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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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Kano Assembly Moves to Impeach Deputy Governor Gwarzo Over ₦1.6bn Alleged Fraud

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Deputy Governor of Kano State Aminu Gwarzo

The Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.

The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.

Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.

According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.

Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.

“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.

The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.

If approved, a panel may be constituted by the state Chief Judge to investigate the claims.

As of filing, Abdussalam had yet to respond publicly to the allegations.

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IGP Inaugurates State Police Committee, Gives Four-Week Deadline

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State policing has been on the frontburner in Nigeria in recent years. Photo: X@PoliceNG

The Inspector-General of Police, Tunji Disu, on Wednesday inaugurated a seven-member committee on the establishment of state police, giving it four weeks to submit its report.

The inauguration was held during his maiden conference with senior police officers at the Peacekeeping Conference Centre, Force Headquarters, Abuja.

Charging members of the panel to discharge their duties with professionalism and objectivity, Disu described the assignment as “both significant and timely,” noting that it would shape the framework through which state policing may operate in Nigeria.

“In carrying out this assignment, your deliberations must be guided by professionalism, objectivity, and a clear appreciation of the unique complexities of policing a diverse nation such as our own,” the IGP said.

He stated that if properly designed and effectively implemented, state policing holds significant potential benefits for the country.

“By bringing law enforcement closer to communities, state police institutions can deepen local knowledge of security dynamics and enable quicker and more targeted responses to emerging threats,” he added.

The committee is expected to review existing policing models within and outside Nigeria, assess community security needs and emerging risks, and propose an operational framework for the establishment and coordination of state police structures.

It will also address issues relating to recruitment, training, standards and resource allocation, as well as develop accountability and oversight mechanisms to ensure professionalism and public trust.

The panel is chaired by Olu Ogunsakin, with Bode Ojajuni as secretary. Other members are Emmanuel Ojukwu, Okebechi Agora, Suleyman Gulma, Ikechukwu Okafor and Tolulope Ipinmisho.

Disu said the committee had about four weeks to conclude its assignment and submit a comprehensive report.
The move marks one of the first major steps taken by the new police chief since his appointment and confirmation a few days ago.

The development comes amid rising security concerns across the country, with several stakeholders advocating state policing as part of measures to tackle insecurity.

President Bola Tinubu had earlier asked the National Assembly to commence the process of amending relevant laws to pave the way for the creation of state police.

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Tinubu swears in Disu as IGP, inaugurates RMAFC, FCSC commissioners

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President Bola Tinubu on Wednesday swore in Olatunji Disu as the Inspector-General of Police (IGP).

Disu took the oath of office at the Council Chamber of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council (FEC) meeting.

The President also administered the oath of office to six commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and two commissioners of the Federal Civil Service Commission (FCSC).

The ceremonies were witnessed by ministers, senior government officials and family members of the appointees.
The council meeting began shortly after the swearing-in.

In attendance were Vice President Kashim Shettima; the Secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser (NSA), Nuhu Ribadu; and the Head of the Civil Service of the Federation, Mrs EsthMrs.Walson-Jack.

Disu was appointed acting IGP on February 25, 2026, by President Tinubu, following the resignation of former IGP Kayode Egbetokun.

His appointment was subsequently endorsed by the Nigeria Police Council (NPC).

The former Assistant Inspector-General of Police assumed office last Wednesday.

He previously served as Assistant Inspector-General in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos, after his promotion to the rank last year.

A former head of the Lagos Rapid Response Squad (RRS), Disu has pledged to deliver accountable, modern and professional policing.

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