CBN’s commitment to monetary stability affirmed
Governor of the Central Bank of Nigeria, Olayemi Cardoso | Credit: CBN
The Central Bank of Nigeria has given assurance to Nigerians that its ongoing policies and reforms are targeted at restoring price and monetary stability amid rising inflation and economic hardship.
While speaking at the CBN Fair in Uyo, Akwa Ibom State, on Tuesday, the CBN governor, Olayemi Cardoso, said some of the apex bank’s monetary measures were already yielding results, citing the easing of inflationary pressures and relative stability in the foreign exchange market.
Cardoso, represented by the acting Director of Corporate Communications, Hakama Ali, noted that the exchange rate unification policy had reduced volatility and cleared more than $7 billion in verified forex backlogs.
He added that the B-Match forex trading system had strengthened market integrity and improved price discovery.
The governor highlighted other initiatives, including bank recapitalisation to strengthen the sector’s resilience, the introduction of non-resident BVN to link Nigerians abroad with local banking services, and the Nigeria Payments System Vision 2028 to accelerate digital transformation and deepen financial inclusion.
He also mentioned the 75 per cent CRR on non-TSA public sector deposits, aimed at improving liquidity management and curbing inflationary pressures.
“Some of our monetary policies have started yielding positive results. This can be seen in the steady ease of inflation and current stability in the foreign exchange market,” Cardoso said.
He further urged Nigerians to respect the national currency, cautioning against spraying, mutilating, or counterfeiting the Naira.
Earlier, CBN Uyo Branch Controller, Njideka Nwabukwu, said the fair was designed to sensitise the public on the bank’s policies while creating a feedback platform to improve service delivery.
She pledged the branch’s commitment to supporting Akwa Ibom’s economic aspirations through financial literacy campaigns and stakeholder engagement.
Reports had it that the naira maintained its upward momentum last week, closing at ₦1,465/$ at the official market.
The rally was driven by weaker U.S. economic data that softened the dollar, alongside stronger foreign exchange inflows that eased demand pressure.
At the parallel market, the currency also appreciated by 3.8 per cent week-on-week to ₦1,460/$.
This narrowed the gap between the official and parallel market rates to ₦5.68/$1, compared with ₦34.34/$1 the previous week.
The Nigerian Railway Corporation generated N1.95 billion from transporting 929,553 passengers through the rail system in the first quarter of 2025, the National Bureau of Statistics has reported.
The figure is disclosed in the Rail Transportation Data Q1 2025, published by NBS on October 5 and announced via its X handle on Tuesday.
The report indicates a significant boost in NRS’s passenger and revenue figures for the first quarter of 2025.
“In Q1 2025, a total of 929,553 passengers travelled through the rail system, relative to 675,293 reported in the corresponding quarter of 2024, indicating a growth rate of 37.65%.
“The volume of goods/cargoes transported stood at 181,520 tons compared to 160,650 tons recorded in Q1 2024,” the report read.
In terms of revenue generation, NBS said, “N1.95 billion was received from passengers during the reference period, showing an increase of 37.36% from the N1.42 billion recorded in the same quarter of the previous year.”
It added that N657.03 million was received from goods and cargoes conveyed, up by 8.19% from N607.32 million in Q1 2024.
“In addition, Other receipts amounted to N115.68 million, indicating an increase of 355.39% in Q1 2025 from the N25.40 million received in Q1 2024.
Recall that the rail sector’s contribution to Nigeria’s GDP rose by 18.65% in Q1 2025, underscoring its growing economic significance.
