National
CBN offers $876m to fx markets, pledges more liquidity support
The Central Bank of Nigeria (CBN), has offered 876 million dollars to the foreign exchange (fx) markets to fulfil bids submitted by customers at an auction concluded on Wednesday.
This is contained in a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali.
According to her, it is the latest testament to the apex bank’s commitment to support the fx market by enhancing liquidity when necessary.
“In line with its pledge to provide transparent access to foreign exchange for all legitimate customers, the CBN’s leadership has introduced an additional mechanism.
“This is through the Retail Dutch Auction System (RDAS) to directly facilitate fx sales to end users.
“This approach aims to foster a more transparent market, reducing information asymmetry and supporting price discovery.
” It complements the two-way quote system deployed over the past few months to enhance liquidity in the interbank market.
“Through it, more than 305 million dollars of foreign exchange has been sold to authorised dealers in the last three weeks,” she said.
The director said that the CBN’s policy objectives were yielding tangible results and bolstering market confidence.
According to her, net foreign exchange flows rose to 25.4 billion dollars between January and June, marking a 55 per cent year-over-year increase.
She said that this growth had been driven by a rise in capital importation, which reached six billion dollars in June, and record inflows from diaspora remittances through formal channels.
“The foreign exchange market is also showing signs of improvement and increased depth, with more robust and diversified sources of liquidity contributing to the sustained convergence of exchange rates across all segments of the market.
“The official market recorded a turnover of 43 billion dollars in customer transactions by the end of July, with CBN-supplied liquidity representing less than five per cent of total market activities.
“The CBN remains steadfast in its commitment to fostering a transparent, market-driven foreign exchange market.
“It will also continue to strengthen the market’s capacity to meet the needs of all legitimate participants,” she said.(NAN)
The National Youth Vanguard of Nigeria’s ruling All Progressives Congress (APC) has rejected allegations made by Honourable Aminu Sani Jaji, who accused the Minister of State for Defence, Bello Muhammed Matawalle, of orchestrating claims of anti-party activities against him.
In a statement issued on Saturday, the group’s National Publicity Secretary, Dr Adeniyi Wale, described Jaji’s accusations as “baseless” and an attempt to distract from his own political manoeuvres.
“Jaji has long positioned himself as a loyal APC member and a unifying force within the party, but his actions suggest otherwise. His political moves appear more self-serving than focused on party unity,” Wale said.
The APC Vanguard emphasised that Nigerians deserve transparent and accountable leaders rather than those who, it said, manipulate public trust for personal gain. The group also questioned Jaji’s credibility, citing what it described as a pattern of inconsistency in his political engagements.
“The remarks made by Jaji not only lack substantiation but also raise concerns about his reliability and judgment,” the statement read. “Leadership is not merely about holding a position of power; it is about demonstrating qualities that inspire trust and confidence among the people.”
The group commended Minister Matawalle for his efforts in strengthening national security and promoting peace. It said his leadership had contributed significantly to fostering unity and improving community relations across the country.
“Minister Matawalle exemplifies the qualities of effective leadership. Under his stewardship, significant progress has been made in enhancing national security and community relations,” the statement said.
The APC Vanguard further criticised Jaji’s leadership approach, accusing him of lacking the foresight and responsibility required for credible governance.
“This pattern of inconsistency not only weakens the integrity of his decisions but also erodes the confidence of party members and stakeholders who seek dependable representation,” Wale added.
The group reaffirmed its support for Matawalle and urged APC members to remain focused on unity and national progress while rejecting divisive rhetoric that could undermine the party’s strength.
National
Nigeria Advocates for Collaborative Border Control Efforts with Sahel and West African Nations
Nigeria is seeking enhanced collaboration with Sahelian and West African nations to facilitate effective information and data sharing for improved border control measures.
During a press briefing on Tuesday at the Border Security Summit in London, Minister of Interior Dr. Olubunmi Tunji-Ojo emphasized the necessity for regional cooperation.
“There is a critical need for countries within the Sahel and West African subregions to collaborate more effectively for better international partnerships and information dissemination,” he stated.
Dr. Tunji-Ojo highlighted the importance of proactive strategies to not only address ongoing issues but to prevent future occurrences. “The major takeaway from this summit is the emphasis on proactivity rather than mere reaction, as nations increasingly aim to criminalize irregular migration.”
He described the summit as a significant opportunity for border control ministers to collaborate in safeguarding their nations’ borders.
The minister pointed out that organized immigration crimes are not confined to individual countries but are a collective issue requiring shared solutions. He reiterated the federal government’s commitment to combating border-related crimes through the implementation of effective strategies.
“Nigeria has developed a comprehensive border control solution, recognizing that we are not just a transit point. Our systems have been automated with numerous measures introduced to secure our borders and eradicate irregular migration,” he affirmed.
“We cannot afford to lose the battle before it begins, and we are confident that, through this summit, we can present a united front to effectively tackle this challenge,” Tunji-Ojo assured.
He reaffirmed Nigeria’s dedication to enhancing its immigration policies and collaborating with global partners to combat transnational crimes, including human trafficking, smuggling, and document fraud.
According to NAN, the summit convened over 30 world leaders, including UK Prime Minister Keir Starmer and Home Secretary Yvette Cooper, to address significant issues related to border control and organized immigration crime (OIC). The event served as a platform for international cooperation on migration policies, security threats, and strategies to counter illegal immigration activities. (NAN)
The Nigerian electricity sector slowed in the fourth quarter of 2024 (Q4 2024), with the electricity production index declining by 1.64% year-on-year (y-o-y).
Data from the Central Bank of Nigeria (CBN) says this marks a reversal from the 5.55% growth recorded in the third quarter of 2024 (Q3 2024).
Average estimated electricity generation rose by 2.34% to 4,206.50 megawatts per hour (MW/h) from 4,110.47 MW/h in Q3 2024.
Similarly, electricity consumption saw a modest increase of 2.63%, reaching 4,105.66 MW/h from 4,000.24 MW/h in the preceding quarter.
This is as the Nigerian economy witnessed widespread expansion in the fourth quarter of 2024 (Q4 2024), with 21 out of 22 subsectors recording positive growth.
On a quarter-on-quarter (q-o-q) basis, however, the subsector showed signs of recovery, as the index rose by 22.50% compared to a significant decline of 49.46% in the previous quarter.
The broad-based economic expansion in Q4 2024 can be attributed to several factors, including improved business confidence, increased consumer spending, and enhanced performance in key sectors such as agriculture, manufacturing, and telecommunications.
The government’s fiscal and monetary policies, aimed at stabilising inflation and boosting investment, also contributed to the positive momentum.
According to the CBN, the improvement was largely attributed to enhanced gas supply to thermal power stations and the continued implementation of the Siemens Power Project, which has positively impacted power generation, transmission, and distribution networks.
Notably, the oil and gas sector benefited from relatively stable crude oil prices and improved domestic production, which provided a boost to overall economic output.
The data also stated that the non-oil sector, particularly fintech and digital services, also played a significant role in driving economic activities.