Nigeria’s Forex Reserves Hit 3-Year High Amid Policy Reforms…Security in Northwest Nigeria Improving, Says Political Group…Tinubu in France Again…and more
● Nigeria’s Foreign Reserves Surge to $23.11 Billion, Highest in 3 Years
Nigeria’s net foreign exchange reserves have risen to $23.11 billion, the highest in over three years, the Central Bank of Nigeria (CBN) announced Tuesday. The reserves reflect the country’s actual foreign currency holdings after accounting for short-term liabilities like FX swaps.
This marks a sharp increase from $3.99 billion at the end of 2023, signalling improved liquidity and renewed investor confidence. Gross external reserves also climbed to $40.19 billion, up from $33.22 billion.
CBN Governor Olayemi Cardoso attributed the growth to policies aimed at reducing FX liabilities and boosting foreign exchange inflows, particularly from non-oil sources.
“It is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Cardoso said.
The bank expects further gains in the second quarter, driven by higher oil production and non-oil exports. Nigeria has struggled with FX shortages in recent years, but the reserve buildup suggests a more stable financial outlook.
● Nigerian Police Take Down Cybercrime Syndicate Training Recruits for Fraud
The Nigerian police have uncovered and shut down an internet fraud training center, locally known as a “Yahoo School,” in the Iju area of Lagos State.
Police spokesperson Benjamin Hundeyin confirmed the raid on Tuesday, announcing the arrest of 10 suspects. Four men, aged 22 to 26, allegedly ran the school, while six others, including a 12-year-old, were being trained in online fraud.
Investigations revealed that the trainees were taught how to scam victims online, with ringleaders seizing all proceeds from successful fraud attempts.
All suspects have been transferred to the State Criminal Investigation Department in Yaba for further investigation, except the 12-year-old, who is receiving medical care for injuries reportedly inflicted by a ringleader to force his compliance.
Authorities are working to locate the facility’s owner and those who financed the operation.
● Group Reports Improved Security in Northwest Nigeria As Military Tightens Anti-banditry Grip
A Nigerian political group says recent military operations has improved security in the country’s northwest, a region long plagued by banditry, kidnappings, and violent attacks on rural communities.
The Northern Elders Political Development group credited the military operation dubbed ‘Operation Fansa Yamma’—which means “Salvage the West” in Hausa—for reducing the violence. Launched in October 2024, the military campaign targets bandit groups behind mass abductions and deadly raids.
“Measures taken under Operation Fansa Yamma… have yielded positive results, reducing kidnapping and attacks by bandits,” the group said in a statement cited by the News Agency of Nigeria.
The elders pointed to peaceful Eid-el-Fitr celebrations in many areas, an improvement from past years when attacks disrupted festivities. They also noted safer travel and increased trade in previously unsafe zones.
However, the group acknowledged ongoing attacks in parts of Sokoto, Katsina, Kebbi, and Zamfara, but expressed optimism, saying “while we are not there yet, there are indications that we are on the right track.”
● Islamic Bandits Kill Community Security Leader in Northern Nigeria Raid
A leader of a community defense group was killed, and several others were injured in a bandit attack on two villages in Katsina State, northern Nigeria, on Tuesday, April 1, 2025, according to local sources.
Armed attackers stormed Bajat and Dole villages in Safana County around 6:00 p.m. local time, firing indiscriminately, intelligence sources informed Zagazola Makama. Nura Baushe, who led a community self-defense group, was fatally shot.
Other victims, identified as Amadu Dole, Surajo Shehu, and Shafiu Sulaiman, suffered gunshot wounds and were taken to a hospital for treatment. Authorities say security forces have since been deployed, restoring order in the area.
Katsina, like much of northwestern Nigeria, has been plagued by armed groups responsible for kidnappings and deadly attacks on rural communities.
● President Tinubu Heads to France for Two-Week Working Visit
Nigerian President Bola Ahmed Tinubu has embarked on a two-week working visit to France, marking his fifth publicly declared trip to the country since taking office. According to a statement from his office, the visit will allow him to “appraise his administration’s midterm performance and assess key milestones.”
While the Nigerian government describes the trip as official, it comes amid growing scrutiny over Tinubu’s frequent travels. Since his inauguration, he has taken at least 25 international trips, some reportedly for undisclosed medical reasons.
During this latest trip, Tinubu is expected to engage in “strategic planning ahead of his administration’s second anniversary.” Despite public criticism over his foreign travels, the presidency insists the trip is essential for Nigeria’s economic and governance reforms. Tinubu is set to return in two weeks.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
