Oborevwori sends congratulatory message to  Ogboru at 66 see how he described him…

Governor Sheriff Oborevwori of Delta State has congratulated renowned politician and businessman, Chief Great Ovedje Ogboru, on his 66th birth anniversary.

Oborevwori’s felicitation was contained in a statement by his Chief Press Secretary, Sir Festus Ahon, where in he lauded the business mogul for his outstanding contributions to the political and economic development of the state.

He said Chief Great Ogboru remained a bastion of development politics, a businessman par excellence and a man of the people whose popularity, especially amongst Urhobos, was awesome.

“On behalf of my family, the government and people of Delta State, I congratulate our great leader and astute politician, Chief Great Ovedje Ogboru, on his 66th birth anniversary on April 10.

“We acknowledge your years of constructive contributions to making government work more for the people.

“As you celebrate this year’s anniversary, I join your family and well wishers in celebrating your life of great accomplishments with which God has blessed you.”

Ijaw, Itsekiri, Ilaje Surveillance Workers to Shutdown Chevron Facilities April 19, List Demands

A pipeline surveillance work group, the Ijaw, Itsekiri and Ilaje Community Pipeline Facilities Surveillance Programme Workers (CPFSPW), has given Chevron Nigeria Limited till April 19, 2024, to meet with its demands or experience a total shutdown of its operations in the creeks of Delta State.

The group issued the ultimatum to Chevron after rising from a recent meeting that was presided over by its chairman, Mr. Raymond Aderajor (Itsekiri); secretary, Mr. Daniel Diridumu (Ijaw), and Public Relations Officer, Mr. Dickson Aghorunse (Ilaje) wherein the workers adopted the resolution.

According to the Ijaw, Itsekiri, and Ilaje CPFSPW, they were moved to issue the ultimatum after series of letters written to Chevron on the disparity of salary payments between the pipeline surveillance workers and other staff in the company failed to produce expected results to their favour.

Giving more insights on the issue, the CPFSPW chairman, Mr. Aderajor said, “Our job is security. We are the ones securing all of Chevron’s facilities in Abiteye, Makaraba, Utunana, Dibi, Alero; we are the ones guarding all the pipelines.

“There was a certain time we protested against the company and we were told that Chevron wanted to carry out harmonization of workers. But after the harmonization, to our surprise, for the community surveillance workers they didn’t increase our salaries. However, those other workers who were receiving the same salaries with us had their pay increased.

“Then we wrote series of letters to Chevron, up to 10, nothing was done. In the month of March 2024, they sent some personnel to prevail on us that they will look into the issue. But after everything, Chevron came with just 10 per cent increment of our salaries which we are rejecting because it is not good enough.

“Those workers (in production) that we started the job together with and even before their arrival, and were on the same level of salary with us, they have increased their salaries up to N400,000k, N500,000k to N600,000k. We are receiving N120,000k to N115,000k per month. A bag of rice is N80,000k. If you take N80,000k out of N100,000k there is nothing left. The 10 percent increment is not enough,” Mr. Aderajor hinted.

Asides the salary increment, the group lamented that there was no benefit from Chevron to the surveillance workers attached to the job despite the nature of the job which exposes their lives to danger, just as the workers also demanded for better work equipment to execute their jobs effectively.

“Chevron does not provide feeding, medical for us; we are the ones paying our transport from Warri down to the creeks. Currently, from Warri to Escravos, Abiteye is about N10,000k. Our demands are that Chevron should rate us together with those in production. In the same way they are paying those workers let them also pay us like that.

“Then, feeding, medical, transport that we were not benefitting from, let them also provide those benefits. Moreover, the boat that we use in the course of doing the job and to be effective, let them give us 200HP (Horse Power) with enough fuel and communication gadgets,” he listed in their demands, while further warning that “If Chevron does not meet up to our demands, we will shut down their operations until they respond to us.”

Eid Mubarak: Secretary Delta State Council on Islamic Affairs, Ahmed salutes all Muslims faithful

By: Celestine Ukah

The Secretary Delta State Council on Islamic Affairs, DSCIA, Ahmed Alakpa has congratulated all Islamic faithful on the occasion of the Eid Mubarak celebration in commemoration of the Eid el-Fitr festival in marking the end of the holy month of Ramadan fast.

Alhaji Ahmed Alakpa enjoined Muslims to pray for peace in Nigeria and continue observing the tenets of Islam in order to enjoy a sweet life as ordered by Almighty Allah to all believers .

While appreciating God for giving them the grace to embark on this year’s Ramadan fast, prayed Almighty Allah to bless all Muslims Ummah.

According to Alhaji Alakpa in his goodwill message to Muslim brothers and sisters in Delta State and across the country said, “Eid Mubarak to all my dear Muslim families, May Allah accept our worship and sacrifices on this holy day.

“May He shower His blessings upon us and guide us on the path of righteousness. May the spirit of Eid bring us all closer together and strengthen our bonds of friendship and brotherhood.

Taqoballahu minna waminkum (May Allah accept our deeds).

Steve Omanufeme, MD/ Editor-in-Chief Independent Newspapers presenting the nomination letter for the Independent Security Company of the year 2024 to Dr. Paul Bebenimibo on behalf of TANTITA Security Services Nigeria Limited.

TANTITA Security Services Nigeria Limited has emerged Independent Newspapers “Independent Security Company of the Year 2023” in its fight against oil theft in the Niger Delta region.

This is even as Independent Newspaper is set to confer the security firm with the award May 4, 2024.

This is contained a nomination letter presented to TANTITA Security Services Nigeria Limited by Independent Newspapers Board of Editors in Effurun, Uvwie Local Government Area of Delta State.

The nomination letter was was presented by Steve Omanufeme,Managing Director/Editor-In- Chief of Independent Newspapers ably flanked by Don Okere,Editor Independent Newspapers and Yemi Adebisi, Editor, Saturday Independent and was received by Dr. Paul Bebenimibo, Media Consultant to Ex-freedom fighter, High Chief(Dr.) Oweizide Government Ekpemupolo Alias Tompolo.

The nomination letter read this,”Independent Wards: Notification of Awards as Security Company of the year

“The Board of Editors of Independent Newspapers writes to notify you that your company has been voted unanimously as independent Security Company of the Year 2023.

“The Award followed the diligent execution of the pipeline surveillance contract that has yielded impressive results including the arrest of rogue vessels operating within the Niger-Delta region.

“As a result, your activities, Nigeria’s oil production rose from 900,000 to 1.5 million barrels per day while weekly, loses fell from 4.8million to about 1.4million barrels.

“This award to TANTITA Security Services Nigeria Limited becomes even more compelling against the backdrop of the fact that in the year under review, data from the Nigerian National Petroleum Company Limited(NNPCL) showed that the nation lost 120million barrels of crude to these economic vampires.

“The NNPCL must have realised that Nigeria would not survive losing another $12.6billion within a year in 2023, like it did in the prior year and TANTITA Security Services Nigeria Limited operatives did not disappoint as they discovered 295 illegal connections to the NNPC pipelines, many of which had been in sabotage operations for years.

“Your nomination as Independent Security Company of the year 2023 also took note of the fact that, TANTITA provides employment to a good number of the youth population in the Niger Delta in the fight against oil thieves.

“This nomination by Independent Bird of Editors is in line with the Philosophy of the award: Celebrating Trail blazers and exceptional Nigerians.

“The investiture is scheduled for Saturday,May 4,2024 at the Convention Centre, Eko Hotel and Suites, Victoria Island, Lagos.”

SSA To Delta Governor, Akpeti Emerges As President General of Abari Community

Abari Community in Patani Local Government Area of Delta State now has a new President General. He is Honorable Lawrence Akpeti, a Senior Special Assistant on Community Development to the State Governor

Our Correspondent reports that the SSA to the Governor, shortly after his elevation pledged to work for the upliftment of Abari community.

Expressing his appreciation to Almighty God for his elevation in status as President General of Abari community, Honorable Lawrence Akpeti commended Admiral Festus Porbeni and the entire people of Abari Community for their efforts.

Honorable Akpeti who described Abari community as an Agriarian community that needs good road to evacuate her products to neighbouring Communities asked for the support of all in realizing the dreams of the community.

According to Honorable Akpeti, the task of being President General is a great honour and privilege, that requires support more than ever before noting that as a politician there is need to lobby and constructively engage with Government following the MORE agenda of His Excellency Rt.Hon.Sheriff Oborevwori even as he solicited the support, prayers, understanding of Abari community.

According to our Correspondent, the ceremony was well attended.

Below Is His Full Acceptance Speech;

*Acceptance speech by; Hon. Lawrence Akpeti as the President General of Abari Community in Patani LGA Delta State Nigeria.**.

Let me start by expressing my profound appreciation to the Almighty God for making this day possible also to Admiral Festus Porbeni and the entire people of Abari Community. Today marks a significant milestone in the Developmental journey of our great Abari Community, in Patani LGA, Delta state.

Abari people have bestor on me the mantle of the President General, I am sincerely honoured by your goodwill.

It is therefore with humility, great sense of responsibility and a determination to selflessly serve that I honourable Lawrence Akpeti graciously accept my present position as the president General of Abari Community in Patani LGA, Delta State.
As a people, given our values, cultural history and enviable anticedence of our founding fathers I promise to hold dear this great position of trust and responsibility unanimously reposed in me by the people of Abari Community.

Abari Community is not passing through the best of times now as we currently lack some of the basic amenities to make life easy and meaningful to our people such as good access Roads, Hospital,Police station e.t.c.

The message is simple; Abari, an Agriarian community needs good road to evacuate her products to neighbouring Communities. My people so many rivers to cross. It’s not a one man show, you have supported me to be your President General, a great honour and privilege, but the fact is that I need your support more than ever. As a politician; lobby and constructive intellectual engagement with Government following the MORE agenda of His Excellency Rt.Hon.Sheriff OBOREVWORI we will surely get to our destination.

I promise to carry everyone along, hopping to run transparent and accountable tenure, with all contributing in this process we will get to our destination.

Finally, I earnestly solicit the support, prayers, understanding of my cabinet and everybody from Abari community. I am persuaded that as a team we can overcome all odds and build a community that is fair and just for all citizens of Abari. It is my utmost desire that at the end of my tenure I will pass on to my successor a banner without stain. And I want to also use this medium to sincerely thank all Abari people home and abroad.

Long live Kabowei kingdom

Long live the Abari community

Long live Delta state.

Long live the federal Republic of Nigeria.

As ex-AMCON chair accuses Bank of promoting illegality and disobedience to court orders

Syndicated Report 

The Corporate Affairs Commission, CAC, has placed the record of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the current crisis rocking the board of the bank as a result of multiple court cases filed by aggrieved directors.

The current crisis rocking the bank stems from protests by shareholders who are kicking against the bank’s internal governance and shareholding structure, as a result of which some of them have taken their grievances to the court. One of such is the case of Olusegun Samuel Onagoruwa v. FBN Holdings Plc in Suit No. FHC/L/CP/1271/2022), which is challenging the capacity of the Board of Directors of FBN to appoint new persons to fill vacant slots.

Onagoruwa in his suit is seeking “an order setting aside, nullifying, annulling and/or quashing the appointments and approvals of Mr. Olusola Adeeyo, Mr. Viswanathan Shankar, Mrs. Remilekun Adetola, Mr. Anil Dua and Mrs. Fatima Ibrahim as Non-Executive Directors of First Bank of Nigeria Limited made on the 20th day of March, 2024, by FBN Holdings Plc during the pendency of this action and in defiance of the subsisting order of this Honourable Court made on the 15th day of July, 2022.”

The motion also seeks an order restraining the above-named non-executive directors from acting or taking any steps as non-executive directors of the bank. The current court case follows similar four other cases pending at the Federal High Court in Lagos and Abuja challenging the internal governance of FBN Limited, in addition to existing court injunctions restraining the bank from holding the last two Annual General Meetings which the bank went ahead to hold.

In a new twist to the crisis, the Corporate Affairs Commission in a letter titled
“RE: NOTIFICATION OF PENDENCY OF SUIT NO. FHC/L/CP/1575/23 AGAINST FBN HOLDINGS PLC, AND SUBSISTING INTERIM ORDERS OF THE FEDERAL HIGH COURT MADE ON THE 9TH DAY OF AUGUST 2023 RESTRAINING FBN HOLDINGS PLC FROM HOLDING OR PROCEEDING WITH ITS ANNUAL GENERAL MEETING PURPORTEDLY HELD ON THE 13TH DAY OF AUGUST 2023”, weighed in on litigations threatening to tear the old generation bank apart.

Signed on behalf of the Registrar General of CAC by Chidimma Maureen Nwite, the Commission in a letter to lawyers to some of the parties in court against FBN Holdings said
“This is to inform you that the record of FBN Holdings PLC RC: 916455 has been placed on caveat pending the determination of Suit No. FHC/L/CS/1575/2023.

Please be guided accordingly.”
Speaking on the multiple crises rocking the foundation of First Bank, a former Chairman of Asset Management Corporation of Nigeria, AMCON and Senior Advocate of Nigeria, Dr. Muiz Banire accused the first generation financial institution of promoting illegality and flagrant disobedience of court orders, a development shareholders fear poses major threat to the bid by the bank to strengthen its capital base in line with the recent directive of the Central Bank of Nigeria to all banks operating in the country to recapitalize.

Banire who is involved in one of the court cases said “the Bank seems to now have a reputation of defying court orders. What I just read is similar to the case Iam handling also. The Bank appears to be building a reputation of lawlessness and by the time it boomerangs, the bank and by extension the shareholders will bear the brunt. I am sure the plaintiffs will not allow them to get away with the illegality. The case of the bank is becoming a bubble.”

He further said “I also believe the CBN is aiding and abetting the Board of Directors the apex bank imposed. Everything the Board is doing is beyond their mandate. The Apex Bank needs to dissolve the Board and allow the shareholders to choose their Directors. It is one illegality after another.”

According to one of the workers union leaders in the bank, “as the tenure of the imposed directors is expiring, the same illegitimate Management of FBN, whose legitimacy is being challenged, has gone further, during the pendency of the cases challenging their competence to lead the bank, to arbitrarily appoint further five independent directors. Where they derived the power from remains a mystery.

“Mismanagement and manipulation of shares are also being alleged in some of the cases pending against the bank while the legality of the AGMs and the imposed board of directors remain a challenge.” The union leader expressed the fear that the spate of litigations and board squabbles currently rocking the bank may bring a quick collapse of the over 100-year- old bank.

Also speaking on the development, a shareholder, Mr. Olalekan Babalola, said “it is imperative for the authorities to find a solution to this lingering crisis as Nigeria cannot afford another major bank’s collapse at this critical time when President Bola Tinubu is working hard to revamp the nation’s crumbling economy. This is because the current crisis will definitely impede the bank from getting the new Central Bank’s capitilisation threshold.”

He called for urgent resolution of all court cases in the overall interest of depositors, shareholders and other stakeholders of the bank before further damage is done to the oldest Nigerian bank.

Sallah: Ereyitomi congratulates Muslims as they mark Eid-el-Fitr celebration

By: Celestine Ukah

The Member representing Warri Federal Federal Constituency at the Federal House of Representatives, Hon. Chief Dr. Thomas Ereyitomi has felicitated all Muslims faithful in Warri South , Warri North, Warri South-West and others in Delta State as they mark this year’s Eid-el-Fitr celebration across the country.

Hon. Chief Ereyitomi in his goodwill message to Muslims under his federal constituency urged them to use the opportunity to continually pray for peace, unity, tolerance and progress of Nigeria.

Rep Ereyitomi, Chairman House of Reps Committee on  Petroleum Resources Training Funds and member several committees in the House, charged Muslims to live in peace with their host and neighbours assuring that more dividends of quality representation and sure support shall be extended to them his people.

He notes that his representation has been for all since his inauguration and shall be sustained going forward as he is for all living under Warri federal constituency.

The high ranking Warri National Assembly member said as they embark on Salat al-Eid they should celebrate the mercy and blessings of Almighty Allah for making them complete the holy month of Ramadan fast, he as well wished them a happy feast.

Hon. Esenwah Commiserates Obi Martha Dunkwu’s Family

By Patrick Ochei

The member representing Oshimili North Constituency in Delta State House of Assembly, Hon. Frank Ngozichukwuka Esenwah has commiserated the Family of Her Royal Majesty, Obi Martha Dunkwu (Omu Okpanam/Omu Anioma/Nneoha) who has soared higher to eternal glory.

The lawmaker made the visit on Sunday 7th April, 2024, to the Palace of Omu Anioma where he met with the Chief Mourner, Dr. Afamefuna Dunkwu-Okafor and members of the Burial Committee and had fruitful discussions with them.

He was full of praises to God for Omu Martha Dunkwu’s earthly exploits, describing her life and times as exemplary and legendary.

In his condolence message as written and signed, he said, “A delectable and very amiable personality of great esteem is gone to be with the good Lord. She was a gentle, lovable personality with some midas touch. Adieu Omu Anioma and God bless your soul in eternity. Amen”.

Warri South Chairmanship Hopeful Dr Agbolaya felicitates Muslims as they celebrate Eid el-Fitr

By: Celestine Ukah

Chairmanship hopeful for Warri South Local Government Council, Amb. Dr. Toyin Agbolaya JP congratulates Muslims brothers and sisters in Warri South as they celebrate 2024 Eid al-Fitr which is in commemoration of the end of the holy month of Ramadan observed by Muslims world wide.

Dr. Agbolaya commended Muslims faithful in Warri South and in Delta State for their peaceful coexistence among their neighbours, pledging to always carry them along in scheme of things if he’s elected as the next chairman of Warri South Council in the forthcoming Local Government Council election.

He appealed to Muslims to sustain their support for the Delta State Governor Rt. Hon. Sheriff Oborevwori’s MORE agenda administration in order to get continuous support as the government have been dismaying.

Amb. Agbolaya a front line contender of the Warri South Council Boss seat want Muslims to take advantage of the festivity to pray for good of Nigeria and for prosperity for all in Warri South, adding that Eid al-Fitr as a big celebration in Islam is very significant to Muslims, noting that Ramadan is also a time for growth and reflection and that Muslims should celebrate and thank Allah for reward of goodness.

**Naira appreciation continues against US Dollar

Total inflows into the foreign exchange (forex) market rose by about 42 per cent last month to hit its highest level in the past five years as domestic and foreign investors continued to react positively to the nation’s macro-economic reforms.

NAFEM data, obtained from the FMDQ, showed that inflows rose by 41.7 per cent which translates to moving from $2.64 billion in February to $3.75 billion last month, the highest level since March 2019.

The upsurge was driven by significant increase in supplies from both domestic and foreign sources. The rally was notably driven by non-government sources, with less inflows from the Central Bank of Nigeria (CBN).

This Newspaper gathered from The Nation,in a breakdown which showed that domestic sources accounted for 59 per cent of total transactions while foreign sources contributed 41 per cent.

Notably, inflows from foreign sources jumped by 39.6 per cent from $1.10 billion in February 202 to $1.54 billion last month.

Inflows from local sources increased by 43.2 per cent from $1.54 billion in February to $2.21 billion last month,, with double digit growths across the non-CBN sources.

While inflow from the CBN dropped by 65.7 per cent, inflows from individual domestic sources quadrupled by 405.8 percent, non-bank corporate sources rose by 157.7 percent while inflows from exporters grew by 14.6 percent.

With these, average total monthly inflows into the NAFEM in first quarter of this year stood at $2.47 billion, representing an increase of 84.3 percent and 126.6 percent on monthly average of $1.34 billion and $1.09 billion recorded in first and fourth quarters of last year.

The naira continued its rally with 4.7 percent gain to close weekend at N1,251.05 per dollar. In the forwards market, naira appreciated across all tenors.

The one-month forwards appreciated by 4.4 per cent to N1,277.79 per dollar, three-month forwards rose by 5.5 percent to N1,302.91 per dollar, six-month forwards improved by 5.7 percent to N1,360.09 per dollar while the one-year contracts rallied by 4.2 percent to N1,479.02 per dollar.

The appreciation at the forwards market underlined a near consensus among analysts, projecting a stable and resilient naira going forward.

However, the nation’s forex reserves, which had gained $1.04 billion to close first quarter at $33.952 billion, dropped to $33.51 billion at the weekend.

Analysts at Cordros Capital Group attributed the upsurge in foreign inflows to positive reaction to recent initiatives by the CBN aimed at ensuring liquidity and stability within the forex market.

“In the near term, we anticipate improvement in forex liquidity conditions, although still weak relative to historical standards,” Cordros Capital stated, projecting sustained improvement in foreign inflows.

The analysts said CBN interventions have bolstered investors’ confidence, reduced speculative activities and market distortions, and improved liquidity in the forex market.

They added that continuous improvements from non-CBN sources would support the naira stability in the meantime, despite the relative weak position of the nation’s forex reserves.

“While CBN’s intervention in the forex market is poised to remain frail in the near term given its low forex reserves, we expect the naira to remain stable in the short term, supported by tighter monetary policy conditions and improved forex liquidity,” Cordros Capital stated.

The naira had regained more than one-fifth of value in recent weeks as increased foreign exchange (forex) inflows saw Nigeria’s forex reserves rising by $1.04 billion in the first quarter.

Forex reserves which had ended last year at $32.912 billion, closed first quarter 2024 at $33.952 billion, an increase of $1.038 billion. The build-up of the forex reserves came within the same period the CBN completed payment of forex backlog of $7 billion.

Naira rose by about 22 per cent in March to close at N1, 303.842 per dollar as against N1, 544.08 per dollar recorded at the end of the previous month. At the parallel market, the naira rose by about 20 percent to close the month at N1,300 per dollar.

Analysts agreed that the forex reserves accretion and naira gain may continue in the period ahead as inflows remain upbeat.

Analysts at Financial Derivatives Company (FDC), Cordros Capital, Afrinvest Securities and Arthur Steven Asset Management said they expected the naira to remain stable in the meantime, given the monetary stance of the CBN.

Managing Director, Financial Derivatives Company (FDC Bismarck Rewane said the monetary stance suggests further stability in naira and increase investors’ confidence in the economy.

He noted that the high interest rate is expected to support investment inflows from portfolio investors, which combined with a quadruple in remittance inflows and rebounding oil and non-oil export earnings, will support external reserves, aiding the CBN’s intervention efforts at the official window.

“Essentially, the naira’s stability will continue amid higher interest rates,” Rewane stated at the weekend.

He added that while it might still take some short time for exchange rate gains to translate to reduced commodity prices in the open markets, “the future holds bright promises”.

Afrinvest stated that the naira would remain stable and trade within similar band over the next weeks as the apex bank continues to attract more capital inflow.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said continuing increase in forex reserves will support current efforts aimed at fostering liquidity and stability at the forex market.

“The increase is a positive signal for improved liquidity in the forex market. This should ultimately help to stabilise the exchange rate and strengthen it further,” Amolegbe said.

President, Association of Capital Market Academics in Nigeria Prof Uche Uwaleke said any increase places the CBN in a good position to meet forex obligations as well as intervene in the forex market.

“If this development is sustained, we are likely to witness an appreciation of the naira in the forex market and more stability in the exchange rate following improved liquidity. This is one positive development capable of keeping away destructive speculators from the forex market,” Uwaleke said.

He noted that inflation rate will most likely moderate given the exchange rate pass-through to commodity prices.

With the lingering crises in Middle East and Eastern Europe amid elevated oil demand, most analysts expected crude oil price to remain substantially above Nigeria’s budget benchmark of $77.96 per barrel.

The International Energy Agency (IEA), in its latest report, increased its global crude oil demand projection for 2024 by 1.3 million barrels per day (mbpd) to 103.2mbpd.

IEA estimated that extended output cuts by Organisation of the Petroleum Exporting Countries (OPEC) and its affiliates (OPEC+) would continue to moderate supply output, keeping off any major downside volatility.

OPEC+ members had extended their voluntary production cuts of 2.2mbpd into the second quarter of 2024, with expectation of further extension beyond the first half.

Central Bank Governor Olayemi Cardoso has outlined that ongoing efforts to strengthen the country’s forex position would lead to increased stability in forex reserves and naira.

He said the collaboration with Ministry of Finance and the NNPCL to ensure that all forex inflows are returned to the CBN will greatly enhance forex flows and contribute to the accretion of reserves.

“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN.

“This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage. The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.

“We are implementing a comprehensive strategy to improve liquidity in our forex markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years,” Cardoso said.

He said the apex bank understands that upholding the integrity of financial markets is crucial for building confidence, thus it remains committed to decisively address any infractions and abuses.

He noted that in efforts to stabilise the exchange rate, the CBN prioritises transparency and a market environment that enables the fair determination of exchange rates, ensuring stability for businesses and individuals alike.

“We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate,” Cardoso said.

Economic experts were unanimous that the build-up in external reserves was a good indication for the country’s currency management and macro-economic stability.