Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.

In a Tuesday interview with Bloomberg TV, Cardoso expressed his belief that the excessive volatility may eventually end.

He added that the financial regulator is still a work in progress but that it will keep up its strong job.

“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.

“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”

Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.

“We’re relatively pleased with where we are,” Cardoso added.

He also said the central bank needs to do more, adding that “it’s continuous work in progress”.

“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.

Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.

However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.

The publication said as the annual inflation rate starts to rise at a slower pace, Cardoso refused to be drawn on whether this could signal the end of the tightening cycle that began in May 2022 — as CBN’s monetary policy committee (MPC) prepares to meet in July.

CBN has been increasing interest rates since May 2022, with the monetary policy rate (MPR) — which is the benchmark for banks’ lending rate — reaching 26.25 percent in May this year.

In May, the inflation rate rose to 33.95 percent compared to 33.69 percent in April.

Cardoso said data will determine the stance of the MPC on inflation movement.

“Data will direct whether they see further hikes or not,” he said.

“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”

He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.

The World Bank earlier this month approved $2.25 billion in funding to support Nigeria’s economic reforms helping boost its foreign exchange reserves.

The governor said CBN would support further measures to build the country’s reserves including a eurobond issue.

“We should have a diversity of sources,” he said.

Cardoso said it should not just be the eurobond market or just be foreign portfolio investors, but it should be a variety of different things.

President Bola Tinubu has been given permission by the federal executive council (FEC) to consult with state governors and the commercial sector regarding the new minimum wage.

Following the FEC meeting on Tuesday, Minister of Information Mohammed Idris made the announcement in an interview with State House media. States, local government districts, the corporate sector, and the federal government will all be impacted by the ultimate decision on the new national minimum wage, according to Idris.

The minister of information stated that Tinubu will make a well-informed decision following broader consultation and that all relevant parties must provide feedback on the new minimum wage.

“I want to inform Nigerians here that the federal executive council deliberated on the report of the tripartite committee on the new national minimum wage,” the minister said.

“The decision is that because the new national minimum wage is not just that of the federal government, it is an issue that involves the federal government, the state governments, local governments, and the organised private sector and of course, including the organised labour.

“That memo was stepped down to enable Mr. President to consult further, especially with the state governors and the organised private sector, before an executive bill is presented to the national assembly.

“So I want to state that on the new national minimum wage, Mr. President is going to consult further so that he can have an informed position because the new national minimum wage, like I said, is not just an issue of the federal government.

“It affects the state governments, local governments, the organised private sector. That is why it is called the national minimum wage. It’s not just an affair of the federal government.

“So, Mr. President has studied the report and he is going to consult wider before a final submission is made to the national assembly.”

Recall that over the past few months, the federal and state governments, organised labour, and the private sector have been negotiating on a new minimum wage.

At the last meeting of the tripartite committee on minimum wage, organised labour rejected the N62,000 proposal by the government and insisted on N250,000 as the living wage.

The federal government had asked the labour unions to demand a more realistic and sustainable minimum wage.

On June 7, governors under the aegis of the Nigerian Governors Forum (NGF) said the N60,000 minimum wage for workers is not sustainable.

On June 10, the tripartite committee submitted its report to George Akume, secretary to the government of the federation (SGF).

The Federal High Court in Abuja has placed about N1,198,911,864.72 under lockdown at four Nigerian banks in connection with funds connected to former Globus Bank employees who are accused of hacking into and stealing N3.5 billion worth of client transactions.

Order was issued against the following account names: Oluwaseun Adeniyi Afolabi, Onobun Oluwaseun Olumide, Abdullahi Abubakar Sadiq, and Haril Global Solutions Ltd.

The order was made in response to a request for information on summons (dated January 12, 2024) from the Economic and Financial Crimes Commission (EFCC) regarding its expertise.

The EFCC counsel, Olanrewaju Adeola, had asked the court to freeze all the accounts in the interest of justice and stop all outward payments, operations or transactions (including bill of exchange) on those accounts, in suit NO/FHC/CS/32/2024.

• EFCC’s Allegations Against Suspects

In EFCC’s affidavit in support deposed to by its Litigation Clerk,  Samson Oloje, the commission received an intelligence report about the activities of ex-staff of Globus Bank who allegedly hacked into the bank systems and stole the sum of N3.5000.000.00 of customers’ money.

Upon receipt of the intelligence report, Globus Bank was invited wherein one Monday Edward, Head of Internal Audit/Chief Inspector of the Bank came and volunteered a statement confirming that the bank system was hacked.

He added that the intelligence report was assigned to the Advance Fee Fraud Section of the Commission and investigation thus far reveals that about three ICT staff of the bank perpetuated the fraud before leaving the institution.

He stressed that as pioneers and architects of the Globus Bank ICT software platform, Babatunde Idris Olayiwola, Chinedu Ihuma and Igwe George Benedict Obinna, who allegedly carried out the crime are abreast of the platform working details and knew how to access all the accounts of Globus Bank.

He stated in his affidavit,

“That one Babatunde Idris Olayiwola a former staff of Globus who is an ICT expert, who created all the software platforms the bank is using in its daily operational business introduced one Chinedu lhuma to Globus Bank when the former was about to exit the bank.

“That Chinedu Ihuma, a former staff of Globus Bank was also an ICT expert introduced to the Bank by Babatunde Olayiwole to oversee the ICT software operational platforms created by Babatunde Olayiwola for the Bank. He also introduced one Igwe George Benedict Obinna to the bank to take over and oversee the ICT software operational platforms when the former was about to exit the bank.

“That investigation reveals that Babatunde Idris Olayiwola, Chinedu Inuma and Igwe George Benedict Obinna hacked into the computer systems of Globus Bank and they transferred monies over three billion, five hundred million Naira (N3,500,000,000) from the account of the Bank into various account belonging to Haril Global Solutions Ltd and affiliate different bank accounts domicile in various banks across the country.

“That further investigation reveals that the fraud was perpetrated through the login details of Igwe George Benedict Obinna which he shared with the duo of Babatunde Idris Olayiwola and Chinedu Ihuma.”

Oloje stated that sequel to the findings of the investigations, all bank accounts related to the fraud were requested via investigation activities letters to banks concerned wherein evidence of receipt of funds was established.

The EFCC staff also informed the court that Globus Bank management earlier approached the Federal High Court, Lagos to place a Post No Debit (PND) order on the bank accounts where the monies had been diverted, in order to prevent the depletion of the funds in the accounts.

Furthermore, he informed the court that the computers and telephone device of Igwe George Benedict Obinna has been sent for forensic analysis to know the extent of the involvement of Babatunde Idris, Olayiwola Chinedu Ihuma and Igwe George Benedict Obinna in the illegal activities.

“During the course of the investigation, the prime suspect, Igwe George Benedict Obinna was arrested and interviewed and made a statement to the effect of his dealing with the perpetuation of the fraud,” the EFCC stated.

The EFCC asked the court to grant its request as not granting it would jeopardize the ongoing investigation into the intelligence report received by the commission.

Justice Inyang Ekwo, on January 23, 2024 freezed the accounts in dispute and adjourned for the EFCC to provide reports of the final outcome of its investigation.