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$1bn Influx: CBN’s Measures Yield Positive Results in Foreign Exchange Stability – Cardoso

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CBN Governor Yemi Cardoso appearing before the Joint Senate Committee on Finance, Banking, Insurance and Financial Institutions on Friday.

 

The Governor of the Central Bank, (CBN), Yemi Cardoso, has said that the measures implemented by the apex bank to stabilise foreign exchange rates are showing positive outcomes.

Cardoso, in a briefing to the Joint Senate Committee on Finance, Banking, Insurance, and Financial Institutions, emphasised the crucial connection between stable foreign exchange rates and inflation, stating that the measures undertaken by the Central Bank would contribute to minimising the impact of high exchange rates on inflation. He highlighted the success of these initiatives, indicating that the positive results have already begun to manifest.

During the briefing, the CBN governor shared a significant development, stating that a substantial $1 billion has entered the Nigerian market in the past few days through interventions by the apex bank.

“We have already begun to see shifts in the positive direction. Indeed they (CBN measures) have already started yielding early results with significant interest from foreign portfolio investors which was a concern. That has already begun to supply the much-needed foreign exchange to the economy.

“For example, upward of the past few days, we have had over $1 billion that has come into the market, and this quite frankly has answered the question of if our policies are working,” Cardoso said

The CBN Chief asserted that the market’s response to implemented policies is positive, citing available data. He emphasised the potential of measures enhancing the US dollar supply in Nigeria to curb exchange rate volatility and, consequently, alleviate inflation.

Stressing the need for sustainability, he urged Nigeria to temper its demand for foreign exchange. While working towards restoring the Central Bank’s credibility, he pinpointed the fundamental issue: the substantial demand for US dollars for both business and personal purposes.

Addressing concerns, the CBN governor assured that inflation is anticipated to decrease to 21.1 percent this year, employing the inflation targeting framework.

The appearance before the Joint Senate Committee on January 31 was in response to pressing economic challenges and the notable decline of the naira in the foreign exchange market.

Senators, seeking explanations on the nation’s economic predicaments, summoned the Central Bank Governor, underscoring the urgency of addressing the prevailing economic uncertainties.

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Oyo South: Tegbe, Others Named Oseni Students’ Movement Exco

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A students’ leader, Comrade Tegbe Stephen, has been named Coordinator of the Remi Oseni Students’ Movement ahead of its formal inauguration.

The appointment is part of efforts to strengthen the students’ support base for the All Progressives Congress (APC) Oyo South Senatorial candidate, Hon. Aderemi Oseni, across tertiary institutions in the district.

Also named into the executive are Comrades Wale Ajibike (Bosslee), Isiaka Hammed (General), Salami Olatunji, Adetunji Sultan Adekunle, Oluwatobi Ojo and Onifade Victor.

The announcement was made during a strategic meeting with student leaders in Ibadan. The meeting was attended by the Oyo South APC Youth Leader, Com. Olalekan Olowe, and Oseni’s Personal Assistant, Com. Ibrahim Alabi, popularly known as “Otunba Poly.”

Addressing the gathering, Olowe described the movement as a platform to mobilise students across Oyo South, urging the newly named executive to live up to the confidence reposed in them.

He said: “Students remain one of the strongest forces in any democratic society. We expect you to build a vibrant movement that will unite your colleagues and advance the vision of Hon. Aderemi Oseni across our campuses.”

Olowe added that the executive would be formally inaugurated in the coming weeks, after which the movement would commence full activities across the senatorial district.

Also speaking, Ibrahim Alabi urged the student leaders to remain committed, united and focused on the responsibility entrusted to them.

“This is a call to service. Your duty is to mobilise, educate and inspire students to play active roles in the democratic process. We believe you have the capacity to justify this confidence,” he said.

Responding on behalf of the executive, Tegbe thanked Oseni and the students’ leadership for the opportunity to serve, assuring them of their commitment to the assignment.

“We appreciate the confidence reposed in us and will not take it for granted. Our resolve is to build a formidable students’ movement across Oyo South and ensure that students on every campus are actively mobilised ahead of the election,” he said.

The formal inauguration of the executive is expected to be held soon.

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Oseni celebrates Oyo APC Publicist,  Sadare, extols loyalty, commitment to progressive cause

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The All Progressives Congress (APC) candidate for Oyo South Senatorial District, Hon. Aderemi Oseni, has congratulated the Oyo State Publicity Secretary of the party, Alhaji Wasiu Olawale Sadare, on the occasion of his birthday, describing him as a loyal progressive, effective communicator and committed party stalwart whose contributions have continued to strengthen the party in the state.

Oseni, in a statement issued on Sunday by his Media Aide, Idowu Ayodele, said Sadare has remained a consistent and dependable voice of the party, discharging his responsibilities with professionalism, integrity and an unwavering commitment to the ideals of the All Progressives Congress.

He noted that the Oyo APC spokesman has distinguished himself through responsible public communication, constructive engagement and an enduring commitment to promoting the party’s vision, values and programmes.

According to the chairman, House Committee on Federal Roads Maintenance Agency (FERMA), Sadare’s humility, calm disposition and ability to articulate the party’s position with clarity have earned him the respect of party leaders, members and stakeholders, while also contributing to the unity and stability of the APC in Oyo State.

“Alhaji Wasiu Olawale Sadare is a committed progressive whose loyalty and dedication to our great party have remained steadfast over the years. He has served with uncommon diligence and has continued to project the ideals of the APC with dignity, courage and sincerity,” Oseni said.

The lawmaker added that the publicist’s birthday presents another opportunity to celebrate a man whose service has gone beyond official responsibility, noting that his contributions to strengthening internal cohesion and fostering constructive engagement within the party deserve commendation.

“As you mark another year today, I join your family, friends, political associates and the entire progressive family in celebrating God’s faithfulness in your life. Your commitment to duty, humility and sense of responsibility continue to inspire many within our party.”
Oseni prayed for greater accomplishments for the celebrant, asking Almighty Allah to bless him with good health, wisdom and renewed strength to continue serving the party and humanity.

“I pray that Almighty Allah grants you many more years in sound health, abundant grace and greater accomplishments. May He continue to guide your steps, enlarge your coast and reward your selfless service to our great party, Oyo State and our nation. Happy birthday, and many happy returns.”
The statement added that Oseni wished Sadare a memorable celebration and expressed confidence that his wealth of experience, dedication and leadership would continue to contribute meaningfully to the growth of the APC and the advancement of progressive politics in Oyo State.

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Oyo lawmaker, Oseni empowers Agbeni traders with ₦50m grant, rallies support for Tinubu

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The All Progressives Congress (APC) senatorial candidate for Oyo South, Hon. Aderemi Oseni, on Friday strengthened his grassroots engagement with traders by presenting a ₦50 million business grant to members of the Agbeni Amunigun Traders Association in Ibadan.

The empowerment package is expected to benefit traders across the market, which cuts across Ibadan North-West and Ibadan South-West Local Government Areas of Oyo State.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, also donated ₦5 million towards the completion of the association’s secretariat. He further pledged to install solar-powered streetlights within the market to improve security and make the business environment more conducive.

Speaking during an interactive meeting with the association’s leaders, executives and representatives of its 15 zones, the lawmaker described traders as key drivers of the local economy, saying they deserved continuous support to grow their businesses and improve their standard of living.

He also appealed to the traders to sustain their support for President Bola Ahmed Tinubu, expressing confidence that the economic reforms introduced by the administration would deliver lasting benefits for the country.

“The decisions taken by President Tinubu were difficult, but they were necessary. Today, fuel queues are gone, states and local governments receive higher allocations, and more resources are available for infrastructure, education, healthcare and other development projects, including the regular payment of salaries,” he said.

Oseni highlighted ongoing road rehabilitation projects, interventions in the health sector, agricultural support initiatives and the Nigerian Education Loan Fund (NELFUND) as some of the programmes making a difference under the current administration.

He noted that the student loan scheme had opened up access to higher education for many young Nigerians, while other economic reforms were laying a solid foundation for sustainable growth.

Looking ahead, Oseni promised that if elected to represent Oyo South in the Senate in 2027, he would facilitate an interest-free revolving loan scheme for traders. He said the programme would be jointly managed by the market leadership and a reputable microfinance bank to ensure genuine traders had access to affordable credit.

“I will continue to support policies and programmes that help small and medium-scale businesses thrive because traders remain the engine of our economy. My goal is to create opportunities that will help your businesses expand and improve the welfare of your families,” he said, assuring the association that the requests presented to him would receive prompt attention.

Earlier, the Babaloja of the market, Alhaji Abdul-Latifu Abdulganiyu; the Baale, Alhaji Muniru Oladayo; the General Chairman of the market, Alhaji Nureni Lawal; the Iyaloja’s representative, Alhaja Basirat Owolanwa; and the youth representative, Alhaji Adeyinka Basiru, praised Oseni for his consistent support for traders and other community-based empowerment programmes.

The market leaders unanimously endorsed his senatorial ambition and pledged to mobilise support for his 2027 bid, saying his record of empowerment, constituency projects and community development had earned him the confidence of the people.

 

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