Over the past 18 months, the Central Bank of Nigeria (CBN) has implemented policy corrections, market liberalisation, and enhanced transparency to address exchange rate disparities. This was the assessment of Zeal Akaraiwe, CEO of Graeme Blaque, during his appearance on Arise News’ Global Business Report.

In 2025, the parallel market exchange rate has shown a steady appreciation, recently stabilising around the N1,500/$ mark. Reports from Bureau de Change (BDC) operators indicate that the rate in the parallel market currently hovers around N1,500/$, while the official market stands at approximately N1,501/$ as of February 25. This near alignment between the two markets signals a significant convergence.

According to Akaraiwe, a banking and treasury specialist, policy corrections greatly contributed to correcting the missteps in FX management in the country.

“When people complained about the CBN’s issuance of circulars over the last 15 to 18 months, I tell them that the CBN is not regulating by body language,” he noted.

He added, “If past mistakes need fixing, the central bank has to make it clear to the industry —and the best way to do that is through circulars. Honestly, what other option is there? That’s why we saw a flood of circulars in early 2024, clearing up distortions and easing bottlenecks."

The CBN, in 2024, issued almost 20 circulars revolving around FX management in the country, one of which was on the use of Bloomberg’s BMatch system in interbank FX trading.

According to Akaraiwe, the introduction of BMatch in December was able to expose the information gap that existed in the FX system for most of 2024.

He said, “I recall mentioning sometime last year that many people were unaware that for most of the year—starting around February or March, certainly within the first quarter—the inflows into the economy exceeded the outflows. But this wasn’t widely known.”

“This lack of information contributed to market panic. A clear sign of change came in December when the central bank introduced BMatch—almost immediately, the currency appreciated by 10%.”

“It wasn’t due to an increase in cash flow, additional injections, or direct central bank intervention. The key factor was improved transparency, which made market participants aware of the available supply.”

CBN is not defending the Naira

Unlike certain experts in the finance space, Zeal believes that the CBN is not defending the naira. He noted that in 2024, CBN’s net contribution to the FX market was about 3 percent. This marks a stark contrast to the 70 to 80 percent seen in previous years.

Akaraiwe highlighted, “If you look at historical data—say, 2022 and 2023—you’ll find that the central bank was likely supplying as much as 70% to 80% of the foreign exchange used in the market. That sounds like a defensive position.”

“In contrast, by 2024—just last year—the central bank’s contribution to FX sales in the market dropped to just under 10%. Right. If you break it down further, that’s roughly 4%. If you net out the central bank’s FX sales and purchases in 2024, its actual contribution to the market was about 3 percent.”

“But selling FX is part of the central bank’s routine operations. As the governor has consistently stated, it plays a role in maintaining market stability. What many outside the market don’t realize—but those within the market understand—is that to sustain stability, the central bank not only sells FX but also buys it.”

FAAC said the ₦1.703 trillion total revenue comprised statutory revenue of ₦749.727 billion, and Value Added Tax revenue of ₦718.781 billion.

A total sum of ₦ 1.703 trillion, being January 2025 Federation Account Revenue, has been shared with the Federal Government, states, and local government Councils.

This is according to a statement on Thursday by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa.

Mokwa said that the revenue was shared at the February Federation Account Allocation Committee meeting on Thursday in Abuja.

Meanwhile, a communiqué from the FAAC meeting said that the ₦1.703 trillion total revenue comprised statutory revenue of ₦749.727 billion, and Value Added Tax revenue of ₦718.781 billion.

It also comprised Electronic Money Transfer Levy revenue of ₦20.548 billion and Augmentation of ₦214 billion.

The communiqué indicated that a total gross revenue of ₦2.641 trillion was available in January 2025.

It said that the total deduction for the cost of collection was ₦107.786 billion while total transfers, interventions, and refunds were N830.663 billion.

“Gross statutory revenue of ₦1.848 trillion was received for the month of January 2025. This was higher than the sum of ₦1.226 trillion received in the month of December 2024 by ₦622.125 billion,” the statement read.

“Gross revenue of ₦771.886 billion was available from the Value Added Tax (VAT) in January 2025. This was higher than the ₦649.561 billion available in the month of December 2024 by ₦122.325 billion.”

The communiqué said that from the N1.703 trillion total distributable revenue, the Federal Government received the total sum of N552.591 billion, while the state governments received the sum of N590.614 billion.

It said that the LGCs received ₦434.567 billion, and a total sum of ₦125.284 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“On the ₦749.727 billion distributable statutory revenue, the Federal Government received ₦343.612 billion and the state governments received ₦174.285 billion.

The Lagos State Police Command has clarified that the withdrawal of the security details of Lagos State House of Assembly Speaker, Mojisola Meranda, was an administrative decision and not politically motivated.

The withdrawal, according to the Command, was due to the lack of valid approval for the policemen assigned to VIPs in the state.

Police sources hinted that several VIPs who did not get valid approval for police protection also had their security details withdrawn.

Sources explained that “As part of efforts to instill professionalism and due process, the new Commissioner of Police, Lagos State Police Command , CP Olohundare Moshood, sent a directive that all policemen of the command on VIP protection duties without due approval should be withdrawn immediately.

“The Police have maintained neutrality throughout the process. The directive was not about the Speaker. There are some traditional rulers in the state who have had police personnel guarding them for almost 20 years without approval.

“The normal procedure is, when police protection is needed by VIPs, they are expected to officially write to the police and upon approval, personnel will be assigned to them.

“The Speaker of the House of Assembly is entitled to police protection under the law and she does not need to write as a person. But the normal procedure is that the outgoing administration will write to the police formally to notify of a change in leadership, stating the names of the new office holders deserving of Police protection.

“In this instance, no such communication has been sent to the police and so, that is probably why the policemen withdrew because they knew there was no letter posting them to that duty,” sources said..

Nigeria has signed a strategic cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to position itself as a major player in the global halal market, which is valued at $7.7 trillion.

The agreement, signed at the Makkah Halal Forum in Saudi Arabia on Wednesday, will promote investment, technical collaboration, and market access across key sectors such as food production, pharmaceuticals, finance, and livestock.

Vice President Kashim Shettima, represented at the event by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, described the deal as a transformative step for Nigeria’s economy.

According to a statement issued by Senior Special Assistant to the President on Media and Communications Office of the Vice President Stanley Nkwocha, Shettima said, “this collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player.

“We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”

The agreement was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee, His Excellency Mr. Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry, His Excellency Mr. Abdullah bin Saleh Kamel.

Also speaking, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, said the partnership builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.

Sheriff explained that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support the initiative through capacity building, regulatory framework development, and financing opportunities.

“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.

“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” he said.

The Nigerian delegation also included the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of Industry, Dr. Mansur Muhtar; Minister of Trade and Investment, Dr. Jumoke Oduwole who was represented by Ambassador Nura Rimi; Minister of Foreign Affairs, Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele, and R’representative of the Standard Organization of Nigeria, Hajiya Amina.

Others are the Chairman, Nigeria-Saudi Chamber of Commerce, Engr. Ibrahim Usman; Minister of Finance, Mr. Wale Edun, represented by Nur Muftau Baba Ahmed; CEO of Nigeria Export Promotion Council, Mrs. Nonye Aneyi, represented by Mustapha Aminu; Deputy President of NACCIMA, Alhaji Jani Ibrahim, and Managing Director of Bank of Industry, Mr. Olasupo Olusi, represented by Mrs. Jelilat Ismaila-Ayinde.

VP Shettima had during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, in September last year emphasized the economic potential of the sector, noting that “increasing Nigeria’s halal exports to OIC markets from 2% to 6% could boost the country’s GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.

Few figures have divided opinions and families across Nigeria as Senator Natasha Akpoti-Uduaghan [Kogi Central, PDP] has in the past two weeks. Fewer have navigated controversy and legal brinkmanship with the same unyielding intensity. Her career, marked by a relentless pursuit of influence and a penchant for turning personal grievances into public legal battles, reads like an intriguing but dramatic saga of passion and retribution.

While the media has been inundated with stories about the recent seat arrangement and her unwillingness to follow Senate rules, her latest response is a legal action against the leader of the chambers. In a claim filed by her legal counsel, Victor Giwa, who has emerged as a key figure in her battles, she is demanding N100 billion in general damages for defamation and N300 million in litigation costs.

Therefore, as one delves into her storied past, a clear pattern emerges: For Natasha, leveraging legal threats and high-stakes litigation is not merely a reaction but her stock in trade. Her career underscores a reality where the boundaries between private grievances and public service are frequently blurred.

From the outset, Natasha’s political and personal journey has been anything but conventional. However, her entanglement with her current husband, Chief Emmanuel Oritsejolomi Uduaghan, a man with longstanding political ties and significant business interests, would propel her into an arena of bitter personal disputes and public legal confrontations.

Before her ascent to the Senate, a startling revelation emerged. A document filed by Victor Giwa of Indemnity Partners and dated November 19, 2020, detailed a series of grave allegations, including "breach of promise of marriage, poisoning, foeticide," and demanded a staggering N10 billion in damages. The letter painted a picture of a woman wronged, claiming she had been instrumental in Chief Uduaghan's business successes, only to be betrayed.

This legal document, which demanded a staggering N10 billion in damages, was only set aside upon Chief Uduaghan's eventual acquiescence to marrying her.
This pattern reveals much about her modus operandi. In her view, every slight—small or personal—is a battleground. Her narrative suggests that if one does not comply with her terms, social media becomes the primary venue for settling scores while the courts are the secondary stop. While legally contentious, this stance has become emblematic of her approach to personal and political adversaries.

Legal Warfare, National Politics and Courtroom Tactics

Central to this saga is the aggressive legal strategy spearheaded by Natasha’s legal teams. In the matter involving her estranged husband, while the document in question was disseminated by Indemnity Partners—with a letter signed by Senior Advocate Chief B. C. Igwilo - it is her legal counsel, Victor Giwa, who has emerged as a key figure in her subsequent battles.

In an explosive twist to the narrative, sources reported that over the past weekend, Natasha threatened the Senate President with immediate legal action if she were summoned before an ethics committee. This threat, articulated as part of her broader strategy, underscores her readiness to deploy social media and court maneuverings as a strategic tool to achieve her goals.

For Natasha, repeatedly invoking legal recourse—whether for alleged breaches of promise in marriage or defamation in the political arena—signals a calculated strategy. Her willingness to escalate personal disputes into highly publicised legal battles is not an aberration but rather a reflection of a broader pattern of behaviour. This behaviour is deeply rooted in the dynamics of power and control, where the courtroom becomes a modern-day arena for settling personal scores and redefining public image.

Amid the turbulence of personal legal battles and aggressive courtroom manoeuvres, a broader question looms: What is the impact of such high-profile disputes on the sanctity and function of legislative institutions? The Senate, as a crucible of democratic deliberation and policymaking, must be managed with a level of decorum and order that allows for respectful debate and collective progress. When political actors resort to legal intimidation and public threats—such as Natasha’s weekend ultimatum to the Senate President—it undermines the institutional integrity of the legislature.

The importance of decorum in the Senate cannot be overstated. A legislative body functions not merely as a forum for exchanging ideas but as a symbol of national governance, where order, respect, and adherence to established protocols are paramount. This is the only way scores of representatives of different tribes, regions and faiths with varying interests and opinions can achieve consensus through structured debate and dialogue.

The infusion of personal vendettas and aggressive legal posturing into this space risks eroding public trust and compromising the effectiveness of the Senate. Therefore, members of the Senate—regardless of their personal grievances or political ambitions—must exercise restraint and uphold the principles of mutual respect and institutional accountability.

A Senate mired in personal vendettas and legal skirmishes risks compromising its mandate to serve the public interest. The principles of decorum and order are not merely abstract ideals; they are essential to ensuring that legislative debates remain focused on policy and progress rather than devolving into platforms for personal retribution. In this light, the insistence on maintaining a respectful, orderly, and neutral legislative environment is not only a matter of institutional protocol but a fundamental requirement for the health of the nation’s democratic processes.

Gilbert Olanrewaju writes from Akure, Ondo State.

The Lagos State Police Command says it has restored the security details of the Speaker of the State House of Assembly, Hon. Mojisola Meranda.

Daily Trust reports that the security escorts attached to the office of the Speaker and her residence were withdrawn on Thursday morning.

This had set tongues wagging as the security details of impeached speaker, Hon Mudashiru Obasa were restored after which he stormed the assembly complex and declared himself speaker.

Obasa even presided over a plenary session attended by few members of the assembly.

But speaking at a press briefing on Thursday, Lagos State Commissioner of Police, Moshood Jimoh, said four security personnel attached to the Speaker who were earlier on withdrawn have since been restored.

He said the withdrawal of the security details attached to the speaker and other Very Important Personalities (VIPs) in the statewa is in line with an ongoing audit of Police personnel and fire arms

He disclosed that the same audit is currently being conducted in other states Police Commands and not Lagos alone.

Assistant Banking Officer - N850k+
Banking Officer - almost N1m

Monthly Net!

Another win for 9-5

Sterling Bank

Sterling Bank raises salaries again

When the Japa wave—Nigeria’s mass exodus of talent—began, one of its most significant consequences was brain drain. Many industries lost top professionals, and the banking sector was hit particularly hard.

For Nigerian banks, the challenge was twofold: they were losing talent not just to emigration but also to fintechs, which offered competitive salaries—sometimes double what banks paid.

Now, banks are responding. In January, we reported that Sterling Bank, a tier-2 Nigerian bank, raised staff salaries by 7% and paid a cost-of-living adjustment (COLA) stipend; however, the meagre increase did not sit well with its employees who have seen other banks like GTBank, Union Bank, and Zenith Bank all increase salaries by 20%–40% in the last few months. In response, Sterling Bank increased salaries again by 35% on Wednesday. These pay hikes come at a crucial time when Nigeria is grappling with its worst cost-of-living crisis in decades, with inflation soaring; retaining talent has never been more urgent.

But for Sterling Bank, these salary adjustments aren’t just about retention—they are central to its broader vision. While best known for its banking operations, Sterling is aggressively expanding into fintech, asset financing, and even electric vehicles. Leadership sees talent retention as critical to executing this strategy.

Under the new structure, executive trainees (entry-level employees) will now earn ₦528,000 ($352) net monthly.

Assistant Banking Officers (ABO) will take home about ₦850,000 ($567),

while Banking Officers (BO) will see their salaries rise from ₦700,000 ($467) to ₦1,030,000 ($687).

Senior Banking Officers (SBO) will now earn ₦1.1 million ($733),

and Assistant Managers (AM) will receive ₦1.3 million ($867) per month.

These raises reflect the bank’s commitment to attracting and keeping the best talent as it deepens its footprint in fintech and asset financing.

But the big question remains: Will this be enough to stop top talent from leaving?

The Speaker of the Lagos State House of Assembly has condemned the action of the embattled former speaker, Mudashiru Obasa. Responding to a question asked by a reporter after the hearing of the suit filed by 29 lawmakers at the Ikeja court, she called the plenary seating presided by Obasa, a show of Shame.

Nigerian Army has renamed the Ikeja Military Cantonment in honour of the late Chief of the Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja.

The Cantonment is renamed ‘T. A. Lagbaja Cantonment’.

Present at the event is the Governor of Lagos State, Babajide Sanwo-Olu, the Chief of Defence Staff (CDS) Gen. Christopher Musa and other service chiefs.

Ekaette Akpabio, wife of the Senate President, Godswill Akpabio, has dismissed allegations of sexual harassment leveled against her husband by Senator Natasha Akpoti-Uduaghan.

Akpoti-Uduaghan, the Senator representing Kogi Central, had in an interview with Arise Television on Friday accused the Senate President of sexual harassment.

The Kogi lawmaker also alleged that Akpabio blocked her motions from being heard on the floor of the Senate because she rejected his sexual advances.

Akpoti-Uduaghan added that by rejecting Apkabio’s advances, she was subjected to persistent harassment and malignment.


However, speaking to newsmen on Friday at her Abuja residence, Mrs. Akpabio dismissed Natasha’s allegations as a figment of wild imagination.


She also recounted the cordial relationship that existed between her family and Natasha’s family, as she

She said, “The allegations are unfounded, as she was present at her family residence on the alleged date 8th December, 2023.


“Both families enjoy a long-standing cordial relationship that predates Senator Natasha’s marriage to her husband.”

Mrs. Akpabio praised her husband’s discipline as a man who loves and respects his family, citing his track record of supporting women’s inclusion in government even before his emergence as Senate President.

She, therefore, urged women to desist from peddling such false allegations, as she vowed to seek legal redress on the matter.

BREAKING NEWS: The #Ramadan1446 Crescent has been SEEN in Saudi Arabia.

Subsequently,

Saturday, 1st March 2025 is the beginning of the month of Ramadan

The Economic and Financial Crimes Commission (EFCC) has revealed that cryptocurrency is being utilized as a means of payment for the importation of illegal arms into Nigeria.

EFCC Chairman Ola Olukoyede made the disclosure on Wednesday while receiving participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS), led by Director of Studies Hyginus Ngele, at the Commission’s headquarters.

Olukoyede said this development is one that everybody must take seriously.

“We are beginning to see the likelihood and propensity that many people are into the illegal importation of arms into the country using cryptocurrency as a means of payment. This is an area that must interest all of us.”

He expressed surprise at how bandits and insurgents have managed to sustain their activities over the years, stressing that the flow of small arms and light weapons across borders, along with the involvement of non-state actors in the illegal exploitation of minerals, compound the security threats.

Non-state actors like NGOs under focus
He decried the fact that Nigeria has been besieged by various security challenges for nearly two decades, including insurgency, banditry, kidnapping for ransom, and farmer/herder clashes, which he partly attributed to the activities of non-state actors.

Specifically, Olukoyede noted that the role of non-state actors in exacerbating security and corruption challenges has not been fully examined.

“At the level of the EFCC, we have always been suspicious of the activities of non-state actors in areas where we face security challenges. In the Northeast, for instance, the activities of local and international NGOs have been under focus.

“This was a major impetus for the decision to mandate their registration with SCUML (Special Control Unit against Money Laundering), a department in EFCC, and a clear directive to notify the Commission on cash movements within the region,” he said.

EFCC warns Nigerians against fake TikTok accounts

The Economic and Financial Crimes Commission, EFCC, has alerted Nigerians to the activities of fraudsters who organised a live session on TikTok using the Commission’s logo on Thursday, 27 February 2025.
This was contained in a statement signed by Dele Oyewale, EFCC’s Head of Media and Publicity.
The fraudsters aimed to generate traffic and defraud unsuspecting individuals.
According to the EFCC, they used six fake accounts, all bearing the Commission’s logo and the names of non-existent directorates.
Some of the fraudulent handles include “EFCC of Nigeria,” “EFCC Lagos,” “EFCC Delta,” “EFCC of Benin,” “EFCC of Jos,” and “EFCC Saga.”

EFCC clarified that it does not operate any official TikTok account.

The agency also urged the public to disregard any social media account claiming to represent it on the platform.

Kaduna State’s Commissioner for Local Government and Chieftaincy Affairs, Alhaji Sadiq Mamman Lagos, has stated that former Governor Nasir El-Rufai has no control over the political direction of the state in 2027, emphasizing that only God determines leadership.

In an interview with journalists, Mamman Lagos condemned El-Rufai’s criticisms of President Bola Ahmed Tinubu and Governor Uba Sani.

He advised the former governor to stay out of Kaduna’s political affairs, asserting that the outcome of the 2027 elections will be decided by God and the people, not any individual.

His remarks coincided with a declaration of support for President Tinubu and Governor Sani by 255 councilors across Kaduna State.

Mamman Lagos highlighted Governor Sani’s leadership approach, stressing that he has prioritized governance without interfering in previous administrations.

He praised the governor for reversing several unpopular policies, including reducing tuition fees, reinstating traditional rulers who had been removed, and returning seized properties to their rightful owners.

He also commended Sani’s commitment to balanced development across the state, dismissing claims that the All Progressives Congress (APC) favors only specific groups.

Warning against political intimidation, Mamman Lagos insisted that no single individual can dictate electoral outcomes, urging all political actors to respect the will of the people.

Meanwhile, speaking on behalf of the 255 councilors, Muhammad Sani Badiko declared that both the Presidential Villa and the Kaduna Government House would not be vacant in 2027.

He praised Governor Sani’s efforts in infrastructure, economic development, education, and healthcare, vowing to mobilize grassroots support for his re-election.

Badiko urged politicians to set aside personal ambitions and wait until after 2031 to pursue their political interests.

Major financial analysts across the global have expressed optimism that Nigeria’s investment climate has significantly improved, paving way for foreign investors swooping on Nigeria assets.

According to the analysts the development has largely been spurred by the impact of the Central Bank of Nigeria (CBN) reforms in the financial sector now spreading across key sectors of the economy.

The country is now getting a favorable nod from investors, pushing stocks higher and bond yields lower as painful reforms restore confidence.
Already, Nigeria’s sovereign risk spread has fallen to the lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent strain on its economy.

While US President Donald Trump’s widening trade war has taken emerging markets on a wild ride, Nigeria has quietly held its own, attracting foreign capital reassured by currency reforms and other measures designed to revive the economy of Africa’s most-populous nation.

“Nigeria appears to be back in business as long-awaited economic reforms take shape,” said Emre Akcakmak, portfolio manager at East Capital.
He stated further: “Key measures include improved currency liquidity, leeway for investors to repatriate their profit, and the stable naira.

“We feel the Central Bank of Nigeria will continue to stem any sharp appreciation of the naira to limit profit taking from the fast money community.” “Portfolio inflows have likely been supported by improved confidence amid key structural reforms, better FX market functioning and moderating dollar-naira volatility, as well as the still-robust nominal yield buffer,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc, told Bloomberg.

“Besides, Nigeria’s local market is seen as less correlated with global risk conditions than more liquid EM peers,” he added.

Yields on Nigeria’s $1.5 billion eurobond due in 2034 have declined to 9.69 per cnt, the lowest since its early December launch, and a domestic debt auction was three-times oversubscribed recently, with the Open Market Operation bills allotted at 21.45 per cent versus 22.65 per cent.

Economic prospects turn positive

The Nigeria’s economy and businesses will have so many things to cheer in 2025 and the impact of the economic reforms in FX market, exchange and huge budget outlays begin to pay off for them.

Nigeria’s economy is already exiting the most painful phase of the reform adjustment process in 2025, Non-Executive Director of Parthian Partners, Bismarck Rewane has predicted.

Rewane projected that the economy would begin to recover from the toughest phase of its reform adjustments by 2025, emphasizing the importance of strategic policy implementation and institutional reforms.

He noted that while the fundamentals of Nigeria’s exchange rate indicate that the Naira should be stronger, achieving stability depends on an efficient and effectively managed FX system.

He stressed that the primary challenge lies not in the reforms themselves but in their management, citing poorly sequenced policy changes and insufficient structural reforms as significant obstacles.

He underlined the critical role of investment in driving economic growth. “Revenue alone is not enough,” Rewane stated. “Investment is key, but it will be influenced by confidence, transparency, and the right policies.”

He also called attention to persistent challenges such as power supply inefficiencies and the lack of transparency in the oil and gas sector, which require immediate attention through structural reforms.

Rewane said that 2025 is going to be less hard, less painful, less difficult than last year. He said the fact that things were so difficult in 2024, does not in anyway indicate that the difficulties will persist this year.

Associate Dean of Lagos Business School, Professor Olayinka David-West, emphasized the importance of adopting a “digital-first mindset,” advocating for the use of technology and AI to improve fiscal discipline and economic planning.

Director-General /CEO of the Lagos Chamber of Commerce and Industry (LCCI), Chinyere Almona, identified high energy costs as a major driver of inflation and stressed the need to resolve power supply issues to stabilize prices.

CEO of NGX Regulation Limited, Olufemi Shobanjo, harped the role of liquidity in capital markets, emphasizing initiatives that enhance investor confidence and ensure market stability.
Executive Director of Parthian Group, Yemi Sadiku, highlighted the need for an enabling environment to attract infrastructure investment, urging the government to create policies that encourage private sector participation.

As Rewane aptly remarked, “The things outside our control far exceed what we can control, but by addressing these root causes, Nigeria can unlock sustainable growth and economic stability.”

Chief Executive Officer, FirstBank Group, Olusegun Alebiosu said the improving government revenues, improved revenue-to-debt service ratio at 68 per cent and the growth in foreign reserve balances to over $40 billion represent positive indicators for the economy.

He further said: “Early signs such as the stability that characterized the forex market after the introduction of the electronic foreign exchange matching system in December 2024;

the emergence of competition on the supply side of our nation’s downstream sector that is leading to falling prices in premium motor spirit (PMS) and the coming back on stream of the Port Harcourt & Warri refineries are indicative that there is, indeed, light at the end of the tunnel for us as a country”.

Alebiosu said the sheer timing of the emergence of these developments has strengthened optimism about the Nigerian economy, especially coming into the new year 2025.

Also, the government’s proposed N49.7 trillion 2025 budget is expected to provide sufficient economic stimulus in view of the lower likelihood for poor budget implementation due to improving government’s revenue position, adding that the projected GDP growth rate of 3.68 per cent for 2025 is a very likely outcome.

He disclosed that due to the impacts of some of the “painful but necessary” reforms that the Government had pursued, inflationary pressures exerted considerable strain on household and corporate incomes in 2024, with the inflation rate reaching a three-decades high of 34.60 per cent in November 2024.

In response, the Central Bank of Nigeria, through its Monetary Policy Committee (MPC), had steadily raised the benchmark Monetary Policy Rate (MPR) to 27.5 per cent in a bid to tame inflationary pressures. The combination of these actions has resulted in significantly higher cost of living/operations and funding for households and corporates.

Also speaking, Founder and Chief Consultant of B. Adedipe Associates Limited, ‘Biodun Adedipe said that pressure in the forex market will continue to drop in the coming months, which will lead to rebound in the naira exchange rate against global currencies.

He said the improvement in local oil production has contributed significantly to reduced pressure in the forex market.

Adedipe said the fundamental problems of developing countries have been reduced food deficit, energy deficit and manufacturing deficit.
He called for an expansive domestic manufacturing, agribusiness and relentless, deliberate and focused export drive in the new year.

Exchange rate stability

The naira broke key resistance levels at the Nigerian Autonomous Foreign Exchange Market as the Central Bank of Nigeria (CBN) began the implementation of the new Electronic Foreign Exchange Matching System (EFEMS).

The platform, addresses long-standing issues of market opacity and inefficiency by facilitating smooth trading and consistency among participants.

In the currency market, the naira appreciated against the dollar across all segments.
CBN Governor, Olayemi Cardoso had at the 2024 Chartered Institute of Bankers of Nigeria (CIBN) dinner held November 29 in Lagos, expressed strong optimism that measures being deployed by his administration will deliver benefits that would be felt by every Nigerian in no distant time.

He said the need for reassurance on the expected outcomes from policy measures being deployed by the CBN was necessitated by the growing pains of Nigerians due to the further deterioration of key macroeconomic variables (notably, inflation and exchange rate) that are within the purview of the monetary policy authority relative to when he assumed office last year September.

Cardoso, over time, prioritized stabilising the exchange rate, curbing inflation, strengthening banks’ capital buffers, and fostering an environment conducive to the success of both businesses and individuals.

Besides, the CBN under Cardoso also initiated banking industry recapitalisation to strengthen capital buffers for banks and redefined Net Open Position ceiling for banks (25 per cent short and zero per cent long on foreign currency) to unlock FX liquidity.

On recapitalization of banks, Cardoso said: “This strategic move ensures that banks are well-capitalized, enabling them to take on greater risks, particularly in underserved markets. With stronger capital bases, banks can provide more loans and financial products to Micro Small and Medium Enterprises (MSMEs), rural communities, and other vulnerable segments that have previously struggled to access formal financial services”.

Cardoso said the recapitalisation policy not only strengthens financial stability but also serves as a catalyst for inclusive growth.

“By enabling banks to extend more credit to MSMEs, we enhance job creation and productivity. Furthermore, with increased capital, banks can invest in technology and innovation, crucial for driving digital financial services such as mobile money and agent banking.

These technologies are key to breaking down geographic and economic barriers, bringing financial services to even the most remote areas,” he added.

More views from other stakeholders


Analysts at Commercio Partners said Nigeria’s financial landscape has seen significant developments with the CBN introducing revised guidelines to enhance transparency and governance in the foreign exchange market.
These guidelines emphasize ethical practices, real-time reporting, and regulated interbank trading while mandating compliance from banks, dealers, and BDC operators.

Managing Director, Afrinvest West Africa Limited, Ike Chioke said naira recovery could be attributed to improved market confidence following the successful launch of the EFEMS designed to promote trading transparency.

“Also, the liquidity supply boost provided by Nigeria’s successful pricing of $2.2 billion in Eurobonds earlier last week significantly boosted the exchange rate position against the dollar. We anticipate the Naira to regain more ground against the dollar, driven by aforementioned factors,” he said.

Chioke, listed other key policies of the apex bank that supported naira rally as the clearance of the $7 billion FX backlog and resumed sales of Open Market Operation (OMO) bills to Foreign Portfolio Investors (FPIs) at market reflective rates.

Sustaining battles against inflation
CBN’s policies, including the exchange rate unification, have led to significant foreign capital inflows to the economy while reducing its intervention in the forex market.

The floatation of the naira and the clearing of over $7 billion FX backlog improved the country’s outlook with foreign investors as well as multilateral organizations, like the World Bank describing it as bold intervention to improve the economy’s sustainability in the long run.

Cardoso disclosed that upon assuming office, his leadership prioritized rebuilding Nigeria’s economic buffers and strengthening resilience.

Before he assumed office, inflation, which had surged to 27 per cent, was one of the most pressing challenges, partly driven by excessive money supply growth.

While the GDP growth had stagnated at a meagre 1.8 per cent over the previous eight years, money supply expanded rapidly, averaging about 13 per cent growth annually.

This imbalance not only fueled inflation but also contributed to a significant depreciation of the naira. He explained that inflation creates uncertainty for households and businesses, acting as a silent tax by eroding purchasing power and driving up living costs.

PRESS RELEASE

SUPREME COURT JUDGMENT ON RIVERS STATE FUNDS AND LOCAL GOVERNMENT ADMINISTRATION

We have taken note of reports in the media regarding the recent judgment of the Supreme Court concerning the funds of Rivers State and the administration of local governments in the state.

At this time, we are awaiting a detailed briefing on the implications of the judgment. We will carefully evaluate the situation and determine the next steps to take in the best interest of Rivers State and its people.

Though we have not gotten the details of the judgment from our legal team, we enjoin Rivers people to remain calm, law abiding and go about our legitimate businesses as we seek clarity on the judgment.

We believe that the determination of the main issue of defection of the 27 lawmakers is a matter not before the Supreme Court as it is pending at the Federal High Court in Port Harcourt. Since the issue of defection wasn't on the table before the learned Justices, in their eyes, Amaewhule and the 26 others are still operating as lawmakers until that matter of defection comes before them.

We assure you that we remain committed to upholding our mandate to protect the best interest and the rule of law in all matters affecting our dear State.

Signed

Warisenibo Joe Johnson
Hon. Commissioner for Information & Communications

February 28, 2025

President Trump told Ukrainian President Volodymyr Zelensky that he was “gambling with World War III” during a fiery Oval Office exchange Friday.

The high-stakes visit went off the rails shortly after Vice President JD Vance leaned into Zelensky for seeming to slight his American counterparts.

Vance said it was “disrespectful for Zelensky to come into the Oval Office, litigating in front of the American media,” according to a pool report.

Trump then raised his voice, telling Zelensky, “you’re not really in a good position right now.”

“You’re gambling with WWIII,” the American president said.

“Have you said thank you once?” the vice president chimed in.

“You went to Pennsylvania to campaign for the opposition.”

Trump then told Zelensky he was “running low on soldiers … then you’re telling us you don’t want a cease-fire.”

We had a very meaningful meeting in the White House today. Much was learned that could never be understood without conversation under such fire and pressure. It’s amazing what comes out through emotion, and I have determined that President Zelenskyy is not ready for Peace if America is involved, because he feels our involvement gives him a big advantage in negotiations. I don’t want advantage, I want PEACE. He disrespected the United States of America in its cherished Oval Office. He can come back when he is ready for Peace.

The Katsina State government has ordered the closure of all private schools in the state for the duration of Ramadan.

In a circular issued by the Katsina State Hisbah Board, the government warned that failure to comply would have consequences.

The circular, dated February 27, 2025, was signed by the Commandant General, Aminu Usman.

“In accordance with the Katsina State Government's directive, all private schools are required to close during the Ramadan period to allow pupils to fully observe the holy month,” the statement read.

“The directive also includes extra lessons. The Hisbah Board urges all school proprietors to strictly comply, as non-compliance will not be tolerated.”

“May Allah accept our fast and grant us His blessings,” the statement concluded.

SaharaReporters previously reported that Bauchi State had issued a similar directive, ordering all schools, including private ones to shut down for five weeks.

According to the directive, schools in Bauchi will remain closed from February 26, 2025, until the end of Ramadan and the Salah celebration, with classes resuming on April 5.

The official academic calendar obtained by SaharaReporters indicates that the second term of the 2024/2025 session began on January 5, 2025.

However, the Bauchi State government divided the term into two phases: the first from January 5 to February 28, followed by a five-week break from March 1 to April 5.

Classes are set to resume from April 6 to April 29. The directive has sparked outrage online following SaharaReporters’ report, though the government remains firm on its decision.