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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured the Senate that the country’s economy remains resilient despite persistent global uncertainties, expressing confidence that ongoing monetary and financial sector reforms will deliver sustained macroeconomic stability and reduce inflation to single digits over the medium term.

Speaking while presenting the Bank’s Mid-Year 2026 Economic Report before the Senate Committee on Banking, Insurance and Other Financial Institutions, Cardoso said Nigeria’s economy recorded steady growth in the first half of the year, supported by strong performance across key sectors, improved foreign exchange market conditions and a stable banking system.

According to him, although geopolitical tensions, particularly the conflict in the Middle East, generated temporary inflationary pressures through higher energy costs and supply chain disruptions, the underlying disinflationary trend has remained intact due to coordinated fiscal and monetary policies.

He said the Monetary Policy Committee (MPC) adopted a data-driven approach throughout the review period, easing monetary conditions in February to support economic growth before retaining the Monetary Policy Rate (MPR) at 26.5 per cent in May to consolidate gains against inflation.

Cardoso disclosed that headline inflation, which rose from 15.06 per cent in February to 15.93 per cent in May following global energy market disruptions, declined slightly to 15.91 per cent in June, signalling a return to its downward trajectory.

“This outcome demonstrates the effectiveness of our monetary policy stance in containing second-round inflationary pressures and anchoring inflation expectations. We remain fully committed to restoring price stability and achieving single-digit inflation over the medium term,” he said.

The CBN Governor told lawmakers that reforms introduced in the foreign exchange market had significantly improved transparency, liquidity and investor confidence.

He noted that the launch of the fourth edition of the Foreign Exchange Manual, implementation of the Nigeria Foreign Exchange Code and deployment of an electronic foreign exchange matching system had strengthened governance and improved price discovery in the market.

According to him, the naira appreciated by about 7.95 per cent during the first half of 2026, with the average exchange rate improving to about ₦1,370.40 per United States dollar from ₦1,490.21 recorded in the second half of 2025.

Cardoso also reported a significant increase in diaspora remittances through official channels, rising from approximately 200 million dollars to over 600 million dollars monthly following exchange rate reforms and the introduction of the non-resident Bank Verification Number (BVN).

He said the apex bank is targeting diaspora remittance inflows of one billion dollars per month by the end of 2026.

The Governor further disclosed that Nigeria’s external reserves increased to approximately 52.73 billion dollars as of July 9, 2026, reflecting stronger foreign exchange inflows and improved market fundamentals.

On the banking sector, Cardoso described the successful completion of the banking recapitalisation programme in March 2026 as one of the country’s most significant financial sector achievements.

He said the exercise mobilised ₦4.65 trillion in fresh capital, with over 72 per cent coming from domestic investors and about 27 per cent from foreign investors, resulting in 33 banks meeting the new minimum capital requirements.

He added that discussions were ongoing to resolve the status of a few non-compliant institutions in a manner that would safeguard financial stability and protect depositors.

Cardoso also highlighted the launch of the Payments System Vision 2028, describing it as a strategic roadmap aimed at building a secure, inclusive, innovative and globally competitive digital payments ecosystem.

He said Nigeria’s improved sovereign ratings by Fitch, Moody’s and Standard & Poor’s further reflected growing international confidence in the country’s macroeconomic management and reform agenda.

Looking ahead, the CBN Governor said the Bank would focus on strengthening post-recapitalisation supervision, deepening foreign exchange market reforms, advancing its transition to an inflation-targeting framework, implementing the Payments System Vision 2028 and preserving financial system stability.

He reiterated the Central Bank’s commitment to maintaining price stability, safeguarding the financial system, strengthening external sector resilience and supporting sustainable economic growth.

Cardoso expressed optimism that with continued collaboration between the National Assembly, fiscal authorities and other stakeholders, Nigeria would consolidate recent gains and build a stronger, more competitive economy.

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Operatives of the Delta State Police Command have arrested 22 suspects and rescued two minors during an intelligence-led raid on suspected illicit drug dens and criminal hideouts in Ozoro and Abraka communities.

The operation, carried out on July 21, was part of the command’s ongoing campaign against illicit drug trafficking and related crimes across the state.

The Police Public Relations Officer, SP Bright Edafe, disclosed this in a statement released on Thursday, saying the operation was led by the Deputy Commissioner of Police in charge of the Department of Operations.

Edafe said, “On 21st July 2026, at about 1500 hours, the Deputy Commissioner of Police, Department of Operations, led operatives of the Command on a coordinated raid of identified illicit drug dens and criminal hideouts at Ofagbe Community, Ozoro, Ekrejeta, and the NUT Area, Abraka, following credible intelligence.

“The operation led to the arrest of 22 suspects, comprising 19 males and three females, for offences relating to the sale, possession, and distribution of illicit drugs.

“During the operation, operatives also rescued two minors who were found in a suspected drug den allegedly operated by their father.

“The children have been taken into protective custody. They will be handed over to the Delta State Ministry of Women Affairs for appropriate care and safeguarding, while investigations into the activities of the suspects are ongoing.”

Reacting to the operation, the Commissioner of Police, CP Yemi Oyeniyi, described the discovery of minors in a suspected drug environment as “deeply disturbing.”

He reaffirmed the command’s commitment to dismantling drug trafficking networks and protecting vulnerable persons.

The commissioner also urged parents, guardians and community leaders to continue supporting the police with useful information, assuring residents that “the Command will sustain intelligence-led operations to rid Delta State of illicit drug activities and other forms of criminality.”

On July 10, the Yobe State Police Command arrested 14 suspected drug dealers during a coordinated raid on criminal hideouts and drug joints in Jakusko Local Government Area of the state.

The officers also recovered over 300 sachets and packages of suspected illicit drugs, including Tramadol, Vega tablets, Indian hemp and other prohibited.

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Abia State Police Command has began investigation to uncover the root cause of the death of five persons from a single family, who were discovered dead in their family house at Umuimo, Osisioma Ngwa local government area of the State on Wednesday, July 22, 2026.

Decomposing corpses of the five Umuimo residents were discovered by their neighbors and other community members, about three days after they had retired to bed.

It was gathered that the father of the House, late Mr. Kachi Nnabugwu, his wife, Mrs. Chinaza Nnabugwu and their three little children could not come out of their house since Sunday, a situation that made the neighbors to force their locked house open after repeated knocking, only for the five family members to be found dead.

Containers of left over food and a generator set were reportedly found in the building, after the house had been broken open.

The bodies of the victims were on Wednesday evacuated from the compound and taken to the mortuary, even as residents of the area demanded a government thorough investigation to determine the actual cause of their death.

Contacted on Wednesday, the Police Public Relations Officer, PPRO of Abia State Police Command, DSP Maureen Chinaka confirmed the incident, saying that investigation had commenced.

“Yes, the attention of the Osisioma Divisional Police Headquarters was drawn to the incident on 22/07/2026 by the brother of the deceased who reported that after being unable to reach Kachi Nnabugwu, they proceeded to his residence at Umuimo Village, Osisioma LGA.

“Upon arrival, repeated knocks yielded no response. They subsequently forced entry into the house, where they discovered the lifeless and decomposing bodies of their brother and his family.

“The crime scene has been visited. A preliminary visual inspection of the bodies was conducted, and photographs taken.

The corpses have been deposited at the morgue for preservation and autopsy,” DSP Chinaka said.