Echotitbits – Nigeria News

Tag: Nigeria News

  • FX reserves climb by $4.39bn in 12 months, CBN data shows

    FX reserves climb by $4.39bn in 12 months, CBN data shows

    2025-12-29 09:00:00
    Figures published by Punch indicate Nigeria’s external reserves rose by $4.39bn between December 23, 2024 and December 23, 2025, reaching about $45.24bn over the period, based on data sourced from the Central Bank of Nigeria.

    The rise adds to a late-2025 picture of stronger buffers, with other market trackers also placing Nigeria’s gross reserves above $45bn in December and describing it as a multi-year high.

    Beyond the headline number, the key question for businesses and households is whether the reserve build-up translates to steadier FX supply and narrower spreads across official and parallel channels.

    MoneyCentral reports that “Gross dollar reserves stood at $45.04 billion as at December 4, 2025,” citing CBN data, while TELL notes reserves “hit $45bn” in early December 2025.

    Echotitbits take: Reserves are a confidence barometer—but they can rise and still feel “tight” if FX demand stays hot. Watch whether the trend holds into Q1 2026 and whether gaps between rates meaningfully narrow.

    Source: The Punch — December 29, 2025 (https://punchng.com/fx-reserves-add-4-39bn-in-one-year/)
    The Punch 2025-12-29

    Photo Credit: The Punch

  • Balogun high‑rise inferno: China‑returnee confirmed among victims as rescue winds down

    Balogun high‑rise inferno: China‑returnee confirmed among victims as rescue winds down

    Photo Credit: The Punch
    2025-12-28 09:00:00

    From PUNCH reports, emergency responders confirmed that three bodies—including a China-based trader—were recovered from the rubble of the fire-ravaged Great Nigeria Insurance House near Balogun Market, Lagos Island.

    Officials said the blaze, which started on upper floors of the high-rise commercial building, escalated into a complex rescue-and-recovery operation involving multiple agencies working amid structural risks.

    Authorities urged traders and nearby occupants to keep off the immediate area as assessments continued, while families waited for updates on missing persons.

    Premium Times reported LASEMA warning that “The fire continues to spread vertically,” while Peoples Gazette quoted officials saying teams were working “under challenging conditions because of the building’s height.”

    Echotitbits take: Lagos’ dense, older commercial corridors need stricter fire-code enforcement, warehouse-use regulation, and rapid-access equipment—especially for high-rise markets. Watch next for demolition decisions, compensation claims, and the fire-cause investigation.

    Source: The Punch — December 28, 2025 (https://punchng.com/lagos-fire-trapped-china-returnee-two-others-recovered-dead/)

    The Punch December 28, 2025
    https://punchng.com/lagos-fire-trapped-china-returnee-two-others-recovered-dead/

  • Maiduguri Mosque Blast: Deaths Reported as Borno Reels Again

    Maiduguri Mosque Blast: Deaths Reported as Borno Reels Again

    Photo Credit: The Punch
    2025-12-25 09:30:00

    Police updates referenced by The Punch say an explosion at a mosque in Maiduguri, Borno State, left multiple casualties during prayers, reviving fears over insurgent-linked attacks in Nigeria’s northeast. The incident reportedly caused panic and rushed evacuations as victims were taken for treatment.

    The attack fits a long-running pattern in the region, where civilians and places of worship have been targeted amid the Boko Haram/ISWAP-linked insurgency. While responsibility is often unclear in early hours, authorities typically tighten security and launch bomb-disposal and investigation protocols immediately after such incidents.

    The broader concern is the timing: festive periods and crowded gatherings can increase vulnerability, making community vigilance and intelligence-led policing especially critical.

    Two international reports aligned on the incident details: Reuters quoted Borno Governor Babagana Zulum condemning the bombing as “barbaric and inhumane,” while the Associated Press described it as an “apparent suicide attack” after authorities found fragments consistent with a suicide vest.

    Echotitbits take: The key question is whether this marks a tactical resurgence (suicide devices returning) or an isolated breach. Watch for official forensics, arrests, and whether security agencies issue broader threat advisories for the North-East during the holiday window.

    Source: The Punch — December 25, 2025 (https://punchng.com/four-killed-14-injured-in-borno-mosque-bombing/)

    The Punch 2025-12-25

  • Tinubu arrives Lagos for holidays as end-of-year engagements begin

    Tinubu arrives Lagos for holidays as end-of-year engagements begin

    Photo Credit: The Punch
    2025-12-20 18:00:00

    According to Punch, President Bola Tinubu has arrived in Lagos to spend the Christmas and New Year holidays after official visits to Borno and Bauchi.

    The report says the President was received at the Murtala Muhammed Airport by Governor Babajide Sanwo-Olu and other state officials, marking the start of his end-of-year engagements in the state.

    Beyond the holiday optics, the visit doubles as a political homecoming for a former Lagos governor and a chance to hold quiet consultations as 2025 wraps up.

    The Punch account also notes that Tinubu is expected to attend select social and cultural events during the period, including the Eyo Festival later in the week.

    Channels Television wrote, “President Bola Tinubu is in Lagos for the Yuletide,” while TheCable noted the President would “begin a three-state visit to Borno, Bauchi and Lagos.”

    Echotitbits take:
    Lagos trips at year-end are rarely “just holidays.” Watch for who gets seen, who gets meetings, and whether any policy or political signals drop quietly—especially as blocs position for 2026.

    Source: Punch — December 20, 2025 (https://punchng.com/tinubu-arrives-lagos-for-end-of-year-holidays/?amp=)
    Punch 2025-12-20