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External Reserves Sustains Downward Trend, Sheds $337m In 2wks
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External Reserves Sustains Downward Trend, Sheds $337m In 2wks

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Further Naira depreciation likely – Analysts

Nigeria’s external reserves fell by $337 million in the first two weeks of August, maintaining its declining trend since the middle of last month.

Data from the Central Bank of Nigeria showed that the external reserves fell to $38.882 billion on Thursday, August 11th, 2022, from $39.219 billion at the end of July 2022.

This indicates that the external reserves has lost $563 million since July 18, when it commenced the latest downward trend.

Before July 18, the external reserves had maintained a 40 days upward trend, rising by $976 million to $39.445 billion from $38.421 billion on June 6th, buoyed by rise in the price of crude oil, which accounts for over 80 percent of the nation’s foreign exchange earnings.

However, analysts at Financial Derivatives Company Limited, FDC, attributed the declining fortunes of the reserves since July 18 to increased dollar sales by the Central Bank of Nigeria, CBN, in its bid to stabilize the exchange rate.

While projecting a further decline in the external reserves, they however maintained that the increased dollar supply by the apex bank will lead to the appreciation of the naira at the official and parallel market.

Making this projection in the FDC Bi-Monthly Economic Bulletin, they said: “The depletion on the reserves was majorly due to CBN’s supply of foreign exchange to stabilize the currency.

“The external reserves is expected to continue its downward trend as the CBN intensifies its efforts to stabilize the currency by supplying foreign exchange to the I & E (Investors and Exporters) window.

“Because of the country’s low oil production levels, high oil prices may have less of an impact on the country’s external reserves.

“A constant depletion of the external reserves is likely to discourage the CBN from supplying foreign exchange in the foreign exchange market. This could further stoke currency depreciation as demand outpaces supply.”

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Some Politicians Funding Terrorism In Nigeria, Says Ex-CDS Lucky Irabor

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Lucky Irabor, ex-chief of defence staff (CDS), says some political actors are involved in terrorism financing in Nigeria.

On November 30, Daniel Bwala, Special Adviser to President Bola Tinubu on policy communication, said the federal government would soon reveal the identities of terrorism sponsors.

Bwala said the government is “making far-reaching decisions”, adding that the outcome would be noticeable shortly.

The presidential aide said terrorism is a global problem, adding that “the demand is now on the world governments to see how they can cooperate with Nigeria”.

Speaking on ‘Politics Today’, a Channels Television programme, on Monday, Irabor said certain politicians exploit insecurity for personal advantage.

Asked directly if politicians fund terror networks, he replied with “some politicians”.

Irabor said some party chieftains capitalize on instability to create an impression that they can offer better leadership.

“Some politicians have now taken advantage of the state of under-governance, as it were, to perhaps gain some form of leverage to give the impression that they can do better,” he said.

“Others perhaps want to give an impression they can do better, to score the point that there is poor governance… they could also instigate a certain crisis one way or the other.

“Those who believe that it’s purely political, maybe, have their argument from that angle. For me, it will be wrong.”

Irabor also addressed criticisms of the federal government’s refusal to publish names of alleged terror financiers.

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BIG STORY

JUST IN: Tinubu Nominates Ex-CDS Christopher Musa As Defence Minister

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President Bola Tinubu has nominated a former Chief of Defence Staff, General Christopher Musa, as the new Minister of Defence.

The nomination was contained in a letter sent to Senate President Godswill Akpabio on Tuesday, announcing Musa as the replacement for Alhaji Mohammed Badaru, who resigned from the position on Monday due to health reasons.

In his letter to the Senate, the President expressed confidence in Musa’s capacity to lead the Defence Ministry and strengthen Nigeria’s security framework.

The nomination was confirmed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

The statement added, “General Musa, 58, on December 25, is a distinguished soldier who served as Chief of Defence Staff from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.

“Born in Sokoto in 1967, General Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.

“General Musa was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career. His appointments include General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.

“In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.

“In 2021, General Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed Chief of Defence Staff by President Tinubu in 2023.”

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South Africa Begins Use Of Groundbreaking HIV Prevention Drug

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South Africa has begun administering lenacapavir, a long-acting HIV prevention drug, to selected individuals as part of a new study led by Wits RHI at the University of the Witwatersrand and funded by Unitaid.

The move comes just five months after the US Food and Drug Administration granted its first approval for the drug’s use in HIV prevention.

Lenacapavir has shown remarkable results in clinical trials, offering near-complete protection against HIV and outperforming existing pre-exposure prophylaxis (PrEP) options.

The injectable drug is taken twice a year and was initially projected to cost about $28,000 per user annually.

However, a pricing deal brokered by the Clinton Health Access Initiative (CHAI), working alongside Dr Reddy’s Laboratories, Unitaid, the Gates Foundation, and Wits RHI, has slashed the cost to about $40 — a reduction aimed at making the drug affordable in low- and middle-income countries.

In a statement on Monday, Unitaid said the study will provide the Department of Health with the evidence they need to adapt quickly and in real time as they integrate lenacapavir into existing HIV prevention programs.

“These early learnings on real-world use will also apply to other countries adopting lenacapavir,” the statement reads.

“Making new medicines widely available in low- and middle-income countries can take up to a decade or longer as regulatory approvals must be obtained, manufacturing must be secured, and prices must come down.

“Global momentum behind lenacapavir has set the drug on a rapid trajectory: South Africa registered the drug in record time in late October, followed by Zambia in November, and the first doses have already been delivered in Zambia and Eswatini through The Global Fund and PEPFAR. Broader rollout in early adopter countries is expected in early 2026.”

Aaron Motsoaledi, South Africa’s minister of health, said the country is working with relevant stakeholders to make lenacapavir available to the most vulnerable populations who are at higher risk of HIV infections.

“These early efforts from Unitaid and Wits RHI will help us fine-tune how lenacapavir is delivered through our health system so we can reach as many people as possible with this new Pre-Exposure Prophylaxis (PrEP) option, especially adolescent girls, young women, and pregnant and breastfeeding women,” he said.

In Brazil, a similar study led by Fiocruz is also underway.

Insights and tools from the Fiocruz study in Brazil will help guide rollout strategies within the country and across Latin America.

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