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‘CBN’s Policies Are Working, FX Rate Stabilising’

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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.

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“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.

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Rev. Joseph Habap Elected Chairman Of Northern CAN

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February 26, 2025

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By Abubakar Yunusa

A The Christian Association of Nigeria (CAN) in the 19 Northern states and the Federal Capital Territory (FCT) has elected new executives, with Rev. Joseph Habap emerging as Chairman.

The new leadership will oversee the association’s affairs for the next five years.

In his acceptance speech during the unopposed election in Abuja, Rev. Habap reaffirmed his commitment to integrity, unity, and transparency.

He emphasised that his administration would not be driven by greed but by service to the Christian community and Nigeria as a whole.

“We will not allow greed to take over our conscience. We will always be proud of you, and we will make you proud. I want my children to grow up and be proud of their father, son, and son-in-law with integrity,” he said.

He stressed that CAN is an organisation for Christians, believers, Nigerian unity, and progress. He assured members that his leadership would foster dialogue and cooperation with churches across different denominations.

Rev. Habap acknowledged the contributions of the outgoing leadership and called on them to support the new administration. He urged Christian leaders to respect leadership transitions and avoid conflicts during handovers.

“This was not a coup. It was simply a day for them to leave. If we start respecting leadership transitions, we will set a good example for others. Unlike the political class that seeks tenure elongation, we will serve our term and leave,” he stated.

He also underscored the role of the church in promoting truth, peace, and unity, assuring that CAN would engage constructively with the government without hostility.

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“We will speak truth to power, but we are not enemies of the government. We want every administration to succeed, and we will contribute to that success by offering honest counsel,” he added.

Bishop Stephen Adegbite, the Executive Secretary of the Nigeria Christian Pilgrim Commission (NCPC), congratulated the new CAN leadership and reiterated the importance of religious harmony.

He highlighted the government’s commitment to supporting both Christian and Muslim communities.

“Mr. President is not a religious bigot. What he promised Muslims, he has also done for Christians. We have ensured that chairmen from all states can participate in pilgrimages free of charge. Nigeria remains one indivisible entity, and we must stay together,” he said.

He further urged prayers for the country’s leadership, adding that his office would continue to promote interfaith relations in line with the president’s vision.

Some of the newly elected officials include:Chairman: Rev. Joseph John Habap,Vice Chairman: Rev. Dr. Jonah Samson TEKAN (ECWA, FCT),Secretary: Bishop Mohammed Naga (PFN/CPFN, Borno State),Assistant Secretary: Ven. Tajudeen Azeeze Afolabi (OAIC Bloc, Zamfara State),
Treasurer: Rev. Fr. Polycarp Lubo (CSN Bloc, Plateau State), and Director, National Issues: Pastor Dr. Simon A.S Dolly (CCN Bloc, Nasarawa State)

The new leadership has pledged to strengthen CAN’s presence in Abuja, ensuring that Northern CAN is more visible at the national level.

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FG mourns passing of Abubakar Lawal, Nigerian footballer in Uganda

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February 26, 2025

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The Ministry of Foreign Affairs expressed deep sorrow on Tuesday over the tragic death of Abubakar Lawal, a Nigerian professional footballer in Uganda.

The Minister of Foreign Affairs, Amb. Yusuf Tuggar, confirmed the sudden passing of Lawal in a statement in Abuja.

Tuggar, in the statement issued by Kimiebi Ebienfa, Acting Spokesperson for the Ministry, described Lawal’s death as a great loss to Nigeria.

“In this moment of grief, we extend our heartfelt condolences to his family, friends, teammates, and the entire Nigerian football community during this difficult time,” Tuggar said.

Lawal, a former Nigerian Under-20 international footballer, was playing for Vipers Football Club in Uganda and was also a final-year Business Administration student at Cavendish University at the time of his death.

“The ministry has been in contact with the Nigerian High Commission in Kampala, Uganda, which is collaborating with local authorities to determine the circumstances surrounding his untimely death.

“We are committed to ensuring a thorough and transparent investigation, including an autopsy to verify the cause of death.

“The ministry has also directed the High Commission in Kampala to provide all necessary consular support to the family and ensure that justice is served,” Tuggar stated.

Tuggar emphasised Nigeria’s strong bilateral relations with Uganda, expressing confidence that Ugandan authorities would handle the matter with utmost seriousness and sensitivity.

He urged Nigerians to remain calm while the investigation was ongoing and to refrain from speculation that could hinder the process.

“The ministry will continue to monitor the situation closely, while we remain resolute in protecting the welfare and rights of all Nigerian citizens abroad.

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“May the soul of Abubakar Lawal rest in perfect peace,” he prayed.

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One-third of Musk’s DOGE staff resign in protest

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3 hours ago

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February 26, 2025

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Roughly a third of staffers at Elon Musk’s Department of Government Efficiency have resigned in protest, saying that they will not push through demanded changes that put the country at risk.

“We swore to serve the American people and uphold our oath to the Constitution across presidential administrations,” 21 staffers of DOGE wrote in a letter, seen by AFP on Tuesday, to White House chief of staff Susan Wiles.

“However, it has become clear that we can no longer honor those commitments,” they added.

The workers initially worked for the United States Digital Service, which was transformed into DOGE after President Donald Trump took office on January 20th, with Musk effectively taking over the department.

Musk is the political force behind DOGE, with a small group of employees faithful to the multi-billionaire being dispatched across government and working toward gutting federal staffing and spending.

While Musk is not the formal administrator of DOGE, the SpaceX and Tesla CEO is nonetheless directing operations and will even attend Trump’s first cabinet meeting on Wednesday.

The world’s wealthiest person and a top Trump donor, Musk has no ministerial portfolio or formal decision-making authority but has status as a “special government employee” and “senior adviser to the president.”

He downplayed the significance of the departures, saying that the workers were “political holdovers” who worked remotely and refused to return to the office as ordered by Trump.

“They would have been fired had they not resigned,” he added on X, the platform he owns.

The signatories describe a chaotic transition process that began on January 21 with hastily conducted interviews by unidentified individuals wearing White House visitor badges.

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The interviewers questioned staff about political loyalty, attempted to create division among team members, and displayed “limited technical ability.”

Tensions escalated on February 14 when approximately one-third of USDS staff were abruptly terminated via anonymous email.

The dismissed employees had been working on modernizing critical government systems including Social Security, veterans’ services, tax filing, healthcare, and disaster relief platforms, the letter said.

“Their removal endangers millions of Americans who rely on these services every day. The sudden loss of their technology expertise makes critical systems and Americans’ data less safe,” the letter stated.

The employees explicitly refused to participate in what they described as efforts to “compromise core government systems, jeopardize Americans’ sensitive data, or dismantle critical public services.”

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