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CBN not using foreign reserves to defend Naira — Cardoso
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.
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.
Why reserves shifted
“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.”
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.
“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.
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.”
By Kayode Sanni-Arewa
The Nigerian Air Force (NAF) has began airlifting the sensitive election materials for the Independent National Electoral Commission (INEC) to Benin, Edo State, ahead of the upcoming governorship election scheduled for September 21, 2024.
This was disclosed on Wednesday by the Deputy Director, Public Relations and Information, Group Captain Kabiru Ali.
The operation is part of the NAF’s efforts to ensure the timely and secure delivery of materials necessary for a smooth electoral process.
This development reinforces the collaboration between NAF and INEC to facilitate logistics and ensure a peaceful election in Edo State.
The Chief of the Air Staff, Air Marshal Hasan Bala Abubakar, had previously reiterated NAF’s commitment to providing airlift support for the swift movement of electoral materials during a meeting with INEC Chairman, Professor Mahmood Yakubu.
This airlift operation is a crucial aspect of NAF’s constitutional responsibility to provide Military Aid to Civil Authority, underscoring the force’s dedication to supporting democratic processes in Nigeria. With the election just days away, the NAF’s timely intervention will help ensure the successful conduct of the governorship elections in Edo State.
Governor Godwin Obaseki of Edo State had earlier accused the Inspector General of Police, Kayode Egbetokun, of working with the All Progressives Congress (APC) to hunt the Peoples Democratic Party (PDP) members and supporters in the state and force them into hiding ahead of September 21 governorship election.
Obaseki, who made the allegation when a delegation led by the former Head of State, Abdusalam Abubakar, met with him to get the governor and his party to sign peace accord, said that the IGP had made nonsense of his (Obaseki’s) role as the chief security officer of the state.
The governor had said that the police chief obtained a warrant to arrest 60 members and supporters of PDP in Edo and that the IGP sent an armed “gang” of policemen who invaded the state, attacked PDP members, shot at a local government chairman and arrested 10 persons who are currently being detained in Abuja without charges.
Asked by the former head of state if his party would sign the peace accord, Obaseki said, “The person who is supposed to enforce the peace accord is now an active participant in creating a destructive environment.
“We are now in a situation where from the Inspector General’s office, there are armed gang policemen who came into Edo State, invaded, arrested and took away PDP members.
By Kayode Sanni-Arewa
The Governor of Osun State, Ademola Adeleke, has given reasons why he loves dancing.
The ‘Dancing Governor’, as he is fondly called, revealed this on Wednesday while responding to a tweet on X.
An X user, @Iwogoke, while praising the governor, stated that Adeleke has been busy fulfilling his electoral promises to the people of Osun State, while his political opponents believe he is only good at dancing.
Iwogoke tweeted, “I’m not flattering you, Your Excellency, your opponents think you can only dance but while they are busy shouting and calling you ‘Dancing Governor’, you are busy fulfilling your electoral promises to the people.”
Responding to the tweet via his verified X account, Adeleke explained that he loves dancing because it brings him joy.
Speaking further on his love for dancing, Adeleke highlighted that while dancing brings him immense happiness, his greater fulfilment comes from delivering the dividends of democracy to the people of Osun.
Outlining his administration’s efforts to enhance the state’s infrastructure, he noted that primary health centre rehabilitation is underway in at least 200 out of the 332 wards across Osun State, adding that road construction projects are also progressing in every local government area.
He wrote, “Dancing gives me joy, but delivering on my electoral promises and providing the dividends of democracy to the good people of Osun gives me even greater joy. Rehabilitation of primary health centers is ongoing in at least 200 out of 332 wards, and road construction is progressing in every Local Government!”
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“Dancing gives me abundant joy and peace of mind”-Gov Adeleke
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