Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), announced that the country’s foreign reserves increased to $40.88 billion as of November 21.

Cardoso made the statement on Tuesday during a press conference following the monetary policy committee’s 298th meeting in Abuja.

He reported that the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.

This marks an increase of $82 million, or 2.05 percent, in just 21 days.

“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he explained.

However, a check on the apex bank’s website revealed that Nigeria’s foreign reserves were listed at $40.27 billion on November 22, which is lower than the figure presented by Cardoso.

Further commenting on the matter, Cardoso stated, “the process of getting us where we are in terms of reserves has been a long one.”

“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.

He emphasized that “reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.”

“They are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary,” he clarified.

“And when we talk about shocks that are not anticipated, I think we can see how the global economies are,” Cardoso continued.

The governor also affirmed that the bank will persist in efforts to stabilize the currency and prices.

“The currency has been stable compared to what it was in June,” he noted.

However, he pointed out that for the country’s currency to maintain stability, there must be increased exports and greater diversification of the economy.

Cardoso also highlighted that diaspora remittances have risen due to policies that have been implemented.

He commended Nigerians in the diaspora for helping the country achieve over $600 million in remittances.

Governor Abdulrahman Abdulrazaq has announced his agreement to host the 2025 edition of the Best of Nollywood (BON) Awards in Ilorin, making him the first Governor in the event’s history to host it for two consecutive years. The Governor expressed his admiration for the 16th BON Awards, praising the event’s vibrant atmosphere and the engaging after-party that showcased the rich cultural and creative potential of Kwara State.

Held at the state-of-the-art Sugar Factory Film Studio in Ilorin, the BON Awards brought together top talents and stakeholders from Nigeria’s movie industry. Governor Abdulrazaq, who personally presented the Lifetime Achievement Award to Nollywood icon Kanayo O. Kanayo, commended the organizers for their professionalism and the remarkable success of the event.

“The BON Awards have shown the immense possibilities of Ilorin as a center for creativity and entertainment. I was thrilled by the energy, talent, and warmth that defined this year’s edition. The after-party further reinforced our vision of Kwara as a hub for the creative economy, tourism, and hospitality,” the Governor said.

Governor Abdulrazaq emphasized his desire for Ilorin to become the permanent venue for the BON Awards, citing the city’s unique blend of modern infrastructure, serene environment, and rich cultural heritage.

“I would be honored to host next year’s edition of the BON Awards and beyond. Ilorin is ready to offer unmatched facilities and an enabling atmosphere to support events of this magnitude. With landmark projects like the Sugar Factory Film Studio, Visual Arts Centre, and remodeled Kwara Hotel, we are poised to set a new standard for hosting creative events,” he added.

The Governor extended his appreciation to the Nollywood stars and stakeholders for their significant contributions to the Nigerian creative industry and their warm embrace of Kwara as a destination for film and entertainment.

“We invite the creative community to consider Kwara not just for future productions but also as a home for their endeavors. Together, we can build a creative hub that reflects our shared aspirations for excellence and innovation,” he concluded.

The 16th BON Awards, which featured celebrated actors such as Femi Adebayo, Mercy Aigbe, Toyin Abraham, and many others, was a resounding success, with winners and attendees alike applauding the state’s infrastructure and hospitality.

The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

More to come…