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FX matching system, remittances key to Naira stability – CBN
The Central Bank of Nigeria (CBN) has assured that the Naira’s true value will be restored with the introduction of an electronic FX matching system, which has proven effective in other markets.
The Governor of CBN, Olayemi Cardoso, gave the assurance on Friday night during the 59th annual bankers dinner organised by the Chattered Institute of Bankers of Nigeria in Lagos.
Cardoso said that CBN had undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency.
“To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets,” he said.
He said that panic buying was one of the reasons for FX volatility.
According to him, it is vital to address the disinformation circulating about a supposed demand-supply gap in the FX market, fueling unnecessary panic.
Cardoso said the current USD exchange rate reflected the price that the most desperate buyers were willing to pay, adding that this does not represent the true market value of the Naira.
“The introduction of the electronic matching system will correct these distortions by enhancing the price discovery process.
“Additionally, it will significantly boost the Central Bank’s oversight and intervention capabilities, ensuring a more stable and transparent foreign exchange market,” he said.
He also explained efforts of the apex bank to boost diaspora remittances to further make the Naira stronger.
“An enabling policy environment has led to a doubling of monthly remittances from an average of 300 million dollars in 2023 to nearly 600 million dollars in August 2024.
“We are committed to further integrating the Nigerian diaspora into our financial system, exemplified by the introduction of the non-resident BVN registration.
“We expect our financial institutions to develop products that not only enable the diaspora to support their families but also provide opportunities for savings and investment in Nigeria,” he said.
Earlier, he explained inherited challenges of FX subsidy regime in 2022 estimated to far exceed that of fuel subsidies, responsible for N4.5 trillion revenue loss.
“In 2022 alone, the potential revenue lost due to a less flexible FX regime was approximately N6.2 trillion, compared to N4.5 trillion from fuel subsidies.
“These funds could have significantly contributed to critical investments in education, healthcare and infrastructure development,” he said.
He further said that some of the various reforms adopted by CBN were already yielding results. (NAN)
The Chairman Northern States Governors Forum and Gombe State Governor Mohammed Inuwa Yahaya has being quite as the death toll of beneficiaries expecting payment under Northern States Governors hit 109 on Saturday with the death of Ado Umar at Yusuf Dantsoho Memorial Hospital Tudun Wada Kaduna.
A post on the New Nigerian Newspapers’ Northern States’ Governors Forum (NSGF) Beneficiary Whatsapp platform by Alhaji Idris said “we loss another Beneficiary in Person of
Ado Umar this afternoon at Yusuf Dantsoho Memorial Hospital Tudun Wada Kaduna
May Allah SWT Grant him Aljannah Firdausi”
2 days ago a New Nigerian Newspaper beneficiary waiting for payment Mr Zakka Bitiyong of Commercial Printing Department and Radio Room was buried in Kaduna.
The entire NNN family has being thrown into mourning as members cried uncontrollably and over 200 storm the Whatsapp platform lamenting over the death Ado Umar
A passionate appeal message on the platform said last week said ” we are soliciting for prayers, one of our Former colleague Driver and also Beneficiary
in Person of Ado Umar (Baba Ado) Have been operated for Hernia treatment
at Yusuf Dantsoho Memorial Hospital Tudun Wada Kaduna”
Reports say that the number of beneficiaries in dear need of medical attention have gone up from 29 to 36.
Northern States Governors Forum under Governor Mohammed Inuwa Yahaya of Gombe State raked in 7 billion naira after selling New Nigerian Newspaper properties in the name of paying NNN beneficiaries but until now no penny has been paid out of the 2.5 Billion naira owed the retirees.
Zamfara State elders of the All Progressives Congress (APC) have lauded the Minister of State for Defence, Dr. Bello Matawalle, for his generosity in distributing over 100 cows to party members in celebration of Eid al-Fitr.
The distribution took place in Gusau, with APC State Chairman Hon. Tukur Umar Danfulani represented by the party’s Secretary, Hon. Ibrahim Umar Dangaladima, overseeing the process.
In a statement, the convener of the Zamfara APC Elders Forum, Dr. Mua’zu Haruna Gummi, praised Matawalle’s act, describing it as a demonstration of his commitment to the party and the people of Zamfara State.
“This gesture is not just about charity; it is a testament to Dr. Matawalle’s leadership, his concern for the well-being of our people, and his deep understanding of the values that bind us together as a community,” Gummi stated.
“At a time when unity and solidarity are crucial, he has stepped forward to remind us that true leadership is about service, about giving back, and about ensuring that no one is left behind.”
Gummi further described Matawalle as not only a political leader but also a father figure who prioritizes the needs of his people.
He called on party members to rally behind leaders like Matawalle, who are dedicated to the growth of the party and the development of Zamfara State.
Meanwhile, the Minister also urged Nigerians to continue praying for the country’s security forces as they intensify operations against armed groups, achieving notable successes.
He reaffirmed the Ministry of Defence’s commitment to implementing President Bola Ahmed Tinubu’s directive to restore peace and stability in the region.
The Northern Elders Forum (NEF), on Saturday, issued a 14-day ultimatum to the Edo State Government and the Federal Government following the brutal mob attack that led to the killing of innocent Northern hunters in Uromi, Edo State.
The victims were reportedly returning home to celebrate the end of Ramadan and Eid Kabir with their families when they were attacked.
NEF spokesperson, Professor Abubakar Jika Jiddere, in a statement, condemned the killings as “barbaric, extra-judicial, and cowardly,” calling for urgent action to address the situation.
He said: “The North has tolerated numerous such animalistic and cannibalistic acts of recklessness from some Southern part of Nigeria in the past. This must come to an end.
“The North will take stringent action in response to this inhumane attack on its peace-loving people. Consequently, the NEF hereby demands the following immediate actions from the authorities in Edo State and the Federal Government.
“The swift recovery of the bodies of the victims and their dignified transfer to their families for an honorable and befitting burial in accordance with their respective faiths. The arrest and trial of all individuals responsible for the attack and the brutal killings of the innocent travellers.”
The forum also demands a public prosecution of the perpetrators and those that aided the crime to ensure full transparency and accountability.
He add, “The due payment of compensation to the families of the victims, in line with the prescribed standards of their respective faiths. An unreserved apology from the people and authorities of Edo State, with a commitment to ensuring that such barbaric behavior never occurs again.
“An unreserved apology from the Edo State Government to the North for this heinous attack on its people. The punishment of the perpetrators must be witnessed by the public to serve as a deterrent to any such future acts of violence.
“The NEF demands that the Edo State Government and the Federal Government take concrete and visible steps to fulfill these demands within fourteen (14) days from the date of this release. Failure to do so will compel the North to take all necessary actions to seek justice for her people and the North.
“The Federal Government must ensure that justice is served to the victims and their families to preserve peace, stability, and the peaceful coexistence of all Nigerians.”
The NEF urged Northern communities to remain calm and patient while it pursues the matter through the appropriate government agencies.