How Much Is Nigeria’s External Reserve?

 By Marcel Okeke

The deafening silence of the Central Bank of Nigeria (CBN) since JP Morgan’s very shocking revelation a few weeks ago that Nigeria’s foreign exchange (FX) reserves stood at about US$3 billion as at end-December 2022 is really worrisome. 

According to the American financial services firm, a combination of foreign exchange forwards, securities lending, currency swaps, and outstanding contracts has weakened Nigeria’s net external reserves to an all-time low of US$3.7 billion as of the end of last year. Although data from the CBN had shown that Nigeria’s external reserves stood at US$33.88 billion as of August 10, 2023, down from US$37.08 billion at the end of last year, JP Morgan says the country’s “net forex reserves are significantly lower than previously estimated.”

Who Voted For Muhammadu Buhari?

By Ikechukwu Amaechi

Voting on March 28, 2015 for the then presidential candidate of the All Progressives Congress (APC), Muhammadu Buhari, was almost a badge of honour.

At polling booths, voters proudly flaunted their thump-printed ballot papers to prove that they were worthy ambassadors of the “change movement”.

Today, perhaps, the real measure of how much things have changed is that many people no longer readily own up to being part of the historic movement that led to the sacking of a sitting Nigerian president.

*Buhari 

Nobody admits voting for change any more. In fact, to accuse anyone of voting for Buhari has become an offence that people don’t take kindly. How could I have voted for Buhari, God forbid, is the most popular refrain in town today. And you wonder who did.

Well, I did. I am one of those who voted for the Daura-born General last year. I have said so here, severally.

I thought that former President Goodluck Jonathan had no capacity to continue to rule this country. He was not in control of his government and another four years with him in the saddle was, for me, unimaginable. And I still believe so.

I also thought Buhari would make a better president not necessarily because he possessed the intellectual capacity to govern. No.
But I reasoned that unlike Jonathan, he had the requisite character and integrity to be in charge of his government and if he was, what he only needed to do was to gather people with the capacity to drive a 21st century economy in dire need of a shot in the arm.

Sadly, knowing what I know now and having observed happenings in the polity in the last one year, I no longer believe so.

If the election was to be conducted today with Jonathan and Buhari as the frontline presidential candidates as was the situation last year, I would rather not go near any polling booth because, for me, the difference between the two is the same between six and half a dozen.

Jonathan as president was clueless as charged. Buhari is not proving to be any different.

Today, May 29, 2016, is exactly one year since he was sworn in as president and commander-in-chief of the Armed Forces of the Federal Republic of Nigeria.
Expectations were quite high when he took his oath of office, vowing to give Nigerians a new lease of life. But, 365 days down the road, Nigerians are aghast.