The Central Bank of Nigeria (CBN), Olayemi Cardoso has hinted interest rates would remain high until inflation rate subsides.

Cardoso, on Monday, in a Financial Times report also noted that orthodox policies would be implemented to tame inflation.

In March, Nigeria’s inflation rate rose to 33.20 percent, from 31.70 percent in February.

Consequently, CBN’s monetary policy committee (MPC) raised the interest rate by 200 basis points in March to 24.75 percent.

Cardoso said there is “every indication” that MPC would “do whatever is necessary” to rein inflation.

“They will continue to do what has to be done to ensure that inflation comes down,” Cardoso said.

“Let’s face it: for a long period of time, the CBN did not embrace orthodox monetary policies.

“We want to go back to using an orthodox method, and it will take us to where we want to go.”

Cardoso said the apex bank had been “reoriented” to focus on “price and monetary stability”.

He said the official window of the foreign exchange (FX) market has been stabilised.

According to the governor, investors previously had a “tendency to head for the window” in response to currency fluctuations, however, there has been a “fundamental shift”.

“They’re getting more comfortable with the market,” Cardoso said.

The naira fell to its lowest level of N1,627.40/$ in the official FX window on March 8 but rallied to N1,154.08/$ on April 18, after which the local currency began to lose its gains.

As of May 10, the official FX rate stood at N1,466.31/$.

Also, Cardoso maintained that raising interest rates has been crucial.

He hoped that high interest rates would not linger for too long and act as a disincentive to investment and production.

“Hiking interest rates obviously has had a dampening effect on the foreign exchange market, so that has begun to moderate. It’s not a zero-sum game. You lose on one side, you get on the other,” he said.

He said inflation was higher than he had hoped, blaming “distortions” mainly due to high food prices.

Cardoso said it is not directly within CBN’s control.

Food inflation rose to 40.01 percent in March, compared to the 24.45 percent rate recorded in the same month last year.

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, says he is committed to ensuring that no Nigerian child is excluded from quality education.

The president made this promise on Monday, while launching a campaign to promote inclusive education, skills development, and gender equity.

Tagged #WeAreEqual, the campaign is an initiative of the Organisation of African First Ladies for Development (OAFLAD).

It has been launched in 15 African countries in different nomenclatures, and focuses on health, education, economic empowerment, and gender-based violence.

The Nigerian component of the programme is themed: ‘Education as a Powerful Tool for Change’. It is championed by Remi Tinubu, the first lady.

“We must continue to create opportunities for all our children to access quality education without leaving anyone behind, particularly the girl child,” Tinubu said.

“I  reaffirm my commitment to ensuring that no Nigerian child is excluded from quality education that prepares women and girls to lead and bring positive changes to our communities.

“Let us carry forward this campaign, which promises to gift an educated girl-child the potential to bring the necessary change and transform African communities for the better.”

The president also harped on inclusion and equal opportunities for women.

“We must engender a society where everyone has the same opportunities, regardless of who they are, because doing that leads to a stronger and more peaceful society for all,” he said.

Tinubu urged the first ladies to ensure that collaboration is at the forefront of the initiatives they take to protect girls.

“Research has consistently highlighted education as the cornerstone for national development. When girls are empowered to pursue their dreams, communities thrive, economies prosper, and nations succeed,” he added.

“It is, therefore, incumbent on all of us to continue to take bold and decisive actions to eliminate the structural inequalities that hold women back on the continent.

“We must be conscious of the fact that the empowerment of women and girls is essential to achieving each of the United Nations’ Sustainable Development Goals.

“We must work together to promote laws and policies that protect and promote women’s rights, invest in girls’ education and skills development, and create economic opportunities that are accessible to all.

“For us in Nigeria, the full operationalization of the Student’s Loan (Access to Higher Education) Act is key to achieving these goals as it will ensure that all young people have unhindered access to education.

“The Nigerian government, through the Federal Ministry of Industry, Trade and Investment, is also implementing a N50,000 non-repayable grant programme for one million Nigerians in Nano businesses and skilled trades, including women and youth.”

Abdullahi Abdulwahab Magaji, a Chief Superintendent of the Nigeria Customs Service (NCS), has tragically taken his own life in Kano State.

According to Daily Sun, Magaji, who was serving at the NCS headquarters in Abuja, reportedly shot himself with a pump-action gun at his residence in Kano a few days ago.

The motive behind his action remains unclear.

It was gathered that the Kano State Police Public Relations Officer, Haruna Abdullahi Kiyawa, confirmed the incident, stating that “a full-scale investigation has been initiated.”