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CBN not using foreign reserves to defend Naira — Cardoso

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The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves.

He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.

Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.

He also said that Ways and Means (federal government borrowings from CBN) is no longer an issue, particularly after the fiscal authorities securitised the outstanding.

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His words, “Defending the Naira, from every indication is an elephant in some rooms. I will make this as clear as possible. It is not our intention to defend the Naira.

Much as I have read in the recent few days some opinions about what has happened in terms of our reserves being drawn down, the CBN Defending the Naira, if you take your mind to our philosophy and policy, you will see it will be counter intuitive. We want the Naira to perform independently as long as we have a vibrant forex market.

“Initially we needed to keep the BDCs going. So it is important for people to get forex for school fees, travels and the like.

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“The shift you see in our reserve is not to defend the Naira but for things like settling obligations that fell due. Mind you, that is the reason for keeping foreign reserves, in the first place.”

Cardoso also said that his team is cooperating with the fiscal authorities and that, “Ways and Means is no longer an issue.

He said, “Let me be upfront in saying that the monetary policy is only one side. It is very clear to us that we need to have a very good handshake with the fiscal authorities.

“For instance, food inflation is not within the purview of the CBN. Ways and Means is now less an issue.”

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The CBN boss said he decided to go the orthodox central banking route in order to build confidence in the Nigerian currency.

He also said that he had no choice than to raise monetary policy rate, recording 600 basis points hike within a short period of time.

He promised to communicate more with Nigerians and other stakeholders in order to moderate their expectations.

“We want Nigerians to be realistic in their expectations. We have used the MPC to explain why we took the measures that we have taken.

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“We will strengthen the communication framework using different platforms to communicate.”

The governor expressed satisfaction that he took hard decisions but added that they are yielding desired outcomes.

He said within two months of his administration , the Naira was adjudged the worst performing currency, but within six months it moved to the best performing currency, globally.

“Ultimately the objective is to ensure that we moderate inflation’’, he stated.

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Key take-away lessons for him, he said, was that he could not over-emphasise the importance of trust, stating, “Irrespective of boldness to do certain things if the trust is not the there, you will sub-optimise.

“It is a bit of a surprise that one had expected a greater understanding of a lot of the issues, expectations of the people on the CBN is often misplaced.”

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IBB’s Book: “I thank God the Igbo coup wrong impression has been buried -Senator Kalu(Video)

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…says his second edition should reflect more realities by mentioning names

By Emmanuel Agaji

The Senator representing Abia North Senatorial District, Senator Orji Uzor Kalu has said he is grateful to God that former President Ibrahim Babangida’s book has corrected the wrong impression of an Igbo coup in 1966.

Naijablitznews reports Senator Kalu made this assertion while addressing the press before entering the Senate Chamber on Tuesday morning.

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He explained that:” I am happy that the wrong impression created that the 1966 coup an Igbo coup has been corrected that it was a Nigerian coup gladdens my heart.

“Though we the Igbos were made to bear the brunt but thank God the impression has been erased finally.

The former Senate Chief Whip however appealed to his master (IBB) to quickly come out with a second edition as this first edition did not capture some realities.

“In the second edition he should vividly mention names like Professor Humphrey Nwosu and other people who played prominent roles on June 12 issue.

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“You know IBB is my master, I will soon go and visit him and formally inform him.

Watch video below:

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2031: Ribadu replies El-Rufai, says he’s focused on helping Tinubu’s govt succeed

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By Kayode Sanni-Arewa

Mr Nuhu Ribadu has countered former governor of Kaduna state, Mr Nasr El-Rufai over his unsavoury comments declaring that he would help his principal, Bola Tinubu succeed.

He said in a statement that he has not discussed contesting in 2031 with anyone.

PREMIUM TIMES reported that Mr El-Rufai on Monday accused Mr Ribadu of being behind his ordeal with anti-graft agencies. He alleged that Mr Ribadu was doing so because he is interested in succeeding President Bola Tinubu in 2031.

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In his response, Mr Ribadu said in a statement that he has not discussed contesting in 2031 with anyone.

“For the avoidance of doubt, I want to put it on record that I have never discussed running for president in 2031 with anybody. All my focus and energy are geared completely towards the advancement of Nigeria and the success of the President Tinubu administration,” he said.

Messrs Ribadu and El-Rufai were friends and allies during the Obasanjo administration and that of the late Umar Yar’Adua. However, both men have become political adversaries although they are both members of the ruling party, APC.

In his statement, Mr Ribadu alluded to their history.

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“If my silence wouldn’t risk being construed as consent, I would have ignored him. I am too preoccupied with my current assignment as to get into a media fight with Nasir El-Rufai or anyone else.

“Despite the incessant baiting and attacks I have never spoken ill of Nasir on record anywhere. This is out of respect for our past association and our respective families. I will not start today.”

Read the full statement below

I WON’T JOIN ISSUES WITH NASIR EL-RUFAI

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My attention has been drawn to the interview granted by Mallam Nasir El-Rufai, the immediate past governor of Kaduna State Monday evening.

If my silence wouldn’t risk being construed as consent, I would have ignored him. I am too preoccupied with my current assignment as to get into a media fight with Nasir El-Rufai or anyone else.

Despite the incessant baiting and attacks I have never spoken ill of Nasir on record anywhere. This is out of respect for our past association and our respective families. I will not start today.

I however urge the public to disregard El-rufai’s statements against me.

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For the avoidance of doubt, I want to put it on record that I have never discussed running for president in 2031 with anybody. All my focus and energy are geared completely towards the advancement of Nigeria and the success of the President Tinubu administration.

I therefore ask Nasir El-Rufai to allow me face my onerous national assignment just as I do not bother myself with his own affairs.

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Angry Sowore slams security operatives at Abuja court gate who tried to block him

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By Kayode Sanni-Arewa

Angry Omoyele Sowore, The Publisher of Sahara Reporters and former presidential candidate of the African Action Congress (AAC), Omoyele Sowore, on Monday clashed with security operatives who wanted to stop him from entering the Federal High Court in Abuja.

The security cordon of the court gate by operatives drawn from Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), was emplaced because of the trial of the former Kogi State governor Yahaya Bello.

Bello is charged with money laundering and misappropriation of public funds.

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In a video posted on his X account on Monday, Sowore, singlehanded, dared the security operatives, questioning their authority to prevent his entry.

“Why are you shouting at me? Do I look like Yahaya Bello?” he asked.

“I have business in court. I don’t need to be cleared by either the police or EFCC because none of you is an officer of the court.

“This is a Federal High Court; bring court officials, and I will talk to them. EFCC brought me to court, and they are still harassing us.”

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“You have no right to stand in front of the high court. You are not my lawyer and have no right to know my case,” he stated in response to a request by one of the security operatives to know the particulars of his case.

Overwhelmed by Sowore’s readiness to make big trouble and possibly expose the errors by the security operatives, one of the senior officers eventually directed that Sowore be allowed to enter.

Condemning the incident, Sowore wrote, “The justice system in Nigeria has been hijacked by uniformed, uncouth security agents ranging from @OfficialDSSNG, @PoliceNG, and @CivilDefenceNGR. Today, they mounted illegally in front of the court, harassing everybody because of a thief, Yahaya Bello @officialgybkogi. The same Yahaya Bello they couldn’t apprehend for months; even lawyers were harassed, and the @NigBarAssoc should stop this nonsense.”

In January 2025, Sowore was arrested and charged with 17 counts under the Cybercrime Act for referring to Inspector-General of Police (IGP) Kayode Egbetokun as an “illegal IGP” on his social media platforms.

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In the charges, it was alleged that Sowore’s statements were intended to cause a breakdown of law and order.

Sowore’s arrest sparked criticisms from various human rights organizations, which viewed the charges as an attempt to suppress voice of dissent and freedom of expression.

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