JP Morgan refutes CBN’s statement, reveals Nigeria’s foreign reserve to be $3.7 Billion – Newstrends
Connect with us

News

JP Morgan refutes CBN’s statement, reveals Nigeria’s foreign reserve to be $3.7 Billion

Published

on

JP Morgan refutes CBN’s statement, reveals Nigeria’s foreign reserve to be $3.7 Billion

Global financial service firm JP Morgan has estimated Nigeria’s net foreign reserve to be around $3.7 billion.

The figure is far below the $33.8 billion as of August 17 on Central Bank of Nigeria (CBN) website.

JP Morgan’s estimate is much lower than the net figure of $14 billion reported at the end of 2021.

The bank disclosed this in its latest report on Nigeria titled “Nigeria: Reform pause rather than fatigue”.

It noted that the lower-than-reported forex reserve is the result of larger currency swaps and borrowings against the forex reserve.

The global financial institution said: “Based on partial information from the audited financial accounts, we estimate that CBN’s net forex reserves were around $3.7 billion at the end of last year, from $14 billion at the end-2021.”

READ ALSO:

According to the bank, the assumptions followed an addition of $5 billion in International Monetary Fund Special Drawing Rights (SDR) to external reserves to arrive at total gross forex reserves of US$37.8 billion.

This, it said, was broadly in line with the 30-day moving average of US$37.08 billion previously published on the central bank’s website.

It added that by adjusting the gross external reserves with three key forex liability lines that include forex forwards ($6.84 billion), securities lending ($5.5 billion) and currency swaps ($21.3 billion).

It estimated currency swaps by backing out forex forwards and outstanding Over The Counter (OTC) Futures balances from an overall aggregate published in the financial accounts.

The bank said the CBN still can withstand the pressure accompanying the low forex reserve especially, as profit from swap arrangements between the CBN and commercial banks, the rates will continue to rise.

JP Morgan refutes CBN’s statement, reveals Nigeria’s foreign reserve to be $3.7 Billion

News

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

Published

on

Edo State Governor, Monday Okpebholo

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.

In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.

He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.

The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.

READ ALSO:

“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.

“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”

Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.

“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.

“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.

 

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

Continue Reading

News

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

Published

on

Prominent Islamic scholar Dr. Ahmad Mahmud Gumi

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”

His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.

In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.

READ ALSO:

The only solution is to dissolve the two states and create a democratically electable region.”

Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.

He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.

“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.

 

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

Continue Reading

News

Court sacks Ondo LP candidate, two days to governorship poll

Published

on

Olusola Ebiseni

Court sacks Ondo LP candidate, two days to governorship poll

The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.

The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.

The governorship election of the southwest State will hold on Saturday, 16 November 2024.

The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.

The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.

READ ALSO:

Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”

Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.

Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.

Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.

However, the appellate court has now overturned the judgment of the trial court’s judgment.

 

Court sacks Ondo LP candidate, two days to governorship poll

Continue Reading

Trending