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Introduction Of FX Matching System Shows CBN Is Committed To Fair Market — Cardoso

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Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), stated that the apex bank’s decision to implement the electronic foreign exchange matching system (EFEMS) demonstrates its commitment to fair and efficient markets.

Cardoso made these remarks while addressing members of the Harvard Club of Nigeria in Lagos over the weekend.

On October 3, the apex bank announced the introduction of the FX matching system.

During the event, Cardoso reiterated that the CBN’s move was aimed at enhancing transparency and providing more accurate oversight of FX transactions.

“Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes. Our decision to implement the Electronic Foreign Exchange Matching System (EFEMS) is rooted in this understanding,” he said.

“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets.”

According to Cardoso, being a leader—especially as the governor of a central bank—often requires making tough and occasionally unpleasant choices.

He emphasised that the bank is a listening institution and is not afraid to reconsider decisions if they fail to meet their original objectives.

“In the face of economic challenges, it is imperative to focus on core objectives—restoring the credibility of the institution, building trust in the financial system, and, most critically, containing inflation,” he said.

“These are not just strategic goals; they are foundational to any meaningful recovery.”

Reflecting on his journey as the apex bank governor, Cardoso noted that when he assumed office, he understood that the credibility of the CBN had to be the foundation of the actions taken by him and his team.

“Without credibility, no policy, however well-intentioned, can succeed. Floating the naira, a decision met with considerable public criticism, was necessary to bring the official exchange rate closer to market reality,” Cardoso said.

“The disparity between the official and parallel rates had encouraged arbitrage and speculation, eroding trust in the market.

“Credibility is earned by consistency. The decision to close this gap, while painful in the short term, sent a message to market participants that the CBN was committed to transparency and sound monetary policy.”

He added that speculative trading had been reduced and stability was gradually returning to the currency markets.

Cardoso mentioned that curbing inflation remained the CBN’s core mission, acknowledging that the apex bank had yet to meet its target.

However, he pointed out that recent declines reported by the National Bureau of Statistics (NBS) in July and August 2024 indicated that the CBN was moving in the right direction.

“Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation,” he said.

“Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.

“Leading through challenging times means avoiding the temptation to take on too many initiatives.

“The Central Bank must focus on its core mandate—price stability. It is easy to become distracted by various political and economic pressures, but as a leader, one must prioritise.”

Effective communication, Cardoso said, is as important as the right policy, adding that clear and transparent communication builds trust.

“From publishing the results of the Dutch Auction to ensuring regular updates on economic data, transparency has been our guiding principle,” he said.

Cardoso concluded by stating that trust is built on the belief that a central bank will take the necessary steps to maintain economic stability—even when those steps are uncomfortable or politically contentious.

BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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BIG STORY

Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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