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‘CBN’s Policies Are Working, FX Rate Stabilising’
Bismarck Rewane, managing director of Financial Derivatives Company, says the policies of the Central Bank of Nigeria (CBN) are yielding positive results, particularly in stabilising the naira and improving market efficiency.
Speaking on the Global Business Report show on Arise TV, Rewane said while the naira remains undervalued, it is gradually aligning with its fair value due to the CBN’s interventions.
He commended the regulator for unifying the foreign exchange (FX) market, eliminating multiple exchange rates, and ensuring price discovery.
“There were about five rates or six rates before now. The market was in various segments. There was a price discriminating monopoly where the Central Bank was selling at a particular rate and people were selling back to the CBN at a different rate,” the managing director said.
“Now what the Central Bank set out to do and we applaud them for that is the fact that they now decided to desegment the market to open it up, make it transparent so that there can be price discovery for fair value and efficiency, and had all these policies about zero placement levels and all of that, that has achieved its objective.
“So the speculative instincts and the arbitrage regulatory and market arbitrage opportunities were reduced. Therefore you saw some stability.”
On key economic improvements, the economist said Nigeria’s balance of trade has risen to $18.6 billion, the highest in years, meaning that the country now exports more and imports less.
The economist added that capital inflows have significantly increased.
“Foreign portfolio investors brought in about $10 billion, exports generated $8.25 billion, the CBN itself got inflows of $3.7 billion, and corporates actually brought in $9.7 billion, making a total inflows of $31 billion, which was commendable,” Rewane said.
“So are the policies working? Our humble opinion is that the policies are working.
“Why do we say that? We say that because the difference between the parallel and official rates have dropped to like less than 1 percent. Before it was as much as 10, 15, 20 percent. Now that has been achieved.
“The market and price discovery is efficient. We are no longer saying Aboki FX and blaming all sorts of shadow people. So we have that.
“Three, the balance of trade is now $18.6 billion. It’s the highest level in a long time. The balance of trade is the difference between your exports and your imports. In other words, Nigerians are importing less and exporting more. Why? Because the exchange rate has moved against them.”
Rewane noted that the CBN has been systematic in its interventions, ensuring that funds are directed towards key obligations, including settling foreign portfolio inflows, repaying the blocked funds for airlines, and stabilising the currency.
The managing director, however, noted that the CBN can achieve more and is committed to making further improvements.
The Controller General of the Federal Fire Service, Abdulganiyu Jaji, has placed fire service personnel on red alert to ensure swift response to emergencies during the Eid-el-Fitr celebrations.
Jaji also urged Nigerians to adopt fire safety measures, particularly while cooking, to prevent avoidable incidents during the festive period.
In a statement issued on Saturday in Abuja, the fire service boss advised against leaving cooking unattended and emphasized the need to store gas cylinders outside kitchens and keep matches away from children.
“These safety measures are crucial in preventing fire outbreaks, especially during a period when many people travel, increasing the risks of fuel tanker accidents,” he said.
He added that all fire service commands and zones across the country have been placed on high alert to respond promptly to emergencies.
“I urge citizens to familiarize themselves with the contact details of their local fire service units for quick intervention in case of any fire incident,” Jaji stated.
The fire chief also stressed the need for fuel tankers and other articulated vehicles transporting flammable materials to be fitted with onboard cameras to enhance safety.
“Many tankers on Nigerian roads still fail to meet modern safety standards. These substandard vehicles contribute to rising accident figures, leading to loss of lives and property and leaving many families in distress,” he said.
Jaji noted that modern tankers come with features such as anti-rollover systems, anti-spill devices, and onboard cameras to monitor drivers’ behavior, which help in preventing road crashes.
“The continued use of substandard tankers without these safety features remains a major risk,” he warned.
While acknowledging the financial burden of replacing old fleets, Jaji suggested an alternative approach—installing onboard computers to monitor driving patterns, speed, and nighttime movements.
“Although the complete replacement or retrofitting of tankers with modern safety devices like anti-skid systems, speed limiters, and automatic emergency braking remains a priority, government agencies responsible for enforcing these measures are working to address the issue. Over time, we are confident that these improvements will be implemented,” he assured.
MultiChoice Nigeria has announced that the tenth edition of the Big Brother Naija (BBNaija) reality show will begin soon.
In an Instagram post on Saturday, the organisers revealed that the audition process for this edition will differ from previous ones.
Unlike past seasons, where aspiring contestants auditioned virtually, those vying for a spot in the 10th edition will have to audition in person.
However, the premiere date for the new season and the audition locations has not been disclosed.
“This time, it’s all about showing up and being you. Ready to shine? Get ready your moment is closer than you think! Season 10 is coming,” the post reads.
The reality TV show first introduced online auditions in its fourth season in 2019.
At the time, the option was created for those who couldn’t attend the physical auditions held earlier.
Since then, the organisers have maintained virtual auditions, adding different twists with each edition.
In the last season, contestants were required to audition in pairs.
At the last edition, Kellyrae defeated other housemates to win the grand prize of N100 million.
The feat also sees him become the first married person to win the show.
As the winner, he went home with a cash prize of N60 million, a new car among others.
The First Lady, Remi Tinubu, has described her husband, President Bola Tinubu, as a man of courage in a terse message to celebrate his birthday.
President Tinubu clocked 73rd on Saturday.
“I rejoice and thank God Almighty for His faithfulness in your life over the years.
I celebrate your courage, strength, and resilience that have all contributed to who we both are today,” the First Lady wrote.
“May you live long, in divine health, joy, peace and prosperity. Happy Birthday, Mr. President…My Knight in Shining Armor”.