaka with his back to goal and proceeded to swivel and launch a lovely curling shot into the top corner of Kelleher’s goal.

He became the first 18-year-old to score in the Premier League against Liverpool since Cesc Fabregas for Arsenal in May 2005, and became the Red Devils’ youngest scorer against Liverpool in the Premier League.

But as it was in the defeat by Chelsea in midweek, United conceded a needless late penalty after Wan-Bissaka brought Harvey Elliott down in the box.

Salah stepped up and scored from the spot, his sixth goal at Old Trafford, more than any other player in Premier League history.

Osimhen Propels Napoli’s Rapid Goal Blitz In  4-2 Win At Monza

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Napoli scored three goals within six second-half minutes as they clinched a 4-2 victory at Monza on Sunday to keep alive their slim hopes of a top-four finish in Serie A.

The defending champions are seventh in the table with 48 points, 10 points behind fourth-placed Bologna, who played out a goalless draw at Frosinone earlier on Sunday. Monza are 11th with 42 points.

Napoli still find themselves in a challenging position in the table, trailing both AS Roma and Atalanta who sit in fifth and sixth place with 55 and 50 points respectively. Atalanta have two matches in hand before their clash at Cagliari later on Sunday.

Coach Francesco Calzona preferred not to discuss how the season could end for Napoli.

“We are forced to take it one game at a time because it doesn’t only depend on us,” he told DAZN.

“We have to keep winning and maintain some hope of finishing in the top spots. If we play like the second half, we can have hope but not if we play like we did in the first half.”

Calzona said he had had a serious talk with the players during the break

“During halftime we talk, we discuss the problems, try to resolve them. The lads got the message but it’s not just today, I’ve been saying this for a long time.”

STUNNING GOALS

Milan Duric nodded in the opening goal for Monza nine minutes into the match, outmanoeuvring Napoli’s Juan Jesus to connect with a cross.

While Napoli focused on achieving an equaliser, Monza goalkeeper Michele Di Gregorio performed admirably to maintain his side’s advantage going into the break.

The second half was frenzied, with five goals coming in 13 minutes at the sunny Stadio Brianteo.

Napoli began their comeback 10 minutes into the second half, when Victor Osimhen rose so high to nod in the equaliser that he landed on his face, requiring a brief moment of treatment before continuing.

Two minutes later, Matteo Politano unleashed a perfectly executed left-footed volley from outside the box, finding the far right corner and leaving the stadium stunned by the display.

With Monza in disarray, Napoli secured their third goal in the 61st minute, when Piotr Zielinski unleashed a shot from distance that struck the underside of the bar and found the net.

Andrea Colpani demonstrated that Monza could also produce impressive goals by curling a shot into the corner a minute later to keep alive the home fans’ hopes.

Giacomo Raspadori scored Napoli’s fourth goal after 68 minutes, less than a minute after being substituted, by sending in the rebound from a save by Di Gregorio.

“They were spectacular goals but I like to underline Raspadori’s goal because he believed to the end,” Calzona said.

“Strikers must have that instinct to attack the goal even when it seems unlikely that the ball will come to him.”

South Africa Plans Mother-Of-All-Battle In Final Olympic Qualifier With Nigeria 

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Banyana Banyana game plan was to either beat the Super Falcons at home as they did two years ago in Lagos or earn a draw in Friday’s first leg match of Olympic qualifier in Abuja.

That did not happen as Rasheedat Ajibade’s penalty kick earned Nigeria an outright 1-0 win over South Africa – a first win since the Super Falcons’ 1-0 win in Limbe, Cameroon in 2016.

But according to an account in the South African Football Association website, “Banyana Banyana will have to give it all in the second leg.”

Banyana Banyana came back from the first half break a much more improved side but failed to convert the few chances that came their way.

“Outstanding goalkeeper Kaylin Swart had to work overtime to deny the hosts from extending their lead.

“Despite creating numerous chances for an equaliser, the game ended 1-0 for the Super Falcons.”

The two African giants will lock horns for the second leg on Tuesday at Loftus Versfeld in Pretoria where coach Desiree Ellis’ charges will be hoping to overturn the deficit.

Coach Ellis believes they are still in the game and can turn things around in the second leg on Tuesday.

“Look, we said it was going to be a tight game but we are hopeful of overturning this result in the second leg.”

Cameroon FA To Propose National Coach After Emergency Meeting 

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Cameroon’s football federation (FECAFOOT) held an emergency meeting on Saturday and asked its president to propose an alternative coach for the national team, deepening a standoff with the sports ministry.

FECAFOOT on Wednesday accused the ministry of unilaterally appointing Belgian Marc Brys as coach and other staff to manage the Indomitable Lions, who are five-times African champions.

The dispute risks a potential ban from international competition as world soccer’s governing body FIFA has strict rules against government interference in national federations.

In a statement, FECAFOOT said its emergency committee had met on Saturday and unanimously confirmed that the federation had not been involved in the appointments in alleged contravention of regulations.

As a result, it asked its president Samuel Eto’o to propose a national coach and other management staff for the national side within 72 hours.

Responding to a request for comment, a spokesperson for the ministry said the result of the FECAFOOT meeting was “an appeal. It is not yet a decision.”

On Friday, Sports Minister Narcisse Mouelle Kombi wrote to FECAFOOT to defend the coaching appointments, which he said were in accordance with national and international rules.

Kombi said the ministry’s move “in no way affects the autonomy of FECAFOOT and does not violate any of the ‘supranational regulations’.”

A spokesperson for the ministry confirmed the authenticity of the letter.

Kombi’s letter also said the salaries requested by three candidates earlier proposed by the federation for the position of coach ranged between 1.5 million euros ($1.6 million) and 2.5 million euros per year.

“These are excessive amounts never paid to any coach in the history of the Indomitable Lions,” Kombi said.

FECAFOOT did not respond to a request for comment on the letter.