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Cardoso: Multiple interest rate hikes have helped to restore confidence in naira

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Central Bank of Nigeria

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the multiple interest rate hikes have restored confidence in the naira.

According to Cardoso, the consecutive interest rate hikes have encouraged people to see the currency differently.

The CBN governor spoke at a press conference on Tuesday after the monetary policy committee’s (MPC) 297th meeting in Abuja.

Since the resumption of the MPC meeting this year, the committee has increased the monetary policy rate (MPR), which benchmarks the interest rates, from 22.75 percent in February to 27.25 percent in September.

Cardoso said the monetary tightening has also helped to moderate inflation.

“There was a situation where exchange rate was really running at an incredible pace and people were beginning to lose confidence in the currency,” he said.

“We believe that these multiple hikes have helped for people to now begin to take a different look at their currency, and there is a greater incentive to hold naira as opposed to a situation that we had before where this was not the case.”

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However, on June 12, the World Bank warned that the multiple interest rate hikes may not rein inflation and the failure of the monetary tightening poses a risk to economic growth.

Also, the Centre for the Promotion of Private Enterprise (CPPE) on Tuesday said the latest hike in interest rate by the CBN is detrimental to investment and economic growth.

Speaking further, Cardoso said the CBN has worked to make the foreign exchange market more flexible and transparent by clearing the backlog of $7 billion and improving transparency in its operations.

He said it has rebuilt confidence in Nigeria’s financial system.

On February 5, Cardoso said he inherited a $7 billion foreign exchange (FX) backlog when he became the head of the apex bank in September 2023, however, it has dropped to $2.2 billion.

A month later, the CBN announced that it had successfully settled all valid outstanding FX obligations.

‘MONEY SUPPLY INCREASED BY N35TRN WITHIN 8 YEARS’

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Cardoso said money supply increased by N35 trillion within eight years due to ways and means advances.

The CBN governor said between 2015 and 2023, the country’s money supply rose from N19 trillion to N54 trillion.

He said the increase was driven majorly by the printing of money through the ways and means mechanism, which led to an alarming rate of liquidity into the economy.

“We came into a very loose money supply situation. Between 2015 and 2023, the past eight years witnessed an incredible amount of pumping of liquidity into the system,” Cardoso said.

“In 2015, money supply was about N19 trillion and in 2023, it was N54 trillion. That is a huge increase, a very, very huge increase, and a substantial amount of that was through ways and means.

“Essentially printing of money resulted in a huge amount of money chasing because this is the implication. Chasing the same amount of goods, a relatively small amount of goods growing at 1.2 percent during that time and money supply was growing at 12.6 percent. You can see the inherent distortion there.”

The CBN governor said the situation worsened in 2015, when global oil prices collapsed, aggravating Nigeria’s economic challenges, given its heavy dependence on oil.

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He said as a result of the collapse in oil prices, there was a decline in available FX, prompting authorities to fix exchange rates, which subsequently led to multiple exchange rates and opportunities for arbitrage.

“In other words, you had a situation where the response to excess money supply, little foreign exchange available was to fix exchange rates which now resulted in multiple exchange rates and arbitrage opportunities between one and the other and of course, this in itself, resulted in a backlog of foreign exchange, because this is where all these things have come from,” he said.

“Real sector at the time were obviously unable to access foreign exchange and things really got difficult and inflation continued to spike.”

Cardoso said upon assuming office, the CBN initiated a series of reforms to address the distortions.

One key reform, according to the CBN governor, was the attempt to harmonise the multiple exchange rates.

He said it has yielded positive results.

“Including the fact that you no longer have these multiple windows and including the fact that exchange rate is a lot more flexible and people are more able to transact their businesses through willing buyer, willing seller, as opposed to a situation where multiple exchange rates discourages or does not enable that to happen,” he added.

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On January 29, CBN said it had started implementing a comprehensive strategy to improve liquidity in the Nigerian FX markets in the short, medium, and long term.

The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.

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Fresh Prophecy Emerges For Tinubu Ahead 2027; Nnamdi Kanu’s Protest – This Is A Warning’

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'I'm optimistic' - Tinubu sends 2025 New Year message to enduring Nigerians [FULL TEXT]

A striking new prophecy has emerged, directly linked to credible reports of a conspiracy involving certain military personnel plotting to overthrow President Bola Tinubu’s administration.

Residents are aware of the gravity of the situation, and the atmosphere is charged with caution and resolve as discussions about the future of the government intensify.

Although the Defence Headquarters has dismissed the reports, saying there was no coup-related detention or plan within the military. But according to Prophet Julius Okonkwo, a well-known cleric and the presiding pastor of Kingdom Seeker Ministries based in the United States, he issued a scary message to President Bola Ahmed Tinubu in what he described as a fresh warning.

Prophet Okonkwo said: “What saved Tinubu over coup rumour was his past Goodwill. This man is a special human being. God put him there; nobody can unseat him. I want the opposition to know this and everyone behind this coup, if it is true, Tinubu is coming back by 2027, mark it down. A coup cannot work in this country. God is angry with those who are behind it.

The prophet also issued a message for retired generals in the country to desist from any evil behaviour over Tinubu’s government. He said: ‘God will put some people to shame, some retired Generals need to seek forgiveness as soon as possible. Nigeria is on the path of peace and sanity; whoever wants to put this country in flames will sleep and never wake up.”

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REVEALED: Former Governor Under Watch Over Alleged Coup Plot Against Tinubu As Investigations Deepen; Details Emerge

The Director, Defence Media Operations, Brigadier General Tukur Gusau, told Sunday PUNCH that the Armed Forces were unaware of any coup plot.

He also claimed that no new update had been issued since the earlier statement on the arrest of some officers.

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The US-based cleric also issued a stern warning to the organisers of the Free Nnamdi Kanu protest, claiming that it is not the right approach to seek freedom for the IPOB leader.

“I am appealing to President Tinubu to consider the release of Nnamdi Kanu, for God’s sake. Those planning to stage a protest won’t succeed in their mission but rather cause a serious problem for the man in detention. This is a warning.”

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Full List of Military Coups in Nigeria and Names of Persons Who Were Behind Them

 

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VIDEO: Popular Prophet Mentions 3 Tinubu’s Ministers Working With Coalition Ahead 2027 Polls

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Primate Ayodele: A priest or political analyst? His 7 prophecies that failed

Primate Elijah Ayodele, the leader of the INRI Evangelical Spiritual Church, has issued a compelling prophetic warning regarding three current ministers in President Bola Tinubu’s administration.

He confidently asserts that these ministers are poised to collaborate with the ADC coalition, a move he believes will substantially undermine the president’s political future.

In a recent prophetic broadcast on Facebook, Primate Ayodele stated that this betrayal within Tinubu’s cabinet would take many by surprise.

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2027 Election: Goodluck Jonathan Told What To Do Ahead Of Poll As Plots To Unseat Tinubu Deepens

According to him, the ministers are actively aligning themselves with an emerging opposition coalition, and their eventual actions will shake the foundation of the ruling All Progressives Congress (APC).

“Three of Tinubu’s ministers will be playing along with the coalition, and that will hit Tinubu,” Ayodele declared. He warned that the alignment was not mere speculation but a spiritual certainty, urging the presidency to tighten its internal political controls and assess the loyalty of those in top government positions.

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Ayodele criticized the rising insecurity and political manipulation within the country, urging Nigerians to pray and political leaders to refocus on good governance, not selfish ambitions. He stressed that internal betrayal from trusted allies is often more dangerous than external attacks.

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2027 Election: Goodluck Jonathan Told What To Do Ahead Of Poll As Plots To Unseat Tinubu Deepens

 

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Alleged Money Laundering: How I Paid $3 Million Into Aisha Achimugu’s Company’s Account – Witness

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Alleged Money Laundering: How I Paid $3 Million Into Aisha Achimugu’s Company’s Account - Witness

Trinity Usman, an Economic and Financial Crimes Commission’s (EFCC) witness, on Friday, told the Federal High Court, Abuja Division, that he received and transferred three million dollars into Aisha Achimugu’s company account.

Mr Usman, the 2nd prosecution witness (PW-2), told Justice Emeka Nwite while being led in evidence by the EFCC’s lawyer, Ekele Iheanacho, SAN.

The PW-2, a Bureau De Change (BDC) operator, spoke in the ongoing trial of Halima Buba, managing director of SunTrust Bank, and her co-defendant, Innocent Mbagwu, the executive director/chief compliance officer of the bank.

The duo are being prosecuted on money laundering offences to the tune of $12 million.

In a six-count charge, they were alleged to have aided high-value cash transactions without routing them through a financial institution.

The offence is said to be contrary to Section 21(a), 2(1), and 9(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.

The defendants were, on June 13, arraigned by the anti-graft agency.

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They, however, pleaded not guilty to the counts, and admitted to a N100 million bail with one surety, each in like sum.

At the resumed trial, the witness said he was in court to tell what he knew about the transactions he did with Oceangate Engineering Oil & Gas Ltd, owned by Mrs Achimugu.

Mr Usman, who said he was a businessman and general contractor, said he was also into agro allied and oil business.

He said he carried out the businesses with companies or registered names.

He said his companies include Triple A and Tee Service Venture, T.M. Agro Allied Farm, Triple A and D Oil and Gas Ltd, Triple A and Tee BDC Ltd, among others.

“Sometimes in April 2025, one Suleiman Ciroma contacted me that he had a transaction that he needed 3 million US dollars to (be transferred to) Oceangate Engineering Oil & Gas Ltd.

“In that particular time, I have the money being in my Triple A and Tee Oil and Gas Nig Ltd account.

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“After we agreed with him, Suleiman Ciroma gave me the dollar payment in cash.

“I paid him the dollars into Oceangate Engineering Oil and Gas Ltd account,” he said.

He said the payment was made in April 2025

“Can you remember the exact date you made the payment?” Iheanacho asked.

“I made the transfer in four tranches but I cannot remember the exact day,” the witness responded.

However, when the lawyer asked the witness if he knew Messrs Buba and Mbagwu, he said he did not know them.

“Take a look at the dock and tell the court if you know the defendants,” Mr Iheanacho asked and the witness simply said, “No.”

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Mr Usman told the court that he did the transactions with Triple A and Tee Oil Nig Ltd.

“It was from there I transferred the dollars into Oceangate Engineering Oil and Gas Ltd,” he said.

But when Mr Iheanacho asked the PW-2 if his BDC company, Triple A and Tee BDC Ltd, featured in the transaction, counsel for the 1st defendant (Buba), Johnson Usman, SAN, raised an objection.

The senior lawyer argued that Iheanacho’s question was a ploy to give the witness tips on what to say and the judge directed him to rephrase the question.

The witness said that the licence of Triple A and Tee BDC Ltd, as at the time of the transactions, had been suspended.

He said the cash transactions from Mt Ciroma were made through his staff.

He mentioned the names of the staff as Abdulkadir Mohammed and Kabir Haruna.

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The BDC operator also said that he equally did a naira to dollar transaction with Ciroma.

“The naira was transferred into a Triple A and Tee Service Venture Ltd Bank account.

“The naira also was converted into dollars and I sent the equivalent into an Oceangate account,” he said.

However, during cross-examination by Mr Buba’s counsel, Mr Usman SAN, the witness was asked to confirm to court that Triple A and Tee BDC Ltd had been in operations till date and he responded in affirmative.

“After they suspended our licence, we proposed Triple A and Tee BDC Ltd to CBN last year and we have an approval in principle with CBN,” the witness responded.

“Ciroma Suleiman contacted you in these transactions because he knows you as BDC operator?” the lawyer asked and the PW-2 responded in affirmative.

When Mr Usman asked the witness that it was on the basis of that knowledge that the PW-2 sent his staff to collect the dollars from Mr Ciroma, Mr Iheanacho too objected to the question.

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The witness admitted that he did not tell the defendants before the transactions that his BDC license was suspended at any time.

He said his oil company account was used for the transactions because it was the account he had available dollars.

‘The choice of using your oil and gas company account to transfer the dollars to Oceangate was your own decision,” the lawyer asked and the witness responded in affirmative.

Counsel to the 2nd defendant (Mbagwu), M.S. Ibrahim, SAN, asked the witness if he made any profit from the transactions and he responded in affirmative.

“Did you tell the defendants whom you have never seeing or know before that you were going to make inflow payment from your oil and gas company’s account?” Ibrahim asked and the PW-2 said, “No.”

After the cross-examination, the witness was discharged and Ms Nwite adjourned the matter until Dec. 10 and Dec. 11 for continuation of trial.

Earlier on Thursday during the cross-examination of Suleiman Ciroma, the owner of Funnacle BDC Ltd and the PW-I by Mr Usman, SAN, the witness said the reason Mrs Achimugu requested for the transfer of the money was that if she had deposited the money in cash in the bank, she would not be able to transfer same.

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Mr Ciroma said Trimizi Usman and Hassan Dantani, upon their representatives collecting the money, in turn, transferred the dollars equivalent “less their charges into a designated account provided by Aisha Achimugu.”

He agreed with Mr Usman’s question that in forex transaction, a transfer can only be made from an account where the money came by way of inflow and not by cash deposit.

When the lawyer asked Mr Ciroma that Mrs Achimugu needed the dollar transfer to purchase her two oil blocks, the PW-1 responded in affirmative.

The witness told the court that he is a member of BDC Traders Association Wuse Zone 4 in Abuja.

He said that was why when he made his statements to EFCC on April 14, April 11 and May 7, the executive members of the association were with him at the time.

Mr Ciroma, who agreed that he was duly cautioned before writing the extra-judicial statements, admitted that there was no part he informed the defendants, particularly Mr Buba, that his BDC licence had expired.

Also while being cross-examined by Mr Ibrahim, who appeared for the 2nd defendant, Mr Ciroma agreed that he had never seen Mr Mbagwu physically before.

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He also admitted that he had never produced any text or Whatsapp message between him and Mbagwu before the court before.

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Donald Trump: Why I Can’t Make It To Heaven

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Donald Trump: Why I Can't Make It To Heaven

President Donald Trump is once again referencing his wish to be “heaven-bound”

Speaking to press aboard Air Force One on Sunday, Oct. 12, the president, 79, answered a question about his August statements regarding his attempts to broker a peace deal between Russia and Ukraine — during which he said, “If I can save 7,000 people a week from being killed, I think that’s pretty — I want to try to get to heaven if possible.”

“I’m being a little cute,” Trump told reporters on Sunday about his previous comments, before quipping, “I don’t think there’s anything going to get me in heaven.”

“I really don’t. I think I’m not maybe heaven-bound. I may be in heaven right now as we fly on Air Force One,” he continued. “I’m not sure I’m going to be able to make heaven, but I’ve made life a lot better for a lot of people.”

Trump went on to tell the press that “had the election of 2020 not been rigged,” he could have prevented Russian President Vladimir Putin from invading Ukraine.

“We had an incompetent administration. We had an incompetent president. And because of a crooked election, millions of people are dead,” Trump said, referring to former President Joe Biden. “And by the way, the Israeli thing was much harder to get settled because of the past administration.”

During a phone interview with Fox & Friends on Aug. 19, the president gave a new explanation for taking action to end the war in Ukraine — including positioning himself as a mediator between Putin and Ukrainian President Volodymyr Zelenskyy.

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“If I can save 7,000 people a week from being killed, I think that’s pretty — I want to try to get to heaven if possible,” Trump said at the time.

“I’m hearing that I’m not doing well. I am really at the bottom of the totem pole,” he added, to laughter from the Fox News hosts. “But if I can get to heaven, this will be one of the reasons.”

Last month, Trump referenced his goal to “get into heaven” again when his campaign sent out emails asking for donations that read, “I want to try and get to Heaven.”

The recent emails — which reportedly began on Aug. 23 — requested supporters to donate $15 during a “24-HOUR TRUMP FUNDRAISING BLITZ” to the president, the Independent, Snopes and Newsweek reported. The new emails’ subject line includes, “I want to try and get to Heaven,” per the outlets.

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“Last year, I came millimeters from death when that bullet pierced through my skin. My triumphant return to the White House was never supposed to happen!” the email says in reference to the July 2024 assassination attempt against Trump in Butler, Pa.

“But I believe that God saved me for one reason: TO MAKE AMERICA GREAT AGAIN!,” the message says, according to the Independent. “I certainly wasn’t supposed to survive an assassin’s bullet, but by the grace of the almighty God, I did. SO NOW, I have no other choice but to answer the Call to Duty, but I can’t do it alone.”

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During a briefing that same day, White House press secretary Karoline Leavitt clarified that she didn’t believe Trump was joking.

“I think the president was serious,” she said. “I think the president wants to get to heaven — as I hope we all do in this room as well.”

Stock photo of airplanes taking off and landing at Laguardia airport in New York
Trump and Putin failed to reach a peace deal or agree to a ceasefire during their recent summit in Alaska on Aug. 15, despite Trump having vaguely threatened “very severe consequences” if Russia didn’t comply.

Days after his meeting with Putin, Trump changed his tune, telling Zelenskyy and other European leaders that he didn’t think a ceasefire between Russia and Ukraine was necessary or even realistic while larger peace negotiations are underway.

The president admitted to the difficulty of negotiating with Putin during his remarks at the Kennedy Center on Aug. 13.

“I’ve had a lot of good conversations with [Putin]. Then I go home and I see that a rocket hit a nursing home or a rocket hit an apartment building and people are laying dead in the streets,” Trump said.

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President Impeached For Failing to Reduce Crime

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President Impeached For Failing to Reduce Crime

Peruvian lawmakers have taken decisive action by voting to remove President Dina Boluarte from office following widespread public dissatisfaction with the country’s escalating crime rates and ongoing political scandals.

In a late-night session held in Lima, Congress reached a majority decision to impeach the president, citing “permanent moral incapacity” as the basis for their decision. Out of the 130 members of Congress, 118 voted in favor of the motion, effectively determining Boluarte’s political fate after she declined to appear before lawmakers to present her defense.

Congress leader José Jerí immediately announced, “The president’s impeachment has been approved,” before taking the oath as interim president. He will oversee the country until new elections scheduled for April 2026.

Boluarte’s presidency, which began in December 2022, has been dogged by protests, corruption allegations, and surging gang violence. Her failure to reduce crime including rising cases of extortion and murder linked to organised groups, sparked widespread frustration among Peruvians.

She had already survived several impeachment attempts before Friday’s vote. This latest one followed weeks of demonstrations against a controversial pension reform law and outrage over reports that she accepted luxury watches and jewellery, a scandal widely known as “Rolexgate.”

Boluarte also drew criticism earlier this year for awarding herself a significant pay rise, even as unemployment and inflation worsened across the country.

As of the time of this press report, former President Boluarte remained silent on her removal, while security forces increased patrols around government buildings amid fears of renewed protests.

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‘Stop Dancing Around’: Makinde Tutors Minister Umahi How To Calculates Cost of Lagos-Calabar Coastal Highway

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'Stop Dancing Around': Makinde Tutors Minister Umahi How To Calculates Cost of Lagos-Calabar Coastal Highway

Governor Seyi Makinde of Oyo State has criticised the Minister of Works, Dave Umahi, accusing him of evading questions about the cost of the Lagos-Calabar Coastal Highway project approved by President Bola Tinubu, Politics Nigeria.

Makinde, who spoke on Friday, was reacting to Umahi’s heated exchange with Arise TV presenter Rufai Oseni earlier in the week, during which the minister declined to provide a cost breakdown of the project on a per-kilometre basis.

Oseni had asked Umahi to explain the project’s cost per kilometre, a question the minister dismissed as “elementary,” insisting that the prices vary along different sections of the road and that the journalist lacked the technical knowledge to understand the process.

Umahi said, “Keep quiet and stop saying what you don’t know. I’m a professor in this field… The prices are different. The next kilometre is different from the next kilometre.”

Governor Makinde, however, defended the journalist, saying Umahi’s evasiveness was unnecessary.

“They asked a minister how much the coastal road is, and then you’re dancing around, saying the next kilometre is different from the next. Then what is the average cost?” Makinde said.

He compared the coastal project to road works executed under his administration, providing clear figures.

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“When we did the Oyo to Iseyin road, it was about ₦9.99 billion for roughly 35 kilometres, an average of ₦238 million per kilometre.

“For the Iseyin to Ogbomoso road, 76 kilometres cost ₦43 billion, about ₦500 million per kilometre. And that included two bridges,” the governor explained.

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