ERIC CHELLE SET TO TERMINATE CONTRACT AS NFF HOLDS EMERGENCY MEETING. (PHOTO).

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  The Nigeria Football Federation (NFF) is set to hold an emergency meeting to address the uncertainty surrounding the future of Super Eagles head coach, Eric Chelle. According to sources, Chelle is considering terminating his contract as the team's manager. The development comes amidst Nigeria's struggles to qualify for the 2026 FIFA World Cup. With only seven points from six games, the Super Eagles are currently fourth in Group C, behind leaders South Africa, Rwanda, and Benin Republic. Pressure has been mounting on Chelle, prompting him to travel to Europe in search of reinforcements to bolster the team's defense. However, the uncertainty surrounding his future with the team has reportedly led to a change of heart, with Chelle now considering terminating his contract. The NFF's emergency meeting aims to address the situation and find a resolution. The fate of Chelle and the Super Eagles' World Cup qualifying campaign hang in the balance.
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NIGERIA'S FOREIGN RESERVES DECREASE TO $24BN RECORD LOW IN 2024- IMF. (PHOTO).

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 Nigeria’s foreign reserves decrease to $24bn record low in 2024 – IMF


International Monetary Fund says Nigeria’s foreign reserves dropped to a record low of $24 billion in 2024 from $33 billion last year.


IMF’s latest country report for Nigeria disclosed this, signalling potential challenges for Africa’s largest economy.


It noted that the first half of 2023 witnessed a surplus in the current account, yet there was a notable decline in reserves.


“Through 2024–25, the financial account will likely deteriorate, with no projected issuance of Eurobonds, large Fund and Eurobond repayments of $3.5 billion, and portfolio outflows.


“Hence, despite a current account surplus, officially reported reserves are projected to decline to $24 billion in 2024 before increasing again to $38 billion in 2028 as portfolio inflows resume,” the report stated.


But Central Bank of Nigeria data showed Nigeria’s foreign reserves stood at $33.12 billion as of February 8, 2024.

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