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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

Reps Release Constitution Amendment Bills, To Vote On State Police Creation Today

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The House of Representatives has released the final print of the Constitution Alteration Bills seeking to provide a constitutional framework for the establishment of state police, among others, scheduled for consideration and voting during Today’s plenary.

The development marks a significant milestone in the ongoing review of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

A statement signed by Spokesman, House of Representatives, Rep. Akintunde Rotimi, noted that the bills represent the culmination of several months of rigorous legislative work undertaken by the House Committee on Constitution Review, following the receipt and consideration of numerous Constitution amendment proposals from lawmakers, government institutions, professional bodies, civil society organisations, traditional institutions, and citizens across the country.

The review process involved extensive stakeholder engagement through zonal and national public hearings, consultative meetings, expert sessions, and town hall engagements held across the six geopolitical zones, ensuring broad-based citizen participation and input.

The Constitution Alteration Bills span critical thematic areas, including: Electoral Reforms, Judicial Reforms, Security and Policing, Local Government Administration, Inclusive Governance and Citizenship, Legislature, Devolution of Powers, Human Rights, Fiscal Reforms, Strengthening of Institutions, Traditional Institutions, and Creation of States and Local Governments.

Of particular priority is the Constitution Alteration Bill seeking to provide a constitutional framework for the establishment of State Police. The proposal has emerged as one of the most extensively debated reform initiatives in the current review cycle, attracting widespread public interest and stakeholder engagement across the federation.

The bill seeks to strengthen Nigeria’s security architecture by creating an additional layer of policing, while providing constitutional safeguards, clearly defined operational frameworks, oversight mechanisms, and delineation of powers between federal and state policing authorities.

According to the statement, its consideration reflects the growing national consensus on the need for innovative and locally responsive approaches to addressing contemporary security challenges.

Commenting on the development, the Deputy Speaker of the House of Representatives and Chairman of the House Committee on Constitution Review, Rt. Hon. Benjamin Kalu described the release of the final print as a defining moment in the House’s commitment to delivering a more responsive and effective constitutional framework for Nigeria.

According to him, “The release of the final print of these Constitution Alteration Bills reflects the extensive consultations, scrutiny, and bipartisan collaboration that have characterised this reform process. These proposals embody the aspirations, concerns, and recommendations expressed by Nigerians from all walks of life.

“Of particular significance is the proposal on State Police, which responds to longstanding calls for a more effective and decentralised policing framework capable of addressing emerging security challenges across the federation.

“As the House prepares to vote, we remain guided by our constitutional responsibility to strengthen democratic governance, deepen federalism, promote inclusion, enhance security, and build institutions capable of meeting the demands of a modern and prosperous nation.”

The House is expected to vote on the bills during today’s plenary, provided the constitutionally prescribed quorum is attained.

Should the required quorum not be met, consideration and voting will be deferred to the next legislative day in accordance with the Constitution and the Standing Orders of the House, the statement added.

The House of Representatives said it remains firmly committed to an open, inclusive, and transparent constitution review process and to advancing reforms that strengthen Nigeria’s democratic institutions, promote national unity, improve governance outcomes, deepen citizen participation, and respond to the evolving needs and aspirations of the Nigerian people.

 

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BIG STORY

Governorship Aspirants Spent ₦30bn On Primaries — EFCC

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said that some governorship aspirants in Nigeria spent between N20 billion and N30 billion to secure electoral victory during the last primary elections, warning that the trend poses a serious threat to democratic governance and fuels corruption in public office.

While delivering the inaugural High-Level Guest Speakers’ Series organised by the Centre for Peace and Strategic Studies (CPSS), University of Ilorin, on Wednesday, the EFCC boss said that huge financial resources deployed during elections often compel elected officials to divert public funds after assuming office in a bid to recover their investments.

He spoke on the theme, “De-risking and Mobilising Critical Stakeholders for Peaceful and Credible 2027 Elections in Nigeria”.

According to him, the huge financial outlay required to win elections often creates pressure on public office holders to divert public funds after assuming office, citing an example of what it requires to win a governorship election.

Olukoyede noted the EFCC remains committed to tackling vote-buying and other forms of financial inducement capable of undermining the integrity of Nigeria’s electoral process.

“The commercialisation of votes weakens the foundation of good governance because it compromises the political recruitment process. Leaders who buy their way into office are more likely to focus on recovering their investments rather than serving the public interest”, he said.

According to him, the anti-graft agency had made several arrests across the country over vote-buying and related electoral offences, with several convictions already secured.

He noted that those prosecuted include politicians, electoral officials, and ordinary citizens found culpable of electoral misconduct.

The EFCC chairman warned that impunity in the electoral process could undermine democracy and national stability, stressing that there must be no sacred cows in enforcing electoral laws.

He also disclosed that the commission plans to deploy drones and other technological tools to strengthen election monitoring ahead of the 2027 general elections, particularly in tracking vote-buying and financial inducements at polling units.

Olukoyede called on political parties and their supporters to embrace issue-based campaigns and reject inflammatory rhetoric that could incite violence.

He urged stakeholders, including the Independent National Electoral Commission (INEC), security agencies, civil society organisations, the media, and political actors, to work collaboratively to ensure peaceful, free, and credible elections.

Earlier, the Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole (SAN), described electoral corruption as a major threat to national security and democratic development.

Egbewole said credible elections are essential for national stability, economic growth, and public confidence in governance, stressing the need for stronger collaboration between academic institutions and agencies responsible for safeguarding electoral integrity.

In his welcome address, the Director of the Centre for Peace and Strategic Studies, Professor G.A. Animasawun, said the lecture series was conceived to provide a platform for proactive engagement on threats to Nigeria’s electoral process ahead of the 2027 polls.

He noted that the initiative would bring together policymakers, security experts, electoral officials, civil society groups, and scholars to develop practical solutions for peaceful and credible elections.

The event attracted representatives of security agencies, electoral bodies, civil society organisations, members of the academic community, and students.

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BIG STORY

US Military Presence in Nigeria Based on Invitation —– AFRICOM

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The United States Africa Command has said its military cooperation with Nigeria is firmly grounded in respect for Nigerian sovereignty and mutual interest, stressing that American forces operate in the country strictly by invitation and within an agreed bilateral framework.

AFRICOM’s Director of Public Affairs, Col Rebecca Heyse, stated this during an X Space discussion on Tuesday, titled “Strengthening Security Through Strategic Information Sharing: United States and Nigerian Military Partnership Against Terrorism.”

Heyse was unequivocal that the partnership was not an imposition.

“Our operations and cooperation with Nigeria are rooted in fundamental respect for Nigerian sovereignty. We operate strictly by invitation and under the US-Nigeria Joint Working Group framework,” she said.

Heyse said the United States remained committed to the partnership for as long as both countries considered it mutually beneficial.

“As long as there are shared security threats and the framework continues to be of value to both countries, the United States remains committed to the partnership,” she said.

The spokesperson for the Defence Headquarters, Maj Gen Samiala Uba, reinforced this position from the Nigerian side, making clear that it was Nigeria, not the United States, that determined the scope and duration of the collaboration.

“The cooperation is at the instance of Nigeria. The competencies, specialised capabilities and expertise the United States brings are things we require, and as long as we require them, we will continue to work together under the Joint Working Group framework,” he said.

Uba disclosed that hundreds of Nigerian military personnel were currently undergoing training in the North-East as part of the partnership, describing the benefits as significant.

“The Armed Forces of Nigeria are benefiting immensely from this collaboration, including skills development and specialised training. There are many operational lessons we continue to learn through our interaction with the United States,” he said.

Presidential spokesman, Sunday Dare, also weighed in, crediting the partnership with improving the pace and consistency of Nigeria’s counter-insurgency operations.

“We want to thank the US government for the active collaboration they have had with our military.

“Nigeria has seen the war against terror increase in tempo and consistency, and we have recorded massive successes in counter-insurgency operations,” he said.

In November 2025, President Donald Trump designated Nigeria a “Country of Particular Concern,” claiming that Christianity faced an existential threat in the country and that thousands of Christians were being killed by radical Islamists.

The Federal Government, however, rejected the allegation of the “mass murder” of Christians and instead sought collaboration with the United States to further prosecute the counter-insurgency war.

On Christmas Day 2025, at Trump’s direction, AFRICOM conducted missile strikes against ISIS militants in Nigeria’s Sokoto State in coordination with Nigerian authorities.

Following the strikes, the United States dispatched around 200 troops to train Nigerian military forces battling Islamist militants.

The partnership has since yielded significant results with the killing of Abu-Bilal al-Minuki, described by some as ISIS’s “second in command” globally.

 

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