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

Cardoso, who spoke in an interview with Bloomberg TV on Tuesday, said he believes the excessive volatility may be a thing of the past.

He also said the financial regulator will continue to work hard, adding that it is a work in progress.

“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.

‘DATA TO DETERMINE CBN’S MPC STANCE ON INFLATION’

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.

Governor Abba Yusuf of Kano state, on Tuesday, settled the bill for the rent of Kano Princess and her mother at Morning Side Suits in Victoria Island, Lagos.

They were stranded until the Kano State Government came to their rescue, the Governor’s spokesman, Sanusi Bature, said.

“The Governor of Kano state Alhaji Abba Kabir Yusuf has again extended his humanitarian gesture to the daughter of late Emir of Kano, Zainab Jummai Ado Bayero, her brother and her mother when he settled the rent bill of the Kano Prince and Princess few hours to the deadline of the eviction notice they were served by the apartment in Lagos,” Bature said.

Bature said he arrived Lagos in the early hours of Tuesday to meet with the General Manager of the apartment where the Ado Bayero family have been living since early this year.

The General Manager, Sunel Kumar, had vowed to evict them by 3pm on Tuesday if the rent was not renewed.

“The Governor’s intervention followed an outcry in the media by Princess Zainab Bayero on behalf of her mother and brother who were neglected by the royal family after the death of the late Ado Bayero.

“Zainab, her brother and her mother have been facing difficult times since the demise of the late Emir of Kano Alhaji Ado Bayero due to the denial of their inheritance.

“Until May 23rd, 2024, Zainab’s half brothers Aminu Ado Bayero and Nasiru Ado Bayero were the emirs of Kano and Bichi emirates in Kano state,” Bature said.

It was gathered Zainab Ado Bayero is a documentary producer who recently worked on the personality profile and documentary of her late father, Ado Abdullahi Bayero.

“You came at the right time, we were about to be forcefully evicted from the facility for our inability to pay the rent, they said today is final, we must move out by 3:00 pm and you came just fifteen minutes to the time, they have already mobilised youths to remove us out of the apartment, Alhamdulillah for your arrival,” Bature quoted Zainab as saying.

Bature, who represented Governor Yusuf in the transaction, said: “the Governor’s humanitarian intervention was due to the fact that many citizens of Kano feel that the matter did not portray the royal family and Kano in good light.

“They are not only members of the royal family, they are our Muslim sisters and brother, currently in need,” Bature stated.

1. Bandits have launched another terror attack on Danbaza community in Maradun Local Government Area of Zamfara State, kidnapping 47 people. According to a resident of the village, Mustapha Danbaza, 11 people were abducted in one family during the attack.

2. A Supplementary Appropriation Bill containing requests for a new presidential jet may be forwarded to the National Assembly tomorrow, it was learnt last night. The money for the jet will be included in the supplementary appropriation. Three of the aircrafts in the PAF have been put on sale to augment the cost.

3. The Labour Party (LP) leadership tussle deepened on Tuesday as its National Transition Committee, LPNTC, insisted that the national chairman, Julius Abure, must resign. The labour leaders, who stormed the venue of the meeting of the National Working Committee, NWC, in Abuja, said the tenure of Abure and other members of the NWC would expire by month end.

4. The Academic Staff Union of Universities, ASUU, has called for urgent resuscitation of the university system before it breaks down totally. According to ASUU, universities are collapsing due to the government’s failure to address outstanding issues with the union.

5. Governors of the 36 states of the federation have resolved to meet on Wednesday to resolve issues regarding the proposed new minimum wage. Acting Director on Media and Public Affairs of the Nigeria Governors’ Forum, NGF, Halima Ahmed, said the meeting would hold by 7pm in Abuja.

6. The Federal Government, on Tuesday, declared that there was no importation of dirty fuel into Nigeria, countering the recent position of an official of the Dangote Petroleum Refinery. It declared this after meeting with oil marketers and local refiners of crude oil in Abuja, where parties at the meeting discussed issues about refined products’ pricing, issues of competition and the importation of products that are produced in Nigeria.

7. The Ogun State Police Command says it will prosecute a man, Lekan Akinyemi, who was arrested for allegedly exhuming and beheading a corpse for ritual purposes in the Itoko area of Abeokuta, the state capital. It was gathered on Tuesday that the suspect was arrested on Monday after a resident alerted the police about suspicious activities around his father’s grave.

8. President Bola Ahmed Tinubu has opted to consult further on minimum wage before sending an Executive Bill to the National Assembly. The President took the decision yesterday at a meeting of the Federal Executive Council, FEC, where he received the report of the Tripartite Committee from the Secretary to the Government of the Federation, SGF, George Akume.

9. President Bola Tinubu has directed the Federal Executive Council, FEC, to set up a committee to oversee the cholera emergency operation centre operated by the National Centre for Disease Control, NCDC. The Minister of Health, Dr Ali Pate, disclosed this while briefing State House correspondents at the end of the council meeting on Tuesday.

10. The Naira on Tuesday appreciated in the parallel market to N1,500 per dollar from N1,505 per dollar on Monday. However, the currency depreciated to N1,500.79 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.