Category: The Nation – Nigeria

The wife of the Niger State Governor, Hajiya Fatima Bago, has officially flagged off the Measles-Rubella vaccination campaign for children across the state’s 25 local government areas.

The ceremony, held in the Bida Local Government Area, marked the commencement of a statewide exercise aimed at protecting thousands of children from preventable diseases.

Speaking at the event, Hajiya Fatima Bago emphasized that the vaccination campaign is critical to safeguarding children’s health, noting that measles and rubella remain major threats to their survival and development.

The Etsu Nupe and Chairman of the Niger State Council of Traditional Rulers, Alhaji Yahaya Abubakar, described the initiative as a milestone in the state’s healthcare delivery. He urged parents, especially mothers, to present their children for vaccination, assuring them of the vaccine’s safety and benefits.

‘It is our collective responsibility to ensure that our children benefit from this important exercise. The vaccine is good for our children and has no negative impact on human development,’ he said.

The Permanent Secretary, Ministry of Secondary and Tertiary Health, Dr. Abdullahi Usman Imam, explained that the campaign will cover all 274 wards in the state.

He added that alongside the Measles-Rubella vaccine, children would also receive the Oral Polio Vaccine (OPV), malaria treatment, Human Papillomavirus (HPV) vaccines, and other routine immunizations.

Dr. Imam further disclosed that the Niger State Government has provided all the necessary logistics and resources to ensure the success of the vaccination campaign.

The National Agricultural Seed Council (NASC), in collaboration with major stakeholders, has moved to reform and strengthen Nigeria’s seed sector through the validation of the draft national seed regulation.

The new framework, described by participants as a significant reform, seeks to decentralise seed certification, increase private sector participation, and guarantee farmers across the country easier access to high-quality seeds.

Speaking during the stakeholder validation workshop in Abuja, Dr. Okelola Folarin Sunday, Registrar of the Plant Variety Protection Office at NASC, said the updated regulations are designed to align existing laws and establish a clearer operational structure for the industry.

‘When you have clear regulations or clear laws and people know what they need to do and how they have to do it, then you can get the best result,’ he said.

‘The seed space is a regimented one where everybody must know the right approach to do things. So today we are looking at harmonising our regulations as they affect variety registration, release, and other key components like third-party certification.’

Dr. Okelola explained that a key feature of the reform is the decentralisation of NASC’s functions, allowing private entities to undertake specific certification tasks under close supervision.

He added that this would enable the council to focus on oversight and policy direction while accredited third-party operators take charge of field and laboratory certification.

‘Our eyes will be on the job, but our hands will be off the job. We are bringing in more actors to produce early generation seeds, such as breeder and foundation seeds, to ensure farmers have access to certified seeds for improved productivity,’ Okelola stated.

He further noted that seed companies planning to run their own internal quality assurance systems must comply with strict standards, including staff training and periodic audits by the NASC.

The approach, he said, would not only strengthen the capacity of the seed sector but also address funding gaps that limit government oversight.

Also speaking, Director in the Office of the NASC Director General, Mr. Dahiru Rabiu, described the validation as a memorable moment for Nigeria’s seed sector, signifying a new phase of private sector-driven regulation and efficiency.

According to him, three major draft regulations were under review and validation the Third Party Certification Regulation 2025, Early Generation Seed Production Regulation 2025, and Crop Variety Release Regulation 2025.

Rabiu explained that these were developed to operationalise parts of the National Agricultural Seed Council Act, 2019, which permits the council to engage private operators in certification and quality assurance.

‘The council is going to license private sector players to handle some of these activities because the number of staff we have is too small compared to the growing needs of the industry. By bringing in the private sector, we can ensure wider coverage and better quality assurance across the country,’ Rabiu said.

He further disclosed that three certification models are being piloted the company model, where firms run internal quality control units; the institutional model, involving universities and research centres; and the independent third-party model, which relies on accredited private firms.

Rabiu also pointed out efforts to liberalise Early Generation Seed (EGS) production, revealing that Nigeria currently produces only about 30 percent of its national seed demand. Most breeder and foundation seeds, he said, are supplied by public research institutions – a gap private investors can help bridge to enhance food security.

The validation workshop brought together stakeholders across the value chain, including representatives from seed companies, research institutions, NAFDAC, and the National Centre for Genetic Resources and Biotechnology (NACGRAB).

Participants welcomed the initiative as a necessary step toward building a more competitive, transparent, and sustainable seed system in Nigeria.

Once approved, the new regulations are expected to strengthen quality assurance, encourage private investment, and drive Nigeria’s broader goals of agricultural transformation and food security.

In a major stride toward agricultural industrialisation, the Lower Benue River Basin Development Authority (LBRBDA) and Amisec Industrial Company Limited have signed a Public-Private Partnership (PPP) agreement to develop AgroCity Doma, a ?5 billion Phase One project that will transform the Doma Dam Irrigation Area in Nasarawa State into a climate-smart agro-industrial hub dedicated to organic sesame production, processing, and export.

Under the terms of the partnership, LBRBDA will provide 1,000 hectares of irrigable land along with access to water from the Doma Dam, while Amisec will lead the investment, infrastructure development, cultivation, and project management.

The initiative is positioned as a flagship model for sustainable land utilisation and value-added agriculture under Nigeria’s River Basin Development framework.

The AgroCity Doma project will comprise a mechanised nucleus farm over 1,000 hectares; Solar-powered irrigation systems for sustainable water use; a 10 MT/hour sesame processing plant for value addition; Agroforestry buffers and essential rural infrastructure, and an outgrower programme engaging over 1,000 local farmers.

Once operational, the project is projected to generate annual revenues of up to $7 million (˜ ?10.8 billion) from organic sesame sales, creating over 500 direct and 2,000 indirect jobs across the value chain.

The Hybrid Implementation Plan allows farming activities to commence in the next rainy season, even as construction of infrastructure and processing facilities continues. Full processing and export operations are expected to begin by Q1 2027.

Speaking at the signing ceremony, Managing Director of LBRBDA, Engr. Tersee Ninga emphasised that the collaboration reflects the Federal Government’s commitment to the productive use of irrigation assets in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

‘This partnership demonstrates the Federal Government’s commitment to productive use of our irrigation assets. AgroCity Doma reflects how strategic PPPs can expand food production, create jobs, and boost agro-industrial growth’.

On his part, Chief Executive Officer of Amisec Industrial Company Ltd, Abdulmuttalib Mohammad, said the company is investing ?5 billion in the project’s first phase, aiming to build a fully integrated organic sesame value chain capable of producing traceable, export-grade products.

‘Our goal is to create a sustainable sesame ecosystem that benefits local farmers and communities while positioning Nigeria as a key player in the global organic sesame market, which is valued at over $4 billion’.

Renowned social worker, broadcaster, singer, and human rights activist, Ambassador Emmanuel Gabari, has released his much-anticipated music album, Let There Be Light (Ttaala)’ to mark his birthday on October 7, 2025.

The seven-track album reflects Gabari’s deep commitment to using music as a tool for social change, peacebuilding, and advocacy. Known for addressing issues affecting society’s most vulnerable groups – including children, women, and marginalized communities – Amb. Gabari continues his mission of inspiring hope and unity through art.

Speaking on the album release, Amb. Gabari expressed gratitude and excitement: ‘I am happy putting together this body of work. It’s been a journey, and I am earnestly grateful to God for finally making this a reality.’

The new album features songs such as ‘Save The Children,’ ‘End The Violence,’ ‘Babymi,’ ‘Celebrate HRDs,’ ‘Miliki,’ ‘My Body My Soul,’ and the title track ‘Let There Be Light (Ttaala).’ Each song addresses social themes ranging from human rights and empowerment to love, unity, and spiritual reflection.

In addition to his musical career, Amb. Gabari is also an accomplished actor. Sharing his experience combining acting and music, he said: ‘Acting and music have always been my passion. I’ve done a couple of acting gigs, and when I got the role to act alongside Mama Gee (Mummy Patience Ozokwor), I was so elated. It was a mind-blowing experience. For music and songwriting, it’s what I do effortlessly.’

Amb. Gabari describes the new album as a message of hope, reassurance, love, peace, and togetherness, encouraging everyone to listen and share its uplifting message.

‘Let There Be Light is an album that brings hope and light to our world. Please listen, share, and let me know what song(s) you love most. Thank you and God bless,’ he added.

Head coach Aliyu Zubairu has taken full responsibility for Flying Eagles heavy 4-0 defeat to Argentina in the round of 16 at the ongoing FIFA U-20 World Cup, admitting that an early goal destabilized his players and affected their approach to the match.

Speaking after the team’s massacre in Santiago, Zubairu said the team struggled to recover after conceding twice in quick succession, which allowed the South Americans to dictate the pace of the game.

‘I think the early goal is part of what destabilized us. We conceded at the early stage of the game, and even the second goal came not too far from the first,’ he said. ‘That was what brought about instability in our approach. I believe the boys didn’t display positive character, and the level of our fight wasn’t enough when we didn’t have the ball, which gave Argentina a lot of opportunities and spaces.’

The coach, however, refused to lay blame on his players, insisting he bears full responsibility for the team’s elimination.

‘I take responsibility for that and not the boys. When they win, I take responsibility, and when they lose, I do the same,’ Zubairu stated.

Nigeria’s defeat to Argentina ended their campaign at the U-20 World Cup, dashing hopes of a deep run in the tournament. The Flying Eagles had earlier impressed in the group stage with spirited performances, but their defensive lapses and lack of composure in front of goal proved costly against the Albiceleste.

The 49-year-old Zubairu, who previously worked as an assistant coach with the national U-17 setup, was appointed head coach of the Flying Eagles in 2024 and led the team through the qualifying stages to the U-20 World Cup. Despite the early exit, he remains optimistic that the experience will strengthen the young players for future international duties.

‘I’m proud of the boys,’ he added. ‘They’ve shown potential, but this level requires more mental strength and consistency. We’ll learn from this and come back stronger.’

The defeat marks another disappointing end for Nigeria at the U-20 level as the team continues its search for a first-ever FIFA U-20 World Cup title despite six previous appearances in the tournament’s quarterfinals.

Nickelodeon viewers are ready for endless fun, adventure and excitement in a series of shows billed for October.

Already, family time just got better with the Halloween season as Nickelodeon is bringing all the fun with fan favourites making a return and brand-new adventures to keep the whole family laughing and excited.

From spooky specials to classic characters, viewers are to get ready for favourite shows.

Under the Nickelodeon Global is the Wylde Pak (New Series), where half-siblings Jack and Lily adjust to living together while helping at their family’s pet business.

Viewers will also be able to watch new episodes on weekdays till Friday, October 24, 2025.

SpongeBob SquarePants returns to bring even more laughter and fun to your family time from October 13, 2025 to October 24, 2025.

The Haha Halloween special will include the premiere of The Patrick Star Show, from October 27, 2025 to October 31, 2025.

On NickJr., Tim Rex in Space returns with T-Rex Tim, his big brother Tommy, little sister Tia and Triceratops bestie Kai tackle kid-shaped problems with dinosized solutions in space.

Also to rock the October specials include Rubble and Crew, Trick or treat!, Dora, Blaze and the Monster Machines, and The Tiny Chef Show.

NickToons will air The Patrick Star Show, SpongeBob SquarePants, and SONIC Prime which returns by popular demand.

Canada was set alight with rhythm, colour, and cultural pride as the 2025 Pan-Afrikan Drum Festival unfolded in grand style across Brampton and Etobicoke.

The event, now in its third edition, became more than a cultural gathering and a living testimony to the resilience of African heritage in the Diaspora and its power to unite communities across continents.

The festival, according to the convener, Prince Segun Akanni, was born out of a vision to preserve and promote African cultural traditions through the universal language of drums. Over time, that vision has evolved into a continental showcase of heritage, creativity, and empowerment. In 2025, the event achieved new heights, blending African traditions with multicultural expressions while creating space for dialogue, youth empowerment, and intercultural diplomacy.

The festivities began at the Hilton Garden Inn in Brampton with the Youth Empowerment Program, a vibrant prelude to the weekend’s cultural crescendo.

Organized by The Drum Online Organization (Pan-Afrikan) in collaboration with the Global Forum for Human Rights and Sustainable Development, the program brought together mentors and young leaders in an atmosphere charged with hope.

The Youth Empowerment session was coordinated by Mrs. Folasade Akanni, and she ensured that the voices of youth were not only heard but celebrated.

Distinguished speakers underscored the importance of combining cultural pride with innovation. Prof. Francis Fasanu, Senior Lecturer at Sheridan College, challenged youth to see heritage as a springboard for global relevance rather than a relic of the past. Dr. Abiodun Bakare, representing UWORK, USA, injected energy into the discussions as both speaker and moderator. Adding a practical edge, Madam Kehinde Okoroafor, founder of MakeMe Elegant (Nigeria), led sessions that armed participants with real-world skills to confront everyday challenges. The day ended with young attendees emboldened, equipped, and ready to lead with confidence.

If the first day was a spark, the following day was a blaze. The Grand Finale, held at the Emerald Banquet Hall in Etobicoke, was nothing short of regal. The venue glittered with cultural elegance, alive with the anticipation of guests who arrived from across Canada, Nigeria, and beyond. The Grand-Finale was declared open by Consul-General of Ghana High Commission In Canada, Mr. Peter Kobina.

The highlight of the evening came with the majestic entrance of Her Regal Majesty, Olori Ambassador (Dr.) Temitope Enitan-Ogunwusi, Queen of the Ooni of Ife, who was received with thunderous applause. Her presence elevated the festival to a royal spectacle. Accompanying her were distinguished monarchs such as Oba Babatunde Tokunbo Awosunle, Elejesi of Ejesi, and Oba Olusegun Aderemi, Atayero of Aramoko Ekiti, among others. Their attendance symbolized the deep cultural and spiritual roots binding Africans at home and abroad.

But the festival was not only about royal splendour; it was also about intercultural exchange. The Pan-Afrikan Drum Festival team dazzled the audience with pulsating rhythms drawn from West, South, and East Africa, while the Punjab Di Virasat Cultural Troupe introduced South Asian traditions of drumming, music, and dance. Their performances underscored a powerful truth: cultural strength is magnified when diversity is embraced. The Funky Cultural Troupe of Toronto added local flavour, while a fashion show and dance competitions further energized the evening.

The message was clear, this was not just a festival of African heritage but of global unity, where boundaries dissolved, and humanity danced to a shared beat.

In his address, Prince Segun Akanni, Chief Host and Convener of the festival, expressed gratitude and optimism: ‘We are determined to keep building bridges, empowering youth, and celebrating the greatness of Africa, one beat at a time.’ He went further, unveiling an ambitious plan for the establishment of an African Cultural Village (ACV) in Toronto during the 2026 FIFA World Cup. With FIFA’s approval, the project aims to showcase African drumming and dancing during the tournament’s opening and closing ceremonies, a bold step in taking African heritage to the world stage.

The festival’s impact did not end with the final drumbeat. Two days after the finale, Prince Akanni led a high-powered delegation to visit Mayor Patrick Brown of Brampton. The courtesy call was both a gesture of respect and a step toward deepening cultural diplomacy. During the meeting, Akanni proposed that the Ooni of Ife confer a Chieftaincy title on Mayor Brown in recognition of his unwavering support for the Black community in Canada. The delegation, which included royal fathers, cultural leaders, and entrepreneurs, was honoured with certificates of recognition, further cementing bonds of friendship between Canadian and African communities.

The festival also received an outpouring of goodwill messages from global leaders. Prime Minister Mark Carney of Canada praised the event as an opportunity for Canadians to learn more about African traditions. Ontario Premier Doug Ford lauded the contributions of African Canadians to the province’s growth, while Toronto Mayor Olivia Chow and Brampton Mayor Patrick Brown both emphasized the festival’s importance in shaping inclusive communities.

From Nigeria, Ambassador Abba Kawu Zanna, Acting High Commissioner in Canada, described the event as cultural diplomacy at its finest. The Ooni of Ife, Ojaja II, in his royal address, commended Prince Akanni for his dedication to preserving Yoruba and African culture abroad, calling the festival ‘a platform for global cultural exchange.’ Meanwhile, Otunba Biodun Ajiboye, Executive Secretary of Nigeria’s National Institute for Cultural Orientation (NICO), affirmed the federal government’s support, stressing that culture is not just entertainment but the soul of a nation.

The presentation of the Awards of Excellence was coordinated by the representative of Osun State Governor, Hon. Moshood Olagunju Osun State Commissioner for Youth, popular Nollywood Actor, Muyiwa Ademola and Prince Julius Ojo, Founder of Julicare Foundation

As the curtains closed, what remained was not silence but echoes of drums that spoke of unity, empowerment, and hope. The beats will linger long after, reminding the world that the drum is more than an instrument.

The Independent National Electoral Commission (INEC) has denied breaching any judgment of the Federal High Court that directed it to recognise the executive of the Action Alliance (AA) elected on October 7, 2023, in Abeokuta, Ogun State.

In a statement issued by National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, INEC stated that it had fully complied with the court’s directive.

Olumekun also clarified that there was no existing court order authorizing the arrest of the Commission’s immediate past Chairman, Prof. Mahmood Yakubu.

‘Our attention has been drawn to media reports claiming that the Federal High Court, Osogbo, Osun State, on September 29, 2025, ordered the arrest of former INEC Chairman, Prof. Mahmood Yakubu, for allegedly disobeying its judgment in a case involving the Action Alliance (AA),’ the statement read.

‘The Commission wishes to categorically state that it has not violated any court order and has fully complied with the judgment concerning the Action Alliance’s leadership,’ Olumekun added.

‘But the misleading reports mischievously omitted the Commission’s subsequent action on the case, erroneously portrayed the matter involving a corporate entity, namely INEC, as an individual affair and gave the wrong impression that the Court gave a fresh order after the initial pronouncement made on 29th September.

‘In line with its long-established tradition of always obeying court judgements and orders, the Commission on Monday 6th October 2025, which was still within the deadline, filed processes at the Federal High Court, Oshogbo to show that we had complied with its judgement and order of recognising the Action Alliance’s (AA) executive elected on 7th October 2023 at Abeokuta, Ogun State.

‘The dashboard of the Commission’s web site showing compliance was tendered as evidence.

‘However, when the judgement creditors filed a counter affidavit to complain that the Commission partially complied by listing the names of only four national executives without the National Chairman, Rufai Omoaje, the Commission responded by attaching the Notice of Appeal filed by the same Omoaje at the Supreme Court, challenging the judgement of the Court of Appeal sacking him as the National Chairman of the party.

‘The judgement of the Court of Appeal is superior to that of the federal high court, hence, the Commission cannot list Omoaje’s name as the Chairman of the Action Alliance party when the judgement of the Appeal Court is still subsisting.

‘We appeal to media organisations to fact-check their reports before publication to avoid misleading the public’.

Meanwhile, the National Election Board of Ethiopia (NEBE) and the Coalition of Ethiopian Civil Society Organisations for Elections (CECOE) has concluded its working visit to the commission.

Speaking at a farewell dinner for! The visiting delegation, Acting Chairman of INEC, Mrs. May Agbamuche-Mbu, expressed appreciation to the Ethiopian delegation for selecting Nigeria as their preferred destination for the study tour, describing the engagement as mutually beneficial.

She said ‘I want to thank you all for coming to our country. Abuja is a beautiful city surrounded by hills and greenery, and I hope you will find time to visit again. We share many similarities as large, diverse nations committed to deepening democracy. Though we have unique experiences, we are all learning from one another.’

She commended the immediate past INEC Chairman, Prof. Mahmood Yakubu, for his dedication to strengthening the Commission through technological innovation and institutional reform and expressed optimism that the lessons shared during the visit would further support the growth and independence of Ethiopia’s electoral processes.

‘We hope that all you have learnt here will contribute positively to the advancement of democratic practices in your country. Please enjoy the evening, the music, and our cuisine. Abuja is full of life and beauty.’

Responding on behalf of the visiting delegation, the Deputy Chairman of NEBE, Mr. Tesfaye Niwai, conveyed his gratitude to INEC for the warm reception and fruitful engagements during the study visit.

‘This is my first time in Nigeria, and it has been an exceptional experience,’ he stated. ‘Nigeria’s diversity, energy, and democratic strength are inspiring. Our expectations have been fully met. We have gained valuable insights into INEC’s structure, its legal framework, and its strategies for inclusivity, planning, and stakeholder engagement.’

He noted that the lessons learned from the visit would inform ongoing reforms in Ethiopia’s electoral system and strengthen collaboration between both institutions.

The All Progressives Congress (APC) Lagos State Chairman’s Cup recorded another milestone yesterday as the Local Organising Committee (LOC) for the highly anticipated football tournament was officially inaugurated at the party’s State Secretariat in Ikeja.

The event formally set the stage for the maiden edition of the state-wide youth football competition, designed to promote unity, discover emerging talents, and deepen grassroots engagement across Lagos’ 57 Local Governments and Local Council Development Areas (LCDAs).

The inauguration ceremony, attended by party leaders, youth representatives, and sports enthusiasts, was hailed as a visionary initiative of Hon. Cornelius Ojelabi, the APC Lagos State Chairman, for uniting the party’s youth base under the theme ‘One Party, One Spirit, One State.’

Dr. Bamigbade emphasized that the Chairman’s Cup goes beyond football, describing it as a strategic tool for unity and inclusivity at the grassroots level.

He said, ‘This tournament will give every local government and LCDA a sense of belonging. We are using football as a bridge for peace, unity, and youth empowerment.’

In his remarks, the LOC Chairman, Hon. Abdullahi Sesan Olowa, expressed gratitude for the trust placed in the committee and pledged to deliver a transparent and impactful tournament.

‘We are ready to make history with this event. Our goal is to unite the 57 councils under one APC spirit while discovering new football talents that will make Lagos and Nigeria proud,’ Olowa stated.

The APC Lagos State Chairman’s Cup will feature Under-18 and Under-20 categories, with cash prizes, awards, and special football development opportunities for outstanding players and teams.

From Epe to Badagry, Ikorodu to Surulere, and across the mainland and island, excitement continues to build for what promises to be a historic tournament in Lagos grassroots football.

Convener of the tournament, Dr. Seyi Bamigbade, while addressing journalists after the inauguration, announced Hon. Abdullahi Sesan Olowa as Chairman of the LOC.

Other notable committee members include Hon. Sam Egube, Hon. Yemi Alli, Hon. Bolaji Kayode Robert, Hon. Adedeji Temitope, Hon. Mrs. Kemi Ogunyemi, Hon. Tobun Abiodun, Prince Usman Akanbi Hamzat, Hon. Bamidele Yusuf Sulaimon, Hon. Mrs. Bada Abolanle Samiat, Hon. Olufemi Akanbi Okeowo, Hon. Muibi Alade Folawuyo, Hon. Motunrayo Gbadebo Alogba, Hon. Moyosore Ogunlewe, Hon. Akeem Dauda, Hon. Adebayo Olasoju, Hon. Adeola Adetoro, Hon. Babatunde Hunpe, Hon. Oluwafemi Daniel Odunayo, Prince Bolarinwa Alade, Mr. Abayomi Adelakun, Hon. Idris Balogun, Hon. Lanre Sanusi, Hon. Abiodun Jimoh Isola, Hon. Yisa Abiola Jubril, Hon. Abdulganiy Obasa, Hon. Hammed Olalekan Aroyewun, Hon. Bola Oladunjoye, Hon. Bukola Adedeji, Hon. Wale Raji.

For years, speculative trading in the foreign exchange (forex) market posed a major setback for the Nigerian naira, discouraging capital inflows and weakening the domestic economy. However, that trend is changing – and for the better. After a turbulent past marked by significant value loss, the naira is now showing strong signs of recovery, thanks to a mix of structural reforms and renewed investor confidence.

This recovery is being attributed to a range of interlinked factors – from a growing demand for the naira to a marked reduction in speculative trading. Equally important is the consistent rise in Nigeria’s foreign reserves, which currently stand at $43.05 billion, signaling improved economic confidence. Central to this turnaround are the far-reaching forex reforms introduced by the Central Bank of Nigeria (CBN) under the leadership of Governor Olayemi Cardoso. These reforms are beginning to yield significant results, particularly in curbing speculative practices and closing the gap between the official and parallel market exchange rates. The CBN has also intensified its commitment to stabilizing the currency by increasing foreign exchange supply to retail end-users, minimizing distortions in the market, and maintaining effective foreign reserves management.

The injection of liquidity into the forex market, combined with rising compliance with regulatory policies, has helped to ease the pressure on the naira and restore investor confidence. This renewed confidence is attracting more foreign portfolio investments and encouraging the participation of international oil companies, both of which are contributing to greater forex inflows. There is also growing interest from foreign investors, supported by improved market transparency, a more efficient FX framework, and strengthening macroeconomic fundamentals. As a result, Nigeria’s external reserves have continued to rise. CBN Governor Cardoso recently disclosed that the gross external reserves stood at $43.05 billion as of September 11, 2025, compared to $40.51 billion at the end of July 2025 – providing an import cover of 8.28 months and reinforcing the growing stability of the naira.

‘Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in first quarter of 2025,’ Cardoso stated during the 302nd monetary policy committee meeting held this week in Abuja.

FX speculations dip

A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, said many dealers lost huge funds as they sold below purchase rates as exchange rate gap narrowed. ‘I know some BDC operators that sold dollars below the purchasing rate. This is expected to continue in the weeks ahead. Also, the expected dollar inflows to the economy will help strengthen the naira position against the dollar,’ he said.

Analysts at Commercio Partners, attributed the rally and gradual narrowing of the exchange rate gap to a combination of stronger demand for the naira, reduced speculative trading, and improved foreign reserves. Head of Research at Commercio Partners, Ifeanyi Ubah, expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers. ‘Nigeria’s rising external reserves are reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,’ he said.

However, other experts caution that sustaining this momentum will depend on the government’s ability to maintain macroeconomic discipline, boost crude oil production, and diversify export earnings. President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, attributed the ongoing stability of the naira against dollar and other world currencies to the CBN’s policies. Gwadabe said key policies like the Foreign Exchange (FX) Code, rising investors confidence, and foreign direct investment supporting policies are effectively putting FX speculators in check. He said the FX Code implementation is comprehensively addressing various aspects of market conduct and practices. For instance, the policy authorises the CBN to establish and enforce directives regarding the standards for financial institutions under which FX deals are to be conducted.

Gwadabe said the code further entrenches transparency and accountability in the FX market, and continually sustain naira stability and rally. He also backed CBN’s position that all institutions engaged in the foreign exchange market must also provide the CBN with a detailed implementation plan outlining how they intend to achieve full compliance with the FX Code. This plans are expected to be formally approved and signed by the institution’s board of directors, and it must be accompanied by relevant extracts from the board meeting where the plan was reviewed and endorsed.

Cardoso, had at the launch of the Nigeria Foreign Exchange Code (FX Code), emphasised integrity, fairness, transparency, and efficiency as critical pillars for driving Nigeria’s economic growth and stability. He said that the FX Code was built on six core principles: ethics, governance, execution, information sharing, risk management and compliance, as well as confirmation and settlement processes. These principles, he explained, aligned with international standards while addressing the unique challenges within Nigeria’s foreign exchange market.

According to Cardoso, ‘The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.’

Besides FX Code, the apex bank also introduced the Electronic Foreign Exchange Matching System (EFEMS), which has proven effective in other economies in enhancing the functionality of the foreign exchange market. The EFEMS was meant to check forex market distortions, eliminate speculative activities and instill transparency. The EFEMS, which is commonplace in developed and developing markets offers real-time information on currency rates, trading volumes, and market activity.

Additionally, the CBN lifted the 2015 restriction barring 41 items from accessing FX at the official market to enhance trade and investment. These reforms and developments reflect the bank’s commitment to creating an enabling environment for inclusive economic development. However, achieving macroeconomic stability requires sustained vigilance and a proactive monetary policy stance. Gwadabe, said the policy shifts showed the level of creativity, policy and hard work the Cardoso puts in ensuring that more forex flows into the economy and remain accessible to businesses.

How it started

Cardoso had upon assuming office in October 2023, prioritized reforms to rebuild Nigeria’s economic buffers and strengthen resilience. In the foreign exchange market, the apex bank faced a backlog of over $7 billion in unfulfilled commitments and a fragmented FX regime characterised by multiple forex rates, which had encouraged arbitrage opportunities. ‘Over the past year, we have undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses-ranging from manufacturers to airlines-the confidence to plan and invest in the future. To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets,’ Cardoso said.

Foreign capital inflows to the domestic economy remains crucial elements in the drive to achieve monetary and fiscal policy stability. The apex bank is cultivating more sources of FX to increase dollar inflows, boost access to manufacturers and retail end users. From moves to boost diaspora remittances through new product development, the granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and enabling timely access to naira liquidity for IMTOs, the CBN has simplified dollar-inflow channels for FX dealers to boost business and economic growth.

Policies supporting remittances inflows

As part of its efforts to boost diaspora remittances and support naira stability, the CBN recently announced the introduction of two new financial products designed to serve Nigerians living abroad. The Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account was created to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora. It said, ‘The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.’

The initiative is also expected to provide a secure and efficient platform for managing funds and investing in Nigeria’s financial markets. Since the beginning of this year, eligible NRNs have continued to get the opportunity to own any of the Non-resident Nigerian accounts. The Non-Resident Nigerian Ordinary Account was designed to facilitate remittances by allowing non-resident Nigerians to remit foreign earnings into Nigeria and manage funds in foreign currency or naira. Deposits from sources such as salaries, allowances, and dividends are supported, alongside spending on family maintenance, education, and healthcare.

On the other hand, the Non-Resident Nigerian Investment Account provides an opportunity for NRNs to invest in Nigeria’s financial markets, including foreign currency-denominated bonds, fixed deposits, and local assets like equities, government securities, and mortgage products. The CBN explained that both accounts offer currency flexibility, enabling holders to maintain balances in either foreign currency or naira. Account holders will also be able to convert funds between the two currencies at prevailing exchange rates through authorised dealers.

The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year. The remittances in the economy is expected to increase based on CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth. In a report: ‘Diaspora remittances: The power behind Africa’s sustainable growth’, Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed. He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of entire nations. He said that remittances symbolize deep ties that keep communities connected across borders. ‘Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability,’ he said.

For remittances to be truly transformational, it begins with understanding and meeting people’s aspirations. Ensuring individuals who strive for more can send and receive funds, regardless of their financial status, is crucial. We must cater to diverse needs. ‘In a continent renowned for its entrepreneurial spirit, offering multiple channels for remittance access is key. Whether through bank accounts, digital wallets, mobile money apps, or cash pickups, this flexibility ensures that funds are delivered in ways that best suit local realities. Providing innovative and inclusive solutions empowers individuals to not only manage their immediate needs but also to invest in long-term growth opportunities,’ he added.