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CBN’s policy interventions have moderated inflationary growth, says Cardoso
The Central Bank of Nigeria has said that without its policy interventions, inflation could have risen to 42.81 per cent in December 2024.
The CBN Governor, Yemi Cardoso, made this known at the 2025 Monetary Policy Forum of the apex bank on Thursday in Abuja.
The forum attracted ministers, heads of departments and agencies involved in economic matters, as well as private sector players.
Cardoso also projected that diaspora remittances would increase to N31.787 trillion when the fourth quarter 2024 figures are released.
He said that the CBN would continue to employ orthodox monetary policy measures to tackle inflation in 2025.
“Counterfactual estimates suggest that without these decisive policy interventions, inflation could have reached 42.81 percent by Dec., 2024.
“Throughout 2024, the CBN implemented several bold policy measures across six MPC meetings
“These include raising the Monetary Policy Rate (MPR) by a cumulative 875 basis points to 27.50 per cent.
“They also include increasing the Cash Reserve Ratio (CRR) of Other Depository Corporations (ODCs) by 1750 basis points to 50 per cent, and adjusting the asymmetric corridor around the MPR,” he said.
He said that the CBN also undertook critical reforms to strengthen the financial system and ensure macroeconomic stability through a unified exchange rate window to enhance efficiency in the FX market.
According to Cardoso, this reform yielded tangible results, with remittances through International Money Transfer Operators (IMTOs) rising 79.4 per cent in the first three quarters of 2024 to 4.18 billion dollars.
He compared the figure to 2.33 billion dollars generated in the same period of 2023.
He said that the CBN also cleared a backlog of foreign exchange commitments totaling seven billion dollars, restoring market confidence and improving FX liquidity.
“We lifted restrictions on 41 items previously banned from access to the official FX market, a measure introduced in 2015.
“We also introduced new minimum capital requirements for banks, effective by March 2026.
“This is to strengthen the resilience and global competitiveness of Nigeria’s banking sector, positioning it to support the ambition of a one trillion-dollar economy,” Cardoso said.
He listed other policy interventions to include the launch of the WIFI initiative under the National Financial Inclusion Strategy.
He said that the initiative was designed to bridge the gender gap in financial access, empowering women through financial services, education, and digital tools.
“There is also the recently launched Nigeria Foreign Exchange Code, marking a decisive step forward for integrity, fairness, transparency and efficiency in our FX market.
“Built on six core principles, the FX code represents a binding commitment from the financial community to rebuild trust and inspire confidence.
“These reforms reflect our commitment to creating an enabling environment for inclusive economic development,” he said.
He, however, said that achieving macroeconomic stability required sustained vigilance and a proactive monetary policy stance..
To tackle inflation in 20205, Cardoso said that ‘managing disinflation amidst persistent shocks required robust policies and also coordination between fiscal and monetary authorities.
He said that such coordination would help to anchor expectations and maintain investor confidence.
“Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship.
“As we move forward into 2025, I am optimistic that we have turned a corner and that disinflation is within reach.
“However, we must remain committed to bold, coordinated policy measures to consolidate our progress,” he said.
Earlier, Mohammed Abdullahi, Deputy Governor Economic Policy of the CBN, said that the liberalisation of the foreign exchange market was a pivotal step towards unifying a highly fragmented system.
Abdullahi said that the step also helped in reducing substantial premiums driven by speculative activities and market inefficiencies.
“Prior to the adoption of a flexible exchange rate regime, the average exchange rate premium stood at an alarming 62.33 per cent between January and May 2023.
“Wth the introduction of the flexible exchange rate regime, this premium was drastically reduced to an all-time low of 0.10 per cent by June 2023, signalling significant progress towards market convergence,” he said. (NAN)
Senator David Jimkuta (APC), representing Taraba South Senatorial District at the National Assembly says 19 senators have been denied landing permit at the Kashimbilla airport in Taraba.
Jimkuta made the complain at his Senatorial Empowerment Programme in Wukari, Taraba, where he donated assorted items to the constituents.
He explained that the 19 senators were selected by the Senate to accompany him and to witness his empowerment programme.
The senator lamented that he got the report that the Kashimbila air port was temporary shut down, after he had completed every procedure required to fly into the airport.
Jimkuta, who is the Chairman, Senate Committee on Federal Capital Territory (FCT) Area Councils, said that the visit would have allowed the know the needs of the state to be of support.
He said that the situation had prevented the senators from gracing the occasion.
He advised the beneficiaries of the empowerment programme not to sell their equipment.
Jimkuta also promised to support security with logistics to enhance security of lives and properties in the district.
He advised the beneficiaries of the empowerment programme not to sell their items but use them to better their lots.
Earlier, Chief David Kente, Chairman of the event, thanked the senator for the massive distribution of items to his constituents.
Kente, a philanthropist and a chieftain of the All Progressives Congress (APC), described the empowerment as unpresidented in the history of the district.
The News Agency of Nigeria reports that items distributed include cars, motorcycles, tricycles, sewing machines, deep freezers, vulcanizing machines among others.
By Nathaniel Irobi
David Shikfu Parradang, former Comptroller-General of the Nigerian Immigration Service (NIS), has been killed by kidnappers in Abuja.
Citing sources, counter-insurgency expert, Zagazola Makama, Parradang, said Parradang was abducted in the Area 1 axis of Abuja in the early hours of Tuesday.
Makama said after being trailed from a bank where he had withdrawn money, the assailants took the cash from him before eventually killing him.
The tragic incident has raised fresh concerns over security in the Federal Capital Territory, particularly regarding the increasing cases of kidnappings and targeted attacks,” Makama said in a post.
Parradang, who served in the NIS for over 30 years, held various positions across the country, including Comptroller General.
He served in Kano, Lagos, Kwara, Enugu, and the Federal Capital Territory. He also attended several professional courses both within Nigeria and internationally.
In recognition of his service, he was awarded the national honour of Officer of the Order of the Federal Republic (OFR) and was a distinguished graduate of the National Institute for Policy and Strategic Studies (NIPSS).
Security agencies have reportedly launched an investigation into the circumstances surrounding his abduction and killing, with efforts ongoing to apprehend the perpetrators.
The Executive members of the Christian Association of Nigeria (CAN) across the 19 Northern states and the Federal Capital Territory (FCT) of Abuja have unanimously passed a vote of confidence in their newly appointed Chairman, Rev. John Joseph Hayab.
In a press briefing held in Maiduguri on Tuesday, Bishop Mohammed Naga, the General Secretary of the association and Chairman of North-east CAN, affirmed that the election, which took place on 25th February 2025 in Abuja, was conducted in a peaceful and transparent manner, leading to the selection of Rev. Hayab and other Executive members.
Bishop Naga, who serves as the General Overseer of the Biblical Christian Church (BCC), urged Christians, particularly those from the North, to continue praying for the peace, unity, and progress of a region beset by terrorism, banditry, kidnapping, and other criminal activities.
He further encouraged all Christians to extend their prayers and support to the Muslim community during the Holy Month of Ramadan, in accordance with the teachings of the late Sir Ahmadu Bello, the Sardauna of Sokoto, who was the founding Patron of CAN in Northern Nigeria.
Bishop Naga stated, “I wish to express our unwavering support for our substantive Chairman, Rev. Joseph Hayab. He was duly elected alongside other executive members, and all churches and Christian leaders in Northern Nigeria remain loyal to him.”
He continued, “Any group that believes they must hold power indefinitely should recognise that the stakeholders in Northern Nigeria, including the General Secretary of national CAN, Northern CAN, and representatives from various states, have honoured the election. This election stands firm, and we remain loyal.”
“We want to convey to the world, particularly those of us in Northern Nigeria, that we have a leader to whom we can turn regarding Christian matters. We advocate for peace and acknowledge the historical context of Northern Nigeria. CAN was established here, and we honour our father, the Premier of Northern Nigeria, Sir Ahmadu Bello, Sardauna of Sokoto, who was the first patron of CAN. This illustrates our kinship and commitment to peaceful coexistence.”
“Anyone seeking to disrupt this long-standing harmony is, in essence, an enemy of progress. In conclusion, I call upon all Nigerians to embrace one another, especially our Muslim brothers and sisters, who are fasting. Let us pray for peace in Nigeria and for the advancement of our beloved country, particularly in the North,” Bishop Naga concluded.