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How CBN Spent $8bn On Naira Defence Against Dollar At FX Market
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By Kayode Sanni-Arewa
The Chief Executive Officer of Financial Derivatives, Bismark Rewane, has revealed that the Nigerian government, through the Central Bank of Nigeria, has spent almost $8 billion defending the naira at the foreign exchange market in the last months.
Rewane, a renowned economist, disclosed this at the weekend in an interview with Channels Television.
He was reacting to the decision by the Monetary Policy Committee to retain the country’s interest rate at 27.50 percent at the same time, maintaining other MPR parameters.
Explaining the reason the Naira has appreciated to N1,505 and N1,507 across parallel and official foreign exchange markets, he noted that the apex bank has several initiatives to support the country’s currency.
“We’ve also borrowed $4 billion in bond issues. When you take a look at that, you’ll see there is a lot of work. We’ve actually spent almost $8 billion trying to support the naira at current levels,” Rewane stated.
According to him, Nigeria’s January inflation figure, which dropped to 24.48 percent after the Consumer Price Index rebasing, does not reflect the reality of ordinary Nigerians.
“There’s no way that inflation can reduce by 10% in a short period. The man on the street does not believe that inflation has come down as sharply as that,” he said.
The President of the Senate, Senator Godswill Akpabio, has felicitated the Muslim Ummah in Nigeria and across the world on the occasion of Eid el Maulud, the celebration of the birth of Prophet Muhammad (SAW).
In a congratulatory message through his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh, Senator Akpabio described the life and teachings of the Holy Prophet as a timeless example of compassion, tolerance, humility, and service to humanity.
“As we commemorate this sacred day, I urge our Muslim brothers and sisters to reflect on the virtues of the Prophet and to offer special prayers for peace, unity, and progress in our dear country, Nigeria,” the President of the Senate said.
He noted that Nigeria’s strength lies in its diversity, and called on all citizens to embrace love, forgiveness, and mutual respect regardless of faith or ethnicity.
“In these times, our nation needs the prayers of all religious leaders and faithful. Let us use this period to pray for our leaders, for security, economic prosperity, and for the unity that binds us together as one people under God,” he added.
Senator Akpabio reaffirmed the commitment of the 10th Senate under his leadership to promote legislation and policies that protect religious freedom, foster national cohesion, and improve the welfare of all Nigerians.
He felicitated President Bola Ahmed Tinubu, GCFR and Vice President Kashim Shettima, and wished the Muslim community a peaceful and joyous Eid el Maulud celebration.
Pastor Adamson Aromaegbe, the founder and General Overseer of Rock Word Church and Dominion International, has died.
Aromaegbe, who was based in Port Harcourt, Rivers State, reportedly died on Friday, August 21, 2026.
His death was confirmed by the leadership of the church in a statement released on Sunday.
The statement was signed by Rev. Nnamdy Echezona and shared through the ministry’s official Facebook page.
The church described the late pastor as a respected Christian leader who dedicated his life to preaching the gospel and building the ministry.
His work as a preacher, teacher, mentor and church leader reportedly influenced many people within and outside his ministry.
Following the announcement, the church called on members, friends and other supporters to pray for Aromaegbe’s family as they come to terms with his death.
Prayers were also requested for the church and members of the wider Dominion International family.
The church said arrangements for the late pastor’s funeral and other activities to mark his death would be announced later.
Aromaegbe’s death has left members of Rock Word Church and Dominion International mourning the loss of a leader who had spent years working in Christian ministry.
Security operatives comprising DSS officers, other agencies and local vigilantes have rescued a kidnap victim and neutralised two suspected kidnappers in Imo.
The Department of State Services (DSS) disclosed this in a statement issued to newsmen in Owerri on Sunday.
According to the statement, the operatives rescued 29-year-old Ibeabuchi Adibenma, who was abducted in Orlu Local Government Area.
Adibenma was kidnapped at about 7 p.m. on Tuesday, Aug. 18, around Afor-Ogidi Market in Isiala Amaifeke community.
The victim was reportedly returning from Umuna, Orlu market, when the armed assailants intercepted his vehicle near the market.
The attackers operated on two motorcycles and double-crossed the victim before forcing him to an undisclosed location.
Following the abduction, the kidnappers contacted Adibenma’s family and demanded N15 million ransom for his release.
However, on Aug. 20, security operatives launched a coordinated operation to rescue the victim from his abductors.
According to the DSS, the operation led to Adibenma’s rescue at Ihioma Community in Orlu.
“Two suspected members of the kidnapping syndicate were neutralised during the operation, while two high-calibre weapons and ammunition were recovered.”
The rescued victim was subsequently taken into protective custody before being reunited with his family.
The DSS commended the coordinated efforts of the participating security agencies and local vigilantes in securing the victim’s safe release.
The successful operation also highlights ongoing security efforts against kidnapping and other criminal activities in communities across Imo.
Eid El Maulud: Akpabio Felicitates Muslims, Seeks Prayers For Peace, Unity
SAD! Nigerian popular General Overseer is dead
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