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CBN Says Recapitalization Policy Strengthened Financial Position Of Banks

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…as macroeconomic performance projection indicate 3.2%, 3.3% growth rate for 2024, 2025 respectively
By Gloria Ikibah
The Governor of Central Bank of Nigeria (CBN), Yemi Cardoso, has highlighted plans of the Apex bank to address the spiralling inflation in the country.
Cardoso also said the Bank’s recapitalization policy has prompted banks to strengthen their financial positions, a process which he said was expected to result in a more robust and resilient banking sector by March 2026.
The CBN Governor who stated this while addressing the House of Representatives Committee on Banking, on the on policy measures and strategies to address domestic macroeconomic challenges.
The exercise, according to him, is expected to support the realisation of $1 trillion economy by the year 2030.
On the macroeconomic performance in 2024, he said projections indicates a growth rate of 3.2% and 3.3% for 2024 and 2025 respectively, and that Nigeria is projected to maintain a more robust 4.3% growth rate.
Cardoso said the non-oil sector maintained strong performance, contributing 94.30% to GDP with a steady 2.80% growth rate.
He added that the oil sector’s growth rate has almost doubled to 10.15% in Q2, 2024 from 5.70% in Q1, 2024, due mainly to improved security surveillance which resulted in increased production of crude oil and natural gas.
He said the Services sector continues to be the primary economic driver, contributing 58.76% to GDP with a robust growth rate of 3.79%.
Similarly, he said the Industrial sector has shown remarkable improvement, with its growth rate surging to 3.53% from 0.31%.
He pointed out that the contribution of agriculture to total GDP also increased, in addition, the growth rate of the sector rose to 1.41%, from a negative territory of -0.90%, indicating a substantial turnaround in productivity.
He also said the foreign exchange reserves have grown significantly, with remittance flows currently representing 9.4 per cent of total external reserves.
The CBN Governor further stated that the reserves grew by 12.74% to US$39.12 billion as of October 11, 2024, from US$34.70 billion at end-June 2024, driven largely by foreign capital inflows, receipts from crude oil related taxes and third-party.
“In Q2 2024, we maintained a current account surplus and saw remarkable improvements in our trade balance”, he said.
Cardoso further explained that the current external reserve position is able to finance over 12 months of import of goods and services, or 15 months of goods only.
“This is substantially higher than the prescribed international benchmark of 3.0 months, reflecting a robust buffer against external shocks.
“Inflation trended upward, driven largely by high food prices, cost of energy and legacy infrastructural challenges, but it commenced deceleration from 34.19% in June 2024 and to 33.40% in July 2024.
“The moderation in inflation became more pronounced in August 2024, as headline inflation further eased to 32.15%, largely attributed to monetary policy measures taken by the Bank”, he added.
” With aggressive monetary policy tightening coupled with robust monetary- fiscal policy coordination, inflation is expected to further trend downward in the near-to-medium term, Cardoso said.
“To combat inflation, he said they had fully reverted to orthodox monetary policy approach and implemented a comprehensive set of monetary policy measures.
“These include raising the policy rate by 850 basis points to 27.25%, increasing Cash Reserve Ratios and normalising Open Market Operations as our primary liquidity management tool.
“In addition, we have adopted an Inflation-Targeting (IT) monetary policy framework as part of the Bank’s Enterprise Strategy (2024 2028).
“The IT framework, widely adopted across various global economies, is renowned for its effectiveness in combating persistent inflation.
“These integrated measures are aimed at stabilizing prices, optimizing liquidity management, and engendering an effective monetary policy framework.
“Regarding the foreign exchange market, the the Bank implemented various reforms including a unification strategy, which streamlined various exchange rate windows into a single model, adopting the ‘Willing Buyer, Willing Seller’ approach to enhance FX liquidity and financial market stability.
“This move was aimed at fostering transparency, reducing market distortions, and enhancing the efficiency of foreign exchange allocations.
“This consolidation involved the implementation of new operational guidelines, which included removing the International Money Transfer Operators (IMTOS) quote cap.
“Additionally, the Bank resumed the sales of FX at the Nigerian Autonomous Foreign Exchange Market (NAFEM) and Bureau De Change (BDC) segments, bolstered by an improved supply from Foreign Portfolio Investors (FPIs)”, he added.
On banking supervision, Cardoso emphasised that the CBN has taken decisive actions to ensure the safety, soundness, and resilience of the banking industry.
“One of the key measures include the recapitalization of the banking sector by raising the minimum capital base to support the $1 trillion economy envisioned by the Federal Government of Nigeria (FGN) by 2030.
“Banks are required to meet these new thresholds by March 31, 2026, with several options available for reaching these targets.
“These options include issuing of new equities, engaging in mergers and acquisitions, or adjusting their operational licenses. The Bank also revoked the licence of Heritage Bank, facilitated the successful merger of Unity Bank and Providus Bank, revised Cybersecurity Rules for Banks and PSPs, suspension of processing fees on cash deposits, and enhanced Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) supervision, amongst others”, he stated.
On Monetary and fiscal policy coordination, he said they had strengthened collaboration during the period under review.
“In this regard, several joint committees have been instituted to build synergy and to provide platforms for key stakeholders’ engagements to explore ways through which monetary policy implementation and fiscal operations can be conducted in a mutually reinforcing manner.
“Overall, our policy measures reflect a holistic approach to addressing various challenges in the economy. While some measures have immediate effects, others are designed to bring about long-term structural changes. Our ultimate goal is to create a more stable, resilient, and efficient monetary and financial system that can better serve the Nigerian economy, while adhering to global best practices”, he noted.
Cardoso said the Bank’s numerous policy initiatives have begun to yield significant results across various sectors of the economy.
He said: “In the foreign exchange market, we have achieved increased transparency and improved overall supply. By allowing the foreign exchange rate to be determined by market demand and supply, the CBN has reduced arbitrage and speculative activities, and eliminated the front-loading of FX demand.
“These policy measures have effectively narrowed the exchange rate disparities between the NAFEM and BDC segments, which have largely led to the convergence of FX rates. Improved transparency in the market has restored market confidence leading to increased capital inflows which enabled the CBN to clear existing FX backlogs.
“The settlement of all legitimate backlogs of outstanding FX obligations by the Bank has significantly improved Nigeria’s credibility and ratings across the global financial market, helping to boost investor confidence, and enhanced liquidity in the foreign exchange market.
“With improved investor confidence, foreign investments have increased as evidenced by a significant rise in capital importation by 65.56% to $6.49 billion between January and July 2024, compared to US$3.92 billion in the corresponding period of 2023.
“Collectively, these actions have contributed significantly to the stability of the financial system. While inflation remains a major concern, we are not relenting in ensuring that requisite measures are taken.
“Headline inflation slightly increased from 32.15% in August to 32.70% in September 2024. The MPC further tightened the policy rate in its September meeting in anticipation of an uptick in inflation due to the upward adjustment of the petroleum pump price.
“On a positive note, there was a moderation in core inflation from 27.58% to 27.43% over the same period. We therefore expect the year to end with significant moderation in inflation, as our policy measures permeate the real economy,” he said.
On the outlook for the economy, Cardoso said he was confident as the country expects continued positive growth, especially in the non-oil, oil and industrial sectors.
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NDLEA uncovers illicit drugs concealed in water purifier machines from Europe(Photos)

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. Intercepts cache of military-grade ammunition in Kaduna, arrests couple for drug trafficking

Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered consignments of high potency illicit drugs concealed in water purifier machines shipped to Lagos from Netherlands.
The illicit drug consignments, mainly: ketamine weighing 3kilograms and 199 grams of MDMA (Ecstasy) pills which were carefully hidden in the water purifier machines, were discovered and seized at a courier company in Lagos on Tuesday 26th May 2026.

In Kaduna, NDLEA operatives arrested a couple: Musa Sunday and Mercy Sunday, along with another suspect, Salomi Ezekiel, 38, following the seizure of 100 jumbo bags of skunk with a gross weight of 1,246 kilograms from their home at Gonin Gora area of Kaduna on Sunday 24th May. In another interdiction operation in the state, NDLEA officers on patrol along Abuja-Kaduna highway by Jere, same day, intercepted a 30-year-old suspect, Sunusi Musa, with 380 military-grade ammunition, RLA 7.62mm, going to Katsina state. The suspect and the exhibit have since been handed over to the appropriate security agency for further action.
Meanwhile, NDLEA operatives in Niger State acting on credible intelligence raided a warehouse at Gidan Kukah, Bosso LGA where 457 kilograms of skunk were recovered on Wednesday 27th May and a suspect, Godwin Zakka, 46, arrested at his Gbeganu, Minna residence in connection with the seizure.

In Enugu, operatives on patrol along Onitsha/Enugu expressway on Thursday 28th May intercepted a Taraba state-bound commercial vehicle marked JAY-158-YF. A search of the bus led to the recovery of 22,000 pills of tramadol, 100 ampoules of pentazocine and 200 grams of bromazepam while a suspect James Maigari Wisdom was arrested.

With the same zeal, Commands and formations of the Agency across the country continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, work places and communities among others in the past week. These include: WADA enlightenment lecture for students and staff of Government Secondary School, Adiabo, Cross River; St Patrick’s Memorial College, Wukari, Taraba; Roman Catholic Mission Nursery and Primary School, Ibeju Lekki, Lagos; and Kings Secondary School, Amawbia, Anambra state, among others.
While commending the officers, men and women of Kaduna, Niger, and Enugu Commands as well as those of DOGI for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) appreciated their drug supply reduction efforts balanced with WADA sensitization activities while he charged them and their compatriots across the country not to rest on their laurels.

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LP Approves Dr Chibuzo Okereke As 2027 Presidential Candidate

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By Kayode Sanni-Arewa

The Labour Party(LP) has formally presented Dr. Chibuzo Okereke as its presidential candidate for the 2027 general election, following what the party described as a broad-based consensus among its members and stakeholders.

The announcement was made in Abuja on Friday, May 30, 2026, with party leaders expressing confidence in Okereke’s capacity to provide the visionary leadership needed to address Nigeria’s governance and development challenges.

National Publicity Secretary of the party, Ken Eluma Asogwa in a statement indicated that Dr. Okereke is a renowned governance expert, policy strategist, and reform advocate whose contributions to public policy, legislative governance, and institutional development have earned him national recognition.

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He currently serves as President of ERGAF-AFRICA Legislative Governance Innovation and Policy Hub, a leading policy and legislative research institution. He is also a legislative consultant to key committees and ranking members of the National Assembly, where he provides expert guidance on governance and public policy matters.

In addition, Dr. Okereke is a Resident Lecturer in the Department of Public Policy and Administration at Miva Open University, Abuja, where he is involved in training future public sector leaders and policy professionals.

A distinguished scholar, Okereke holds a PhD in Legislative Governance Studies, as well as Master’s degrees in Public Administration and Legislative Studies, both obtained with distinction

His expertise in governance, accountability, and national development has made him a respected voice on major national and international media platforms.
Beyond academia and policy advocacy, the Labour Party noted that Dr. Okereke has demonstrated a strong commitment to youth empowerment, educational advancement, and democratic reforms.

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The party described him as a leader whose intellectual capacity, integrity, and dedication to public service align with its vision for a more accountable, competent, and prosperous Nigeria.

The party expressed optimism that his candidacy would inspire Nigerians seeking transformational leadership ahead of the 2027 presidential election.

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Nigerian Catholic priest convicted of sexual assault in US

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A Texas jury has convicted former Roman Catholic priest Anthony Odiong of sexually assaulting women to whom he provided spiritual direction, concluding a closely watched case involving allegations that he abused his position as a clergyman to pursue sexual relationships with vulnerable parishioners.

The jury, comprising eight women and four men, found Odiong, 57, guilty of one count of first-degree sexual assault and two counts of second-degree sexual assault involving two women who testified during the trial in Waco.

Odiong, who pleaded not guilty, now faces a possible life sentence on the first-degree charge. Sentencing proceedings are scheduled to begin Monday before the same jury. The second-degree convictions each carry potential prison terms ranging from two to 20 years, The Guardian reports.

Jurors deliberated for about two hours before returning their verdict.

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The case initially included allegations involving a third woman, but prosecutors Ryan Calvert and Liz Buice dropped that portion of the case after the complainant, described as being in an “extremely emotionally fragile” state, did not appear in court to testify. Prosecutors said they chose not to compel her appearance, citing her “extremely tenuous” emotional condition.

According to courtroom accounts, Odiong showed little visible reaction as Judge Thomas West read the verdict. He reportedly looked straight ahead during the proceedings before lowering his head as deputies escorted him from the courtroom.

The prosecution stemmed from allegations first brought to public attention in February 2024 by a group of women who accused Odiong of sexual coercion, unwanted touching and abusive financial control while serving as a Catholic priest in Texas and later in Louisiana.

One of the complainants, identified by the pseudonym Mary Doe, later presented a copy of a media report detailing the allegations to Waco police and accused Odiong of assaulting her over three years beginning in 2008.

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Investigators subsequently identified a second complainant, known as Jane Doe, who also alleged abuse during the same period while Odiong served in the Waco area. Authorities said additional reports from other women helped establish probable cause for his arrest and prosecution despite the age of the allegations.

During the trial, Mary Doe testified that Odiong initiated a long-term sexual relationship with her while acting as her spiritual adviser as she navigated a difficult divorce and cared for seven children. She and one of her sons told jurors that the child once discovered them having sexual intercourse in her bedroom following a family gathering.

Jane Doe testified that she sought spiritual guidance from Odiong while trapped in an abusive marriage. She alleged that he pressured her to permit sexual acts with her husband that she found painful and then required her to discuss the encounters with him. Prosecutors argued that such conduct constituted sexual assault under Texas law even though Odiong was not directly involved in the sexual activity.

Both women said they met Odiong while he served at St Peter Catholic Center in Waco, a church frequented by students and employees of Baylor University. Their former husbands were Baylor employees, placing them within Odiong’s pastoral reach.

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Jurors also heard evidence that DNA testing established Odiong had fathered a child in 2023 with a woman identified as Presley Jones, whom he had counselled spiritually while serving as pastor of St Anthony of Padua Church in Luling, Louisiana.

Although Odiong was not charged in connection with Jones because Louisiana lacks a law similar to Texas’ clergy sexual assault statute, prosecutors argued that the child demonstrated a pattern of sexual relationships with women he met through his ministerial work.

Expert witnesses told the court that clergy members bear responsibility for maintaining professional and spiritual boundaries with those under their care. Jurors also heard testimony regarding the Catholic Church’s requirement that priests remain celibate.

The defence called only one witness, a former parishioner, who testified about Odiong’s character and recalled attending a 2011 gathering at Mary Doe’s home. Under cross-examination, however, the witness acknowledged that Odiong’s conduct fell short of expectations for a religious leader.

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Odiong, a naturalised United States citizen, was ordained a Catholic priest in 1993 in his native Nigeria. He was transferred to the Austin Diocese region, which includes Waco, in 2006 under then-Bishop Gregory Aymond.

After studying in Rome, Odiong moved to Luling in 2015, by which time Aymond had become Archbishop of New Orleans.

Church officials in Austin later said they suspended Odiong from ministry in 2019 over allegations involving multiple women. The suspension was not publicly announced at the time, though officials said New Orleans church leaders were informed. Archbishop Aymond did not publicly disclose a similar suspension in New Orleans until late 2023.

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