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CBN lists FX gains restriction on 41 Items …projects foreign reserve to hit $40bn

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The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele 

   By Joseph INOKOTONG

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the dogged implementation of the Bank’s policy, which restricts importers of certain items access to foreign exchange from the Nigerian Forex market, has led to improvements in the domestic production of those items and a reduction in Nigeria’s import bill.

Mr. Emefiele said this while delivering the 2017 Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos at the weekend.

Specifically, he noted that, “barring any unforeseen shocks, Inflationary pressure will continue to ease”, expressing optimism that “the rate may return to very low double digit or high single digit levels during the next year”.

He also expressed hope that “the foreign exchange reserve will continue to grow”; stressing that “Nigeria can attain a foreign reserve position of about US$40 billion by end of 2018”.

He asserted that local manufacturers were recording profits and major boosts to their revenue due to the policy.

According to him, in spite of opposition to the introduction of the policy restricting 41 items from Nigeria’s foreign exchange market, the faithful implementation of the policy had seen to the considerable decline in Nigeria’s import bills.

He disclosed that “from an average of about US$5.5 billion, the nation’s monthly import bill had fallen consistently to US$2.1 billion in 2016 and US$1.9 billion by half year 2017.

Citing the example of Psaltry International Limited (PIL), an agro-allied company based in Oyo State, he said the introduction of the policy had reversed the fortunes of the starch-producing company.

The CBN Governor noted that prior to the policy, Psaltry had only few customers and a huge backlog of inventory.

However, due to the policy, he disclosed that the company now has over 50 multinational clients including Nestle and Unilever, thereby saving the country $7 million in foreign exchange drawdown over the two years of the policy.

While also asserting that the access restriction policy had freed Nigeria from the perennially embarrassing importation of toothpicks, the CBN Governor disclosed to the delight of the audience that as part of the gains from the policy and in line with an agreement reached with Unilever, which moved its production facility to another country a few years ago, the company had agreed to commission a new Blue Band Factory in Agbara, Ogun State before the end of 2017.

Mr. Emefiele further disclosed that the implementation of the policy had a great impact on Nigeria’s import bill and boosted local rice production in Nigeria.

He recalled that Nigeria, in 2012, imported about 1.2 million metric tonnes of rice from a trading partner, noting that, in 2016, after one full year of implementation of the policy, rice exports to Nigeria had fallen by 99 percent to only 784 metric tonnes.

“These are clearly verifiable successes of government’s attempts to create jobs locally, improve the wealth of our rural population, improve industrial capacities and ultimately attain economic growth in Nigeria,” he noted.

On the current position of the economy, Mr. Emefiele expressed delight that the Nigerian economy had recorded positive growth after five consecutive quarters of negative growth, thereby signaling its exit from recession.

He also noted the downward trend in headline inflation from 18.72 per cent in January 2017 to the September 2017 figure of 15.98.

The CBN Governor equally expressed gladness that the Naira had appreciated from over N500/US$1 to about N360/US$1.

While noting that the economy had seen stability in the exchange rate of the naira for over six months, he affirmed that the exchange rate was not only stable, but was also converging across various windows and segments of the market.

He noted that since the establishment of the Import and Export Window, the CBN had recorded about US$10 billion in autonomous inflows through this window alone.

According to him, this reflected the effect of the increased transparency which that window accorded the foreign exchange market and its impact of improving investor confidence and business sentiments.

Speaking on the country’s reserves, Emefiele noted that the reserves had recovered significantly from about US$23 billion in October 2016 to over US$34.3 billion as at November 3, 2017.

“The accretion in reserves does not only reflect increased inflow but also our shrewd FX demand management strategy,” he added

In assessing the country’s rating on the ease of doing business, he disclosed that the World Bank’s ease of doing business indicator for 2018 showed that Nigeria, with a score of 52.03, improved 24 places to rank 145 out of 190, standing above the regional

average score of 50.43 recorded for sub-Saharan Africa. This is even as he noted that the Bank’s effort had reinforced the Presidential initiatives to improve ease of doing business in Nigeria.

Speaking on the economic outlook for 2018, Emefiele warned fiscal and monetary authorities against complacency and over-confidence because of current positive developments in the economy. Rather, he urged all to strive to improve and sustain the pace of recovery.

Although he noted that the import bill had dropped, he stressed that Nigeria’s manufacturing and agriculture sectors still had a long way to go if the country were to attain self-sufficiency in those sectors.

Nevertheless, he assured that the CBN, on its part, would continue to fine-tune its policies and strategies based on its understanding of evolving developments and supported by in-house technical analysis and simulations.

He assured that the CBN would remain proactive in ensuring that the welfare of Nigerians is optimised at any point in time.

Mr. Emefiele also expressed hope that the economic recovery would consolidate and that the exchange rate stability currently being witnessed would continue.

While expressing hope for even stronger policy coordination, collaboration and cooperation in 2018, he hinted that monetary policy stance could change when the underlying fundamentals become supportive.

The CBN Governor expressed delight that some of the pains that were associated with some of the CBN’s policies had become major gains in Nigeria’s economy, and urged all stakeholders to work towards creating a Nigeria, where balanced growth and shared prosperity is guaranteed for all.

 

 

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DSS Moves Against Agbo, over Alleged impersonation as Benue PDP Guber candidate

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The operatives of the Department of State Security Services, DSS has laid a manhunt on embattled former Chairman of the Peoples Democratic Party, PDP in Benue State, over Alleged impersonation.

A highly placed Security source on Thursday, confirmed to our correspondent that the service is currently looking for Dr. Emmanuel Agbo for impersonating himself as the Governorship candidate of the People’s Democratic Party in Benue state.

The source said that Dr. Agbo, must be interrogated to enable the service have an idea were his candidature was decided as well as venue it took place.

He further added that from preliminary findings Agbo, is playing a role of a ” useful idiot ” been sponsored by political bigwigs in the state that must be unravel by the service.

He queried that all the primary election that took place across the 36 states of the Federation including the Federal Capital Territory was monitored by the DSS and reports were filed including that of Benue State which officially in the PDP, the former Attorney General of the Federation and Minister of Justice, Michael Kaase Aondoakaa, SAN emerged.

Already, a political pressure group has petitioed, Dr. Emmanuel Agbo who they Alleged he is now parading a “fake” Certificate of Return as the party’s candidate is just an “impostor” who didn’t participate in the party’s primaries in May, 2026.

“The Certificate of Return which the disbanded Turaki-led Interim National Executive Council presented to Dr. Agbo yesterday is fake and will not be recognized by the Independent National Electoral Commission during the uploading of party candidates on their portal” the group noted.

The group however challenged Agbo to present evidence that he partook in the said primaries, and also make available proofs that representatives of the Independent National Electoral Commission, officials of the party from Abuja as well as representatives of Nigeria’s security agencies were present in his own selection process if there is any.

The group stated further that there are proofs that Dr. Emmanuel Agbo is being sponsored by some “disgruntled” elements to ruin the chances of the People’s Democratic Party in the forthcoming governorship election in Benue state.

The statement reads in parts:”Emmanuel Agbo has been warned to desist from this act of impersonation before it’s too late, and if he fails to stop this act, we shall drag him before a competent court to face criminal charges.

“That he is being sponsored to ruin the chances of the party is no longer a secret but, we will make sure that we stop him and his co-travellers who are hell bent on destroying the party”

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EUYI Alleges Secret Recruitment, Job Racketeering in JAMB Ahead of Oloyede’s Exit

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The Empowerment for Unemployed Youth Initiative (EUYI) has raised concerns over an alleged recruitment exercise conducted by the Joint Admissions and Matriculation Board (JAMB), claiming that more than 100 employment letters were issued in June 2026, barely six weeks before the expiration of the tenure of JAMB Registrar, Professor Ishaq Oloyede.

In a statement signed by its National Coordinator, Comrade Danesi Momoh Prince, and Secretary, Comrade Igwe Ude-Umanta, the group described the alleged recruitment exercise as secretive and called on relevant government agencies to investigate the matter.

According to EUYI, the recruitment process was allegedly carried out without public advertisement and may have violated established procedures governing employment into federal public institutions.

The organisation argued that the timing of the recruitment raises questions, particularly following President Bola Ahmed Tinubu’s appointment of Professor Segun Aina as the incoming Registrar of JAMB, effective July 30, 2026.

“There is no apparent urgency that would justify a major recruitment exercise by an administration that has only a few weeks remaining in office,” the statement said.

EUYI further alleged that previous recruitment exercises conducted during Professor Oloyede’s tenure had attracted public controversy and scrutiny from the National Assembly, although the JAMB management had maintained that it obtained the necessary approvals from the Federal Character Commission (FCC).

The group contended that if the latest allegations are confirmed, the exercise could amount to violations of constitutional and statutory provisions governing public sector recruitment. It cited Section 14(3) of the Constitution of the Federal Republic of Nigeria and relevant provisions of the Federal Character Commission Establishment Act, which emphasize equitable representation, transparency, and compliance with federal character principles in public service appointments.

The advocacy group also called on the Federal Character Commission to clarify whether it approved the alleged recruitment exercise and, if so, whether all legal requirements were met before employment letters were issued.

In addition, EUYI urged anti-corruption agencies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to investigate possible cases of nepotism, abuse of office, or other irregularities should evidence emerge to support such claims.

The organization stated that illegal recruitment practices and job racketeering have contributed significantly to the frustrations of millions of unemployed Nigerians, arguing that employment opportunities in public institutions should be transparent, merit-based, and accessible to all qualified citizens.

EUYI gave JAMB a three-day ultimatum to respond to the allegations and provide clarification regarding the reported recruitment exercise.

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THE GENETICS OF BETRAYAL: WHY ALIA WAS BORN TO FIGHT AKUME

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By Aondoakaa Tersugh Daniel | 22/06/2026

The moment Chief Hyacinth Iormen Alia took his oath of office, he turned his guns on Senator George Akume without any visible provocation, and the confusion that followed has lingered ever since. Akume himself could not hide his bewilderment. He has been quoted saying that people should pray for Father, because the man fighting him is not the Father he used to know. Yet a closer look into Alia’s family history reveals that this hostility is not new at all. It is simply genetics finding its way back to the surface.

Decades ago, when Senator Joseph Sarwuan Tarka championed the United Middle Belt Congress and became the face of that movement, Thomas Kastina Alia rose as his fiercest opponent within Benue. The elder Alia went as far as planting the headquarters of Nnamdi Azikiwe’s NCNC, the opposition party of that era, right inside Aliade, the very heartland of Tarka’s Masev support base. The rivalry between the two men was bitter and beyond repair.

As though that chapter of hostility was not enough, another figure emerged to continue the assignment. While Tarka served as a Minister, Godwin Dabo raised allegations of corruption against him, a move that eventually forced Tarka to resign from his position. That blow is widely remembered as one of the most damaging episodes of Tarka’s political career.

This raises a question the Kunav elite of today owe the younger generation an answer to. What truly happened between the Kunav and Jemgbagh people that birthed this chain of political vendetta? Thomas Alia, a Kunav son, frustrated Tarka of Jemgbagh first. Then it was as if a baton had been quietly passed to Godwin Dabo to finish the job. Both men were not only of Kunav extraction but shared the same Kyan constituency, a detail too specific to ignore.

It becomes difficult to understand why Akume, who descends directly from Tarka’s lineage, did not study this history closely enough to avoid walking into the same trap that Alia represents. There is an old saying that a blind man does not allow his roasted groundnuts to burn twice. If the first batch is ruined, he learns to manage the fire better on the second attempt, ensuring it comes out either half done or perfectly roasted. Akume has now looked history squarely in the face and still ended up handing power to the son of Tarka’s oldest political enemy.

So when people call this current war between Akume and Alia madness, they are not entirely wrong, but it is madness with deep roots. It is nothing more than a genetic expression of rivalry that has existed for generations, simply resurfacing in a new political season. Akume owes the memory of Tarka a final reckoning. The score can only be balanced if Akume does to Hyacinth Iormen Alia exactly what Godwin Dabo once did to Tarka.

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