Personnel of the Nigeria Police Force over the weekend raided a residential building in the Maryland area of Lagos State, where illicit drugs worth ₦7.8 billion were recovered. Some suspects, including the kingpin behind the recovered drugs, Eke Ifeanyi Henry, have also been arrested by police personnel, who reportedly rejected a ₦500 million bribe. The […]
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…Says FX Policies Under Emefiele Opaque, Ineffective
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has reaffirmed the apex bank’s commitment to orthodox monetary policy, warning against a return to interventionist programmes that previously distorted the institution’s balance sheet and weakened policy credibility.
Cardoso stated this while declaring open the Monetary Policy Committee workshop themed, “Strengthening Monetary Policy Effectiveness Towards Sustainable Macroeconomic Stability.”
He said the reforms introduced by the current leadership of the CBN were already yielding positive outcomes, including improved exchange-rate stability, enhanced transparency in the foreign exchange market, and gradual moderation in inflationary pressures.
According to him, the bank’s renewed reliance on conventional monetary policy tools has helped restore investor confidence and strengthen macroeconomic stability.
Cardoso noted that when the current management assumed office, the apex bank faced significant structural and institutional challenges, including weakened policy credibility, reduced institutional autonomy, and heavy dependence on unorthodox monetary interventions.
He said these practices blurred the line between fiscal and monetary responsibilities, reduced transparency, and constrained the effectiveness of policy measures.
The CBN governor also described the foreign exchange market inherited by the current administration as opaque and inefficient, adding that weak coordination between fiscal and monetary authorities further worsened economic conditions.
“These structural weaknesses contributed to rising inflationary pressures, exchange-rate volatility, and erosion of investor and public confidence,” he said.
Cardoso, however, stressed that the apex bank had since restored a more orthodox monetary policy framework under the current Monetary Policy Committee arrangement, with stronger emphasis on conventional instruments and the monetary policy rate as the primary signalling tool.
He explained that improvements in liquidity management, forward guidance, and policy communication had enhanced transparency and helped anchor expectations among households, businesses, and investors.
According to him, although inflation remains elevated and requires close monitoring, current reforms have started producing positive results.
“Exchange-rate stability has improved, while enhanced transparency in the foreign exchange market has supported efficient price discovery and reduced volatility,” he stated.
The governor further attributed the economy’s growing resilience to external shocks, including recent geopolitical tensions in the Middle East, to ongoing reforms and improved policy coordination.
Cardoso said the apex bank was also strengthening its institutional framework by deepening data-driven decision-making and improving communication practices to make policy direction more predictable.
He added that the reforms align with the CBN’s medium-term objective of transitioning towards a more explicit inflation-targeting framework.
Speaking on the recently concluded banking recapitalisation exercise, Cardoso described it as evidence of effective policy coordination, stakeholder engagement, and strong financial-sector supervision.
Reiterating the bank’s position against interventionist policies, he warned that such programmes had previously undermined the apex bank’s balance sheet and weakened monetary policy transmission.
He maintained that the institution’s growing credibility over the past two and a half years was largely due to disciplined adherence to orthodox monetary policy tools.
Cardoso reaffirmed the bank’s commitment to transparency, evidence-based policymaking, and institutional strengthening, expressing confidence that the workshop would generate practical ideas to further improve monetary policy implementation and support sustainable economic growth.
Earlier in his remarks, the Deputy Governor in charge of Economic Policy Directorate, Dr. Muhammad Sani Abdullahi, said the workshop was designed to promote structured dialogue, technical exchange, and collaborative learning on monetary policy issues.
He noted that the workshop brought together experts from policy, research, and professional practice to strengthen policy formulation and implementation amid evolving domestic and global economic uncertainties.
Cardosos Rejects Call For CBN’s Return To Interventionist Policies is first published on The Whistler Newspaper
The council said the probe was necessary to determine whether…
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The Lagos State Government said that banned plastic materials worth about N5 million were confiscated, while more than 137,000 kilograms of plastic waste were removed from the environment in the last one year. Besides, the state government said it is constructing 20 new public toilet facilities comprising 200 toilet units and 40 bathrooms to combat […]
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… demands transparent process The governorship aspiration of Mogaji Kayode Ogunsola within the Peoples Democratic Party (PDP) in Oyo State has suffered a setback following his abrupt exclusion from the party’s gubernatorial primary election held today in Ibadan. In a press conference shortly after the exercise, a visibly displeased Mogaji Ogunsola decried the development, alleging […]
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Lagos State Government has apprehended 931 people for waste management offences, inspected 2,251 sites, issued 1,711 contravention notices, and sealed 239 facilities as part of intensified environmental monitoring, enforcement, and compliance operations across the state over the past one year. The Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab, disclosed this on Sunday […]
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The former House of Representatives member for Wukari/Ibi Federal Constituency, Hon. Danjuma Shiddi (Danji SS), on Sunday said that rescuing Taraba State from insecurity and infrastructural decay inspired his decision to seek the governorship. Hon. Shiddi, who is aspiring to the 2027 governorship under the All Progressives Grand Alliance (APGA), stated while addressing journalists that […]
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The Pentecostal Fellowship of Nigeria (PFN) has called on the Federal Government to urgently address worsening insecurity and killings across the country, warning that continued violence is threatening national unity and public confidence. The call came on Sunday as the fellowship concluded its nationwide three-day fasting and prayer programme held across the 36 states of […]
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The Peoples Democratic Party (PDP) has adopted Chief Maurice Vunoboki as its governorship candidate in Adamawa State for the 2027 general elections. Vunoboki, a member of the Wike-backed Abdulrahman Mohammad faction of the PDP, was unanimously adopted by members of the Peoples Democratic Party across the 21 local government areas of the state. The adoption […]
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The Federal Government, through the Nigeria Civil Aviation Authority, NCAA, has ordered its directorates to suspend services to 11 domestic airlines.
The NCAA also placed them on its updated “No-Pay-No-Service” list over unpaid statutory charges owed to the regulator.
An internal memo by the agency’s Director of Finance and Accounts, Olufemi Odukoya, ordered all departments to withhold regulatory and administrative services from the affected operators until they clear their outstanding debts or agree on repayment plans.
According to the agency, at the centre of the dispute are the five per cent Ticket Sales Charge and Cargo Sales Charge, funds collected by airlines on behalf of the NCAA to support safety oversight, personnel training and economic regulation within the aviation sector.
The memo also directed all directorates to suspend services to the affected airlines pending financial clearance from the Directorate of Finance and Accounts.
The memo was circulated across the authority’s regional offices and copied to the Director-General of Civil Aviation and other senior officials.
According to the memo, airlines affected by the directive include “Air Peace Limited, Ibom Air Limited, Arik Air Limited, United Nigeria Airlines, Umza Air, NG Eagle, Max Air Limited, Caverton Helicopters, Overland Airways, Rano Air and ValueJet.”
“We have directed that no directorate should render any service to the above airline without financial clearance from the director of finance and accounts,” NCAA said.
Nigerian govt suspends services to Air Peace, Ibom Air, nine others