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FX Market Turnover Now $500m Daily Without CBN Participation — Cardoso

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Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign exchange market now records an average daily turnover of $500 million, often without any intervention from the apex bank.

Cardoso made the comment during a press briefing held after the 303rd meeting of the CBN monetary policy committee (MPC) in Abuja on Tuesday.

He said Nigeria is currently running a system driven by “willing buyers and willing sellers,” adding that the structure provides transparency by enabling all participants to identify who is buying or selling at any given moment.

Cardoso described the development as unprecedented, noting that “what we have in the foreign exchange market in Nigeria today is something that has not happened before.”

He said the market now functions with openness and autonomy, allowing participants to “buy at will” and “sell at will” under a transparent framework.

The CBN governor explained that the electronic foreign exchange matching system (EFEMS) introduced by the bank has helped restore confidence, leading to increased activity and market stability.

According to him, the mechanism has made it possible for the market to record about half a billion dollars in daily transactions, many times without the CBN participating directly.

He noted that unlike previous years when activity stalled without CBN intervention, the current system has eliminated that dependency and now runs on established rules accepted by all participants.

Cardoso said the reforms have contributed to sustained stability in the FX market’s operations.

The CBN governor also stated that FX rate gaps, which were previously as wide as 60 percent, have narrowed to about 2 percent due to increased transparency.

He said the framework now provides equal access to all participants, making the market more disciplined and reducing the impact of policy inconsistency or “flip-flops” that had disrupted operations in the past.

Cardoso added that the ongoing reforms have made Nigeria’s FX market “more functional” and boosted confidence among stakeholders.

BIG STORY

Police Arrest Six For ‘Hacking Telecoms Firm To Divert N7.7bn Airtime’, Recover 400 Laptops, 1000 Mobile Phones

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Operatives of the Nigeria Police Force (NPF) have arrested six suspects for allegedly hacking into a telecommunication company in Nigeria to divert airtime and mobile data worth N7.7 billion.

A statement on Wednesday by Benjamin Hundeyin, the force spokesperson, said the suspects allegedly gained unlawful access to the telecommunications company’s core systems.

The suspects are Ahmad Bala, Karibu Mohammed Shehu, Umar Habib, Obinna Ananaba, Ibrahim Shehu, and Masa’ud Sa’ad.

Hundeyin said operatives recovered two mini plazas, retail outlets containing over 400 laptops, 1,000 mobile phones, and a Toyota vehicle.

The force spokesperson said a “substantial” amount of money was traced to the suspects’ bank accounts.

“The syndicate was responsible for the illegal diversion of a telecommunications company’s airtime and data resources, resulting in an estimated financial loss of over ₦7.7 billion,” the statement reads.

“The breakthrough followed a petition by a Nigerian telecommunications company, which reported suspicious and unauthorized activities within its billing and payments infrastructure.

“Investigations revealed that internal staff login credentials had been compromised, granting threat actors unlawful access to core systems.

“Following weeks of planning, coordinated enforcement operations were executed in October 2025 in Kano and Katsina States, with a follow-up arrest in the Federal Capital Territory.

“The suspects would be charged to court on the completion of the investigation.

“Meanwhile, the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, has commended the officers involved in the investigation for their professionalism.”

 

 

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NLC Directs Unions To Continue FCTA Strike Despite Court Order

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The Nigeria Labour Congress (NLC) has directed its affiliate unions in the Federal Capital Territory (FCT) to continue the ongoing strike by workers of the FCT Administration, despite a court order directing that the industrial action be suspended.

The directive was contained in a circular dated January 27, 2026, and signed by Benson Upah, the acting general secretary of the NLC.

In the circular addressed to presidents and general secretaries of all Abuja-based unions, the NLC said it was “reaffirming and reinforcing” its earlier instructions for workers to sustain the strike action until their demands are fully met.

“We hereby reaffirm and reinforce the directive to all affiliate unions in the FCT to not only proceed with the ongoing action but to intensify and sustain it until all workers’ demands are fully addressed,” the circular reads.

The NLC noted that issues such as unpaid wage awards and promotion arrears, non-remittance of pension and National Housing Fund deductions, as well as alleged intimidation of workers, are yet to be resolved.

“These violations are grave, unacceptable, and incompatible with the principles of fairness, justice, and decent work,” the NLC said.

“Affiliate unions are therefore directed to fully maintain participation in the industrial action; reinforce mobilisation of members for all congress-approved activities; and mobilise members to continuously participate in daily prayer and solidarity sessions from 8:00 am to 5:00 pm at designated venues across the FCT.”

The NLC warned against any withdrawal from the strike at this stage, saying such action would embolden further violations against workers.

“This struggle demands unity, discipline, and unwavering commitment. All affiliates are expected to comply strictly with this directive in the collective interest of the Nigerian working class. An injury to one is an injury to all,” the circular reads.

On Tuesday, a national industrial court in Abuja ordered workers on the payroll of the FCTA to suspend the strike.

Delivering a ruling, Emmanuel Subilim, presiding judge, held that although the matter before the court amounted to a trade dispute, the defendants’ right to embark on industrial action was not absolute.

He held that once a dispute has been referred to the national industrial court, any ongoing strike must cease pending the determination of the case.

 

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BIG STORY

Return To Work Immediately Or Face Legal Action, Wike Tells FCTA Workers As Court Orders Strike Suspension

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The Minister of the Federal Capital Territory, Nyesom Wike, on Tuesday warned striking staff of the Federal Capital Territory Administration to return to work immediately or face legal action, following a National Industrial Court ruling ordering an end to the strike that has disrupted public services in Abuja for over a week.

Briefing journalists shortly after the court’s decision, Wike insisted that the rule of law must prevail and accused political actors of exploiting the industrial action for motives unrelated to workers’ welfare.

“The administration was already in the process of mediation when some politicians hijacked the strike,” he said, adding that several of the workers’ demands were “frivolous” and either unreasonable or already addressed.

Wike said the FCTA approached the court after determining that the strike had been “hijacked by politicians,” despite ongoing dialogue and attention to a substantial number of workers’ concerns.

He highlighted the administration’s efforts to support staff welfare, including salary payments and reforms within the civil service.

The minister disclosed that more than N12bn had just been approved for the payment of January salaries to FCTA workers, describing the move as evidence of the government’s commitment to its workforce.

Pointing to improved revenue performance under his leadership, Wike noted that the FCT had generated over N30bn in internally generated revenue, a significant increase compared with previous years.

He urged workers to recognise reforms implemented by the administration, including the establishment of the Civil Service Commission and infrastructure investments across the territory.

“Workers are largely responsible for the lack of development in states, including the FCT,” he said.

Wike dismissed circulating reports suggesting he had been forced out of his office during protests linked to the strike.

“I was never chased out of the office,” he said, explaining that he had merely stepped out to see President Bola Tinubu off at the airport.

Adopting a firm stance, the minister warned against further disruptions of government operations.

“Anyone who dares to lock the gates again will be made a scapegoat, because the law must be obeyed.”

He alleged that some senior civil service officials had played a role in sustaining the strike, claiming that certain directors were instigating the action, but said this would not prevent the administration from pursuing the right course.

Wike emphasised that engagement between workers and the government did not require direct access to him personally.

“Seeing me in person is not a right,” he said, noting that workers’ representatives had been in discussions with management throughout the dispute.

He concluded by warning that staff who failed to comply with the court order and resume duties immediately would face legal action, signalling a tougher enforcement phase as the FCTA seeks to restore full public services.

Workers of the FCTA, operating under the Joint Union Action Committee, had embarked on an indefinite strike on January 19 over unresolved welfare concerns.

The National Industrial Court issued an interlocutory injunction stopping the strike after an application by Wike.

Justice E.D. Subilim granted the order on January 21 and adjourned the suit to March 23, 2026, for hearing of the substantive case.

Delivering his ruling on Tuesday, Justice Subilim said the defendants’ right to strike was not absolute.

“The defendant’s right to an industrial action is not absolute, but as circumscribed by law,” he said. He prohibited workers from participating in the strike once a dispute had been referred to the court and ordered that any ongoing strike must cease pending determination.

“An order of interlocutory injunction is hereby granted, restraining the defendants and respondents, their agents, representatives… together with all other members of the Joint Unions Action Committee … from further embarking on any industrial action, strike, picketing, lockout, or any other form of obstruction against the claimant, parastatals, and political appointees,” the judge added.

Counsel for the claimants, James Onoja (SAN), hailed the court’s decision, urging the unions to obey the order and return to work while allowing room for mediation.

“We commend the court for making an order for the stopping of the strike… I think this is commendable because it will allow the parties to discuss. Our plea to the Union is to allow industrial harmony. They should go back to work and allow for mediation,” Onoja said.

Counsel for the respondents, Maxwell Opara, described the workers as law-abiding citizens and said he would advise the unions to respect the court order.

“The workers are law-abiding citizens. We are going to advise them to respect the court. The one good thing is that the court has also mandated that we commence mediation, not as a matter of advice, in line with the law… we must comply with it,” Opara said.

JUAC President, Rifkatu Iortyer, confirmed that workers would comply, call off the strike and immediately return to work while continuing to “push for other things.”

“We are law-abiding citizens, and because they have said we should return to work, we are returning to work, pending our next appearance,” she said.

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