Governor Lucky Aiyedatiwa of Ondo State has clinched the gubernatorial ticket of the All Progressives Congress (APC) ahead of the upcoming governorship election.

The chairman of the Governorship Primary Election Committee and Governor of Kogi State, Ahmed Ododo, made this announcement on Monday morning in Akure, the state capital.

The Kogi governor said Aiyedatiwa won in 16 of the 18 Local Government Areas (LGAs) and Oke won in Ilaje LGA, while the election was cancelled in Ifedore LGA.

Following his victory at the polls, Governor Aiyedatiwa thanked his supporters for the victory.

Read the APC gubernatorial candidate’s speech below.

ACCEPTANCE SPEECH DELIVERED BY HIS EXCELLENCY, HON LUCKY ORIMISAN AYEDATIWA, AFTER THE DECLARATION AND AFFIRMATION OF THE RESULT OF THE GOVERNORSHIP PRIMARY ELECTION OF THE ALL PROGRESSIVES CONGRESS IN AKURE, ON SUNDAY, 21ST APRIL 2024.

A TIME TO WIN TOGETHER

The internally orchestrated heavy politics within our party, APC, in search of our flag-bearer in the forthcoming gubernatorial election has come to a conclusion today with the emergence of a candidate as declared by the Governorship Primary Election Committee under the chairmanship of His Excellency, Governor Usman Ododo, the Governor of Kogi State.

Let me at this time acknowledge and thank all the aspirants who threw their hats into the ring in the family contest to be the flag-bearer: Hon. Mayowa Akinfolarin, Chief Olusola Oke, SAN, Sen. Jimoh Ibrahim, Mr. Wale Akinterinwa, Hon. Isaac D. Kekemeke, Hon. Gbenga Edema, Mr. Ohunyeye Olamide Felix, Hon. Olujimi Odimayo, Mr. Olusoji Ehinlanwo, Morayo Lebi Esq, Prince Diran Iyantan, Prof. Francis Faduyile, Engr. Ifeoluwa Oyedele, Mrs. Funmilayo Waheed Adekojo and Engr. Funke Omogoroye.

Your participation has created so much awareness within and outside our party. You mobilized our members and removed apathy. You have also brought in numerous new members into the party. All of these have enriched our democracy and strengthened our party in the State.

Democracy sometimes, after a contest like this, comes with discordant tunes. But this is not the time to hold grudges against anyone but for all of us to come together to work for the success of our great party so as to remain in power. We will all gain in this party, though at different times, if we keep faith. I salute your courage and keen interest to lead the State towards development. It is your right and you are qualified and worthy members of our party.

I want to specially thank the President and Leader of our party, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, for his leadership. I thank the Vice President, Senator Kashim Shettima, GCON, the National Chairman of our party, Alhaji Umar Abdullahi Ganduje, the Progressive Governors, National and State Working Committees of our party and all stakeholders in the state for their forthrightness in the processes leading to my emergence as the flag-bearer for our party in the Ondo 2024 governorship election.

I thank all our traditional rulers, institutional heads, civil servants and all the stakeholders who have chosen me as their preferred candidate. I also thank all the party leaders, including the APC Aborigines, members of the campaign team and all others who toured the entire 18 local government areas together with me to engage with our party members. I do not take for granted the love shown to me by our members across the State.

To all our party members, I hereby accept, wholeheartedly, the responsibility conferred on me as the candidate of our party by the votes of our members who turned out in their large numbers on the 20th of April 2024.

Now, more than ever before, the greatness of Ondo State is what matters the most. I therefore request that we all join hands together in building the future that we all yearn for in Ondo state. There is infrastructure to be built; better healthcare services to be delivered; fair justice to be served; qualitative education to be ensured; civil servants to be trained and motivated; security of lives and properties to be strengthened; enabling environment to be created for businesses to thrive and attract investors.

Once again, I thank you all for your support.

Lucky Orimisan Aiyedatiwa
APC Guber Candidate
21st of April 2024.

An All Progressives Congress (APC) chieftain and coordinator of the Tinubu/Shettima 2023 Presidential Campaign in Zamfara State, Senator Kabiru Marafa, has countered the claim by minister of state for defence, Mr Bello Matawalle,  that Northern Elders Forum are a political burden to the North and paperweights.

Matawalle had, in a statement with the title, ‘Tinubu Presidency: Northern Elders Forum, a political burden to the North, they do not speak for the region’, described the Northern Elders as ‘paperweights and a burden’.

He said calling the elders of the region, which gave the highest number of votes to ensure presidential victory for the Tinubu, was counterproductive and a great disservice to the president, “who is working tirelessly towards addressing the numerous challenges facing all segments and sectors of the country, among them terrorism, insurgency, economic and financial malfeasance and infrastructural decay, to list a few.”

Marafa said President Tinubu needs support, loyalty and hard work from his appointees to actualise the Renewed Hope Agenda, not sycophancy and unguarded statements.

Marafa, who represented Zamfara Central Senatorial District (2011 -2019) called on the minister to withdraw the offensive statement and tender, without delay, an unreserved apology to the Northern elders and northerners in general.

“In the last one week, I have been inundated with calls from well-meaning and prominent stakeholders in our region and party, the APC, who know my relationship with the President.

“They are worried and disturbed that the unfortunate statement by the Minister of State for Defence, if not addressed, could affect the president’s electoral fortunes in our region because it will be seen as if the minister spoke the mind of the president or the Presidency.

“The crux of the matter is that; whether you like them or not these people are called Northern Elders, so, unless they are stripped of that title by the people of the region, insulting them is tantamount  to insulting the entire people of the region.

“It’s not in our culture and upbringing to insult elders. No descent society will refer to its elders as a burden and paperweights. The North is not an exception.

“HAs one of the senators who worked very closely with Asiwaju as party leader (as he was then called) from the formation of APC through the primaries that led to the emergence of  General Muhammadu Buhari as APC presidential candidate in Lagos, the politics of the National Assembly leadership in 2015 and 2019 and the processes and intrigues that characterised the 2023 Presidential Primaries, I can say without mincing words that President Tinubu holds the North, the Northerners, and their  leaders in high esteem.

“Although, I’m not the mouthpiece of either the president or the Presidency, as a Northerner and an elder in the region, as an APC stakeholder and one that has worked closely with both the president and the Vice President, I want to state categorically that this view expressed by Mr Matawalle is his personal opinion and not in any way that of Mr President or the Presidency, and should, therefore, be disregarded.

“I know for sure that the North, Northerners and the Northern elders are neither a burden nor a paperweight in the scheme of things in the region and the country as a whole. The president shares this view, and therefore he is with me on this,” Marafa said.people no

The Central Bank Governor, Yemi Cardoso, proudly announced that the Naira has achieved the prestigious status of being the best performing currency worldwide as of April 2024.

This significant milestone follows comprehensive foreign exchange market reforms, buoyed by optimistic sentiments from major international investment entities.

However, April brought a meteoric rise for the Naira, witnessing an astonishing 45% gain fueled by a series of strategic forex and monetary policies. Governor Cardoso emphasized that this surge in value has been accompanied by a resurgence in the FX market’s activities, with turnover levels soaring to heights unseen in over seven years. This liquidity infusion has instilled confidence among investors, businesses, and partners, fostering smoother transactions within Nigeria’s FX markets.

Despite this resounding success, Cardoso tempered the enthusiasm with a note of caution, acknowledging the persistent challenges that the economy faces. Elevated inflation, propelled by surging food prices, transportation costs, and energy expenses, remains a pressing concern. However, he expressed confidence in the deceleration of inflation rates and anticipated a subsequent decline.

“Security concerns in food-producing regions and infrastructure challenges also demand attention,” remarked Cardoso, underscoring the multifaceted nature of the obstacles that must be addressed. To counter these challenges, the Central Bank has implemented a suite of policy reforms aimed at stabilizing the economy and alleviating various pressures. While celebrating the early successes, Cardoso stressed the importance of remaining vigilant and proactive in tackling the myriad challenges ahead.

The strategic focus on policy reforms is expected to continue bolstering the Naira’s robust performance on the global stage. “We still have work to do in solving all our problems,” Cardoso acknowledged, “however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with our key stakeholders including investors, banks, businesses, and notably, our counterparts on the fiscal side.”

Cardoso also commended the efforts towards orthodox monetary policy, noting the positive impact on rebuilding trust and confidence in Nigeria’s economy and leadership. This concerted effort and collaborative approach are pivotal in navigating the complexities of the economic landscape, ensuring sustained growth and stability.

With the flashlights of the Economic and Financial Crimes Commission on abusers of Naira, Nigerians have devised new methods to ensure that the funfair that comes with the spraying of naira at social functions remains.

Nigerians became conscious of the seriousness of the crimes when the anti-graft agency made a statement with a controversial cross-dresser, Idris Okuneye, aka Bobrisky, who was sentenced to six months imprisonment without the option of fine for abusing the Naira.

Earlier in February 2024, actress, Oluwadarasimi Omoseyin, was convicted and sentenced to six months in prison for defacing the naira notes by spraying and stepping on them at a social event in Lagos.

After Bobrisky’s conviction a socialite, Pascal Okechukwu, aka Cubana Chief Priest, got a N10m bail after he pleaded ‘not guilty’ to a charge of abusing the Naira.

After the former’s conviction and the latter’s trial, PUNCH Online presents a list of nine actions involving the naira that could lead to legal consequences.

In the report, The PUNCH listed spraying, writing, tearing, stapling, dancing or stamping on the naira, selling, mutilating, rejecting the naira, and money bouquets as actions involving the naira that could lead to legal consequences.

The Clean Notes Policy of the Central Bank of Nigeria was implemented to enhance the visual appeal and durability of the banknotes in circulation, as stated on the official website of the apex bank.

According to the CBN, the objective is to guarantee that the naira banknotes in circulation maintain a high standard of quality, enabling them to be easily processed and accepted by the general public.

But in beating the offences, partygoers and musicians have invented new ways of spraying the naira.

With the invention, some musicians have applauded the EFCC’s recent move to enforce the ban on abuse of the Naira.

Though many believe that the ban on spraying money at parties will affect musicians, especially indigenous ones, some of them have said it is a good development.

In separate interviews with one of our correspondents, popular musicians— Wasiu Alabi, aka Pasuma; Saheed Osupa, and Adewale Ayuba— maintained that the country’s currency had to be respected.

Here are some of the ways invented by partygoers to spray money at social functions.

Money boxes: Usually used by musicians, boxes are now permanent features of social functions in Nigeria provided by celebrants or musicians for attendees who rather than spray money would just drop their wads of cash to honour the celebrants or appreciate the craft of musicians.

Bank transfer: Guests at weddings, burial ceremonies, and birthdays among others now transfer money through their banks’ apps to celebrants while on dance floors to replace the amount that should have been sprayed on the celebrants.

Money vouchers: Partygoers of any social function can buy the equivalent amount they intend to ‘spray’ celebrants as money vouchers and transfer the cash equivalent to the agent’s account (event planners).

For the money vouchers, the images of the celebrant or event host are printed on the notes. The common denominations are N1000 and N500 notes.

Residents of Ilorin, the Kwara State capital, are in a joyful mood following the recent crash in the price of rice in the state.

The price of rice, which is a staple food for most families and individuals, has decreased significantly in the state, with a 50kg bag currently selling for between ₦52,000 and ₦54,000.

Some rice vendors who spoke on the new price of rice in Kwara State projected that the price of a 50kg bag of rice may drop as low as ₦30,000 or ₦25,000 in the coming days.

They attributed the price crash to the recent appreciation of the naira against the dollar, along with other contributing factors.

A rice seller in Ilorin, Pastor Adeyanju Adeyemo, who spoke to City & Crime about the reducing prices, said a 50kg bag of rice may as well sell for N25,000 in a month’s time.

“Last week, it was N61,000, but now N54,000. And I have told my customers that with this trend, in another one month, it may drop to N25,000,” he said.

Also, Mr. Abdullateef AbdulAfeez, who confirmed that they are currently retailing a 50kg bag for N52,000, mentioned that they anticipate a drop to N30,000 in the near future due to the prevailing favourable circumstances.

The Independent Petroleum Marketers Association of Nigeria says it is expecting that the Dangote refinery will reduce the price of its diesel further to say about N700 per litre.

The National Vice President of IPMAN, Hammed Fashola, stated this on Wednesday while appreciating the Dangote refinery for reducing the price of diesel from over N1,200 to N1,000.

Fashola, in an interview with our correspondent, maintained that the marketers have high expectations that the price of diesel would  still go down.

According to him, the rebound of the naira against the dollar will bring about an appreciable reduction in the diesel price.

“It is a good development, a welcome development. That is what we expected. Even we are still expecting that diesel will still come down more. Because if you look at the dollar rate to the naira now, the currency is doing well against the dollar. The exchange rate now is almost N1,000 on the black market. We still expect that the dollar will come down more,” he stated

The IPMAN boss explained that the price would be reduced because the challenges of shipment, Customs duties and others have been removed since the product is being produced locally.

“When you look at the diesel being produced here, there are lots of factors that have come to play; like the issue of shipment, the issue of tax, Customs and others. All those are not there again. So, we marketers, we are expecting diesel to come to like N700 per litre; that is our prayer and at that level, it will be a blessing to everybody. That is what we are looking at. What we produce here must be quite different from what is imported. That is what we expected,” Fashola submitted.

He spoke further that, “We all supported Dangote, we all prayed for him. We appreciate that the price is coming down, we still expect that the price will come down more and it will be affordable for citizens.

Dangote began the sale of diesel about two weeks ago, crashing the cost of diesel from N1,600/litre to 1,250/litre.

Last Tuesday, the refinery announced another price cut, saying the fuel would now be sold at N1,000/litre.

Analysts list benefits

An economist, Femi Oladele, welcomed the price cut, saying, “This price cut is good news. Production cost should drop significantly and this should also affect the cost of products and services.”

Some businesses that shut down due to exorbitant costs might resurface while new businesses will emerge.”

He also pointed out the potential savings in foreign exchange, which could bolster the nation’s reserves.

The economist expressed optimism about the future, predicting, “If this trajectory continues, we should see a significant increase in economic activities and a drop in inflation.”

Also, an analyst at Sankore Investment Limited, Jonathan Thomas, highlighted the impact of fuel prices on the economy.

“The price of fuel is one of the major determinants of the general price level of goods and services. Petroleum products such as diesel are being used by plants in factories for the production of goods and services. Diesel is also used by heavy vehicles for the transportation of goods and raw materials which are used for production. Therefore, the latest development is expected to impact the total cost of production,” he explained.

The Yoruba Self-Determination Movement, led by Prof Banji Akintoye and Chief Sunday Adeyemo, alias Sunday Igboho, has written an open letter to President Bola Tinubu, seeking a peaceful breakaway of Yoruba people from Nigeria.

The open letter, dated April 17, 2024, was signed by both Akintoye, Igboho and one Ola Ademola.

They called on the President to within the next two months set up a negotiation team to negotiate the exit of the Yoruba people from Nigeria.

The letter by the Yoruba Nation arrowheads came about a week after some armed agitators invaded the Oyo State Government House, attempting to hoist their flag on the premises of the state House of Assembly.

The agitators were subdued and 29 of them were last week taken before a magistrates’ court in Ibadan, which ordered that they should be remanded in the prison custody.

Both Akintoye and Igboho dissociated themselves from the violent action.

However, in their open letter made available to our correspondent in Ibadan on Sunday, the Yoruba Self-Determination Movement, said, “We have the honour to send to Your Excellency this important letter on behalf of the many millions of Yoruba people at home in Yorubaland in Nigeria and in the Yoruba Diaspora in almost all countries across the world.

“We send this letter as a follow-up to our earlier letter, dated August 06, 2022, which we delivered to your predecessor, President Muhammadu Buhari, in his exalted position then as President of Nigeria.

“Since 2015, the Fulani have been killing widely among the other peoples of Nigeria, including us Yoruba, destroying farms, villages and other assets, kidnapping men, women and children, extorting large amounts of money as ransom from friends and family of the kidnapped, and repeatedly asserting their intention to seize the homelands of all the indigenous peoples of Nigeria for the purpose of turning all into a Fulani homeland.”

The group said in the Middle Belt, horrendous blood-letting was going on with many families forced into Internally Displaced People Camps while many of their villages were seized by the Fulani and renamed as Fulani villages.

“In our Yoruba homeland, our people are resisting somewhat better, but the Fulani attacks and killings and kidnappings are unrelenting and are coming daily, leading to horrific instability, and forcing most of our farmers to abandon farming altogether, thereby dooming Yoruba people to years and years of famine.”

It further alleged that an unofficial estimate showed that Fulani had killed as many as 29,000 Yoruba people since 2015 till date, adding that aforementioned reasons were enough for them to seek breakaway from Nigeria.

“All these actions by the Fulani are, to us Yoruba, a sufficient reason for our seeking to separate our Yoruba Nation from Nigeria. Most of us, Yoruba have no confidence in the ‘restructuring’ that some of our most respected Yoruba leaders (such as our fathers in our highly exalted Afenifere) are advocating.

“And our reason is that we know that restructuring cannot keep the Fulani marauders away from our homeland.  Since, after restructuring, the Fulani would still be Nigerians like us, and would still have full citizens’ rights to come in large numbers, and with weapons and intent to kill and destroy and seize land, to our homeland.

“The Fulani elite seem to be saying in effect that they intend to make Nigeria ungovernable for President Tinubu, and that they would never accept any official action of his.

“We are acting for and on behalf of our 60 million Yoruba people of the Ekiti, Lagos, Ogun, Ondo, Osun, and Oyo State, respectively, plus the Yoruba Local Government Areas of Kogi and Kwara State, and plus the Itshekiri homeland of Delta State, all together constituting the Yorubaland in Nigeria, hereby most humbly place our crowning request before Your Excellency as follows:

“That the Nigerian Federal Government shall, within the next two months, but not later than June 15, 2024, inform us Yoruba Self-determination Movement that the Nigerian Federal Government has graciously agreed to our proposal for negotiation and that they have set up a negotiation team that will meet and have a dialogue with our Yoruba Nation’s negotiation team.

“That the Nigerian Federal Government shall invite the United Nations, African Union and the Economic Community of West African States, to send observers to the negotiation meetings.”

It, therefore, promised to forward the list of its negotiation team to the government as soon as it received a message in response to its request for the negotiation.

Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.

Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.

Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.

Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.

Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.

A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.

Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.

With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.

Nollywood actress, Stella Udeze has offered a simple explanation as to why some actresses don’t have happy relationships or why their relationships hardly ever work out well.

According to her, it is entirely not the fault of the women but a general perception of women in Nollywood.

“Some actresses don’t seem to have a happy relationship because of trust issues. In Nigeria, 80 percent of men feel that being an actress makes you a prostitute.

“They should learn to differentiate the good from the bad. We can’t deny the fact that we are exposed to the world. I think when people stop to have this impression about them they will realise we can have the best relationships, Udeze explains in a chat with Potpourri.

The actress admits there are bad eggs but refuses to accept that prostitutes and ‘runs girls” have invaded the industry.

“That is why I said earlier that people should learn to differentiate the good from the bad, if truly prostitutes have invaded Nollywood. There are many good women who are wife material as many abound who are enjoying a happy marriage,” she says.

Speaking about herself and how she handles her relationships, states, “I am a woman who focuses her mind differently using her senses in every situation. When things around me feel right I stay, if not,  I will kindly walk away.”

Stella Udeze started acting in 2014 and she has featured in movies like “Before Getting Married” “Bleeding king” “A week to my wedding” “Melting point” “Double stud” amongst many others.

As Cardoso sets up task force on remittances 

The Federal Government said yesterday it planned to float a Diaspora Bond to attract funds held abroad by Nigerians at home and in the Diaspora. 

The Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun disclosed this, yesterday, at his wrap up media briefing at the end of the 2024 Spring Meetings of the IMF and World Bank. 

His words, “In terms of remittances, it is certainly one of the ways we can increase supply of foreign exchange and investment in the country. 

“There are Nigerians abroad who are doing very well. Even Nigerians in Nigeria with funds abroad that can be counted as remittance and in order to increase the supply of foreign exchange into the economy, government is looking at attracting those funds through a Diaspora kind of instrument. 

“A Diaspora Bond and we think that will be attractive enough for Nigerians abroad and for foreign holdings of foreign currencies and look to having a substantial issue later in the year.”

As part of the efforts of the administration to increase foreign exchange inflows, the minister said that that Nigeria has qualified for the processing of a $2.25 billion World Bank facility. 

According to him,  “Nigeria has qualified for the processing of a total package of World Bank $2.25 billion of, well there is no free money but it is close to a grant for 40 years, moratorium of 10 years and about 1 percent interest.  So that is also part of the flow that you can count.

“In addition, there is a similar Budgetary Support, low-interest funding from the African Development Bank and clearly, there are also on-going discussions with foreign direct investors.  

“Some of these things take longer than you expect but there are relatively advanced discussions on major foreign direct investment inflows into the country, specific transactions with companies, institutions and authorities”

The Minister said that the Spring Meetings presented an opportunity to engage the international audience on a global stage. 

His words, “We have had the opportunity of speaking to international investors, portfolio investors and those international direct investors that will bring what I will describe as quality funding.  The kind of funding that builds factories and creates jobs.

“The response from all of them, I can say, without exception is that of greater confidence in the economic management of the country and greater interest and willingness to invest.

“But in addition, not just the international community that we addressed, it is also critical that we are a private sector-driven economy and that is the policy of President Bola Ahmed Tinubu, to encourage private domestic and foreign investment to grow the economy and increase, create jobs and reduce poverty.

“But also we have other partners- the multilateral organisations, development banks, bilateral financiers, grant-givers, foundations such as the Bill & Melinda Gates Foundation and others.  The whole eco-system of international finance, we have engaged with all of them.

“We have come away with funding to provide electricity to 300 million people in Africa that the largest portion will come to Nigeria.  And you know what the provision of electricity does to increasing productivity and reduce poverty. 

“We can also say that we have a bigger say for Africa through an additional Chair on the Board of Directors of the International Monetary Fund. I think it is a major success for Africa as a whole.”

Tacking debt with higher revenue 

On debt challenges, he said that revenue remained the only way out and that for Nigeria,  the first source of revenue was oil.

The Minister said that oil production has increased from 1.2 million bpd to 1.6 million bpd since President Tinubu came to power.

He said that with a 2 million bpd quota from the Organisation of Petroleum Exporting Countries (OPEC), the administration was looking to ramping production to 2 million, including 300, 000 barrels of condensate.

Cardoso sets up task force to facilitate inflows

The Governor of the Central Bank of Nigeria  (CBN) Mr.Olayemi Cardoso disclosed that a task force has been set up to ease the flow of remittances into the country. 

His words, “It has indeed been a fruitful few days of engaging with our esteemed international policy counterparts and stakeholders from around the world, as well as Nigeria’s investors. We came here with a very clear agenda and have held highly significant, intentional meetings – each one with an objective to further support the stability and ultimate growth of the Nigerian economy. 

“Besides our meetings with multilateral financial institutions, and foreign investor groups with a keen interest on developments in Nigeria, including a critical gathering at the US Chamber of Commerce, we had very productive discussions with leading International Money Transfer Operators (IMTOs), where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term. 

“This target is both ambitious and achievable, and we’re wasting no time in setting up a collaborative task force, reporting to myself, to drive progress and address any bottlenecks that hinder flows through formal channels.

In the six months since assuming the position of Central Bank Governor, the challenges have been significant, from grappling with inflation to addressing volatility in the foreign exchange market. However, with relative stability now achieved, particularly in the FX market, we have transitioned from firefighting to strategic planning across key areas.

 ”These areas include improving the ease of doing business in Nigeria, to consolidate and sustain the gains through an efficient and transparent market system 

and boosting financial and economic inclusion for small businesses and households–interrogating all potential ways to leverage smarter use of technology, and remote  banking to reduce the cost of transactions and expand accessibility to the financial system. 

“April saw the naira emerge as the best-performing currency globally, supported by 

bullish sentiment from leading international investment institutions. Our FX market is experiencing robust activities, with turnover reaching levels not seen in over seven years. 

“This liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria’s FX markets.

However, we remain vigilant, recognizing the challenges that persist, such as elevated inflation driven by rising food prices, transportation costs, and energy expenses. 

“We note that inflation though rising is doing so at a decelerated rate and we are confident will soon commence a fall. Security concerns in food-producing regions an infrastructure challenges also demand attention.  

“The CBN has implemented a number of policy reforms to address some of these various pressures and, while I am confident enough today to talk about some of our early success, I am at the same time extremely mindful of our ongoing challenges.

“We still have work to do in solving all our problems, however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, 

working hand in hand with our key stakeholders including investors, banks, businesses – and, notably, our counterparts on the fiscal side.

“We have recommitted our stance to orthodox monetary policy, and it is heartening to see the efforts being put up have started yielding results especially in terms of rebuilding trust and confidence in our economy and the leadership. 

Diaspora target  

“The Diaspora target is to double our current level.  This may appear ambitious but I am confident that we will be able to achieve it.

“We have transitioned from fire fighting to strategic planning in key areas. These areas include the improving the ease of doing business in Nigeria. 

“To consolidate and sustain the gains of an efficient a d transparent market system and boosting economic inclusion for small businesses and households.

“Interrogating all potential ways to leveraging smarter use of technology  and remote banking to reduce to cost of transactions and expand accessibility to the financial system.”

Cardoso on FX market movements 

The governor said that movements in the market should be expected but that his team would remain focused on ensuring a transparent stable FX market.

His words “Expect that there will be increases here and there, ups and downs and from what I gathered yesterday,  the Naira has again strengthen overnight. So I think the most important thing to say here is that we are doing everything possible to have a stable exchange- exchange rate that finds adequate price discovery level.”