By Tony Obiechina, Abuja

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said diaspora remittances are projected to rise to one billion dollars monthly by the end of 2026.

Cardoso also urged domestic investors to take advantage of opportunities created by the ongoing reforms and improve macro-economic stability.

He spoke during a fireside chat hosted by Frank Aigbogun, Publisher and Editor-in-Chief of BusinessDay Media Ltd. at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday.

The forum had the theme, “From Stability to Shared Prosperity.

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Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors confidence.

He identified exchange rate unification as one of the CBN’s major achievements under the reforms programme.

According to him, replacing multiple exchange rate windows with a market driven system eliminated distortions and improved transparency.

Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.

He said Nigeria’s net external reserves had risen from about three billion dollars at the start of the reforms to above 40 billion dollars currently.

The governor added that gross external reserves had grown to about 52 billion dollars, representing about 10 months of import cover.

According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.

He said the reserves were not meant for routine interventions or day to day exchange rate management.

Cardoso described diaspora remittances as a major contributor to rising reserves and foreign exchange stability.

He said the CBN deliberately targeted remittances to diversify reserve sources beyond oil earnings.

According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.

He said the CBN subsequently reviewed policies to ensure easier movement of funds into and out of the country.

Cardoso described the approach as providing free entry and free exit for foreign exchange.

He said the reforms helped doubled diaspora inflows within one year and exceeded initial expectations.

According to him, remittances had risen to more than 600 million dollars at the latest reporting period.

He said the CBN expected inflows to reach one billion dollars monthly by the end of 2026.

Cardoso projected annual remittances could reach about eight billion dollars if the current momentum was sustained.

He said the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.

Cardoso also highlighted the return of international functionality to Naira denominated payment cards.

He said the initiative improved convenience for Nigerians travelling and making payments abroad.

On bank recapitalisation, Cardoso said the exercise attracted between four trillion Naira and five trillion Naira in fresh capital.

He said the additional capital had strengthened the resilience and lending capacity of Nigerian banks.

According to him, moderating inflation and lower interest rates would support increased lending to businesses and small enterprises.

He urged banks to maintain prudent risk management while expanding credit to productive sectors.

Cardoso advised Nigerian business leaders to take advantage of improving economic conditions by investing locally.

According to him, international investors had shown growing interest in Nigeria following recent reforms.

“The time to invest is now because stability has returned and opportunities are expanding,” he said.

Speaking on monetary policy, Cardoso said the Monetary Policy Committee remained guided by data in its decisions.

He said the committee would continue taking decisions that protect Nigeria’s long term economic interests.

Cardoso explained that global developments could influence future monetary policy decisions.

He cited the recent conflict involving the United States and Iran as an example of external risks facing economies.

According to him, difficult policy decisions helped restore confidence during a period of severe economic stress.

He said Nigeria previously faced weak reserves and about seven billion dollars in outstanding obligations.

Cardoso said trust remained the foundation of central banking and sound economic management.

He said difficult reforms were necessary to secure the country’s future and promote shared prosperity.

By Elijah Oguche, Abuja

Stakeholders of the All Progressives Congress (APC) in Benue State have condemned the worsening State of insecurity in the state resulting in continuing wanton killings of innocent citizens, the latest of which occurred in Otukpo-Nobi, in the Benue-South Senatorial District.

They called for change of governmental leadership in the state owing to the manifest inability of Governor Hyacinth Alia to muster a serious challenge against the situation.

Speaking in Abuja while answering questions on “One Benue, One Direction Hang Out with Journalists”, A Chieftain of the APC, Hon.

Timothy Hembaor, lamented that insecurity in Benue is spiralling out of control because Governor Alia has failed to even accept that there are killings in the state, talk more of finding solutions to the crisis.

Hembaor lamented that Governor Alia had repealed the the Anti Grazing law that was in place before his elections, confiscating enforcement vehicles and converting them for commercial transportation purposes.

“We are an agricultural state. How are we going to support our farmers to turn from partisanship to become extension agricultural farmers? Is the present government willing to support farmers? Is our land safe? I tell you it is not. The Alia administration is not going about the issue of security with sincerity.

“Hostilities against our people now have grown many times more than what obtained prior to Alia becoming Governor, and it is getting worse, with the potential of going completely out of control should he be re-elected to a second term as Governor” he stated.

Also speaking, APC Legal Adviser in the Benue-South (Zone C) Barr. Napoleon Otache, lamented that the entire Zone C is under siege by Fulani herdsmen, kidnappers and bandits.

“There are active threats going on in all parts of Zone C from terrorists. Governor Alia refers to them as foreigners, so I agree. But they pose a very latent threat of terrorism, yet the governor does not treat it as such. As big an urban centre as Otukpo is, once it is 4 p.m. the town shuts down.

“The economy is crippled. People no longer go to farm in Otukpo and environs. You stay at home and wait for the worst that could happen. You can be in your house and still be killed” he lamented.

Barr. Otache criticized the governor as not showing commitment or readiness to protect lives and property in the state, noting that it is becoming obvious he lacks ideas on how to deal with the situation that has put the state under siege, pushing her citizens into poverty and hopelessness.

Calling in on the programme from Makurdi, Comrade Adams A. said to rescue Benue from the hands of insecurity, the current leadership of the state must be changed.

He explained that Governor Alia does not believe he has a security crisis, “he has denied it many times openly, while people are dying and displaced from their homes on a daily basis all over the state, so how can he proffer solutions to what he does not think exist” Adams questioned.

Stakeholders who spoke on the programme believe that the insecurity in the Benue state will get worse if the Governor Alia is re elected to a second term of office.

By David Torough, Abuja

The Defence for Democracy, has reiterated earlier call on the leadership of the People’s Democratic Party (PDP) including the minister of the Federal Capital Territory (FCT) Nyesome Wike against fielding former minister of Science and Technology, Uche Geoffrey Nnaji as candidate for the 2027 Enugu Governorship polls , allaying fears that his protracted alleged forgery prosecution will have negative effect on the party .

The civil society organisation emphasized that there are two windows available for the PDP which includes uploading and substitution to field a formidable candidate that will win the election for the PDP stressing that Enugu state is the traditional home of the PDP but only if a candidate without alleged criminal charges flies it’s flag.

The Independent Corrupt Practice Commission(ICPC) has arraigned the former minister Nnaji before an Abuja High Court over allegations of forged credentials .

Nnaji resigned from President Bola Ahmed Tinubu’s cabinet over similar allegations of forgery and was arrested by anti corruption agencies at the Abuja airport and charged to court .

In a statement issued by the National President of the organisation Dr. Emeka Nwachukwu, and made available to journalists, the organisation expressed concerns that the leadership of the PDP has not yet taken a firm decision to protect the integrity of the party of despite its earlier warnings that the PDP will be working for the victory of the ruling All Progressives Congress (APC) in the state should the party fails to take decisive measures .

The organisation had warned that the APC will have sufficient grounds to fast-track accelerated hearing of the forgery case and eventually upturn any victory if the former minister wins .

Reiterating it’s position following the commencement of the criminal trials against the former minister, the group maintained that trust building,integrity and credibility as qualities that attract fellowship are conspicuously absent giving the wealth of allegations against the former minister .

The organisation emphasized that the people of Enugu State deserve leaders whose records can withstand public scrutiny without fear or controversy.

Acknowledged that the allegations are not yet proven in court, the distractions and moral burden has negative impact of the party and the candidate heading into the most critical part of the electioneering process ahead of the 2027 Governorship elections in Enugu state.

It maintained that the PDP has a moral responsibility to raise the red flag on the former minister, adding that winning the election with him on the ballot will be nearly impossible .

The organisation argued that credible candidates such as Chief Samson Nnamani stands a brighter chance of winning the elections having participated in all the processes in outlined by the Independent National Electoral Commission (INEC) in the amemded electoral Act.

“We have said everything that is playing out today and we cautioned the PDP because we want to see a competitive Democratic process and not a process that already places a popular political party in a disadvantaged position .

“We are confident that the moral burden against the former minister is huge and with the commencement of the criminal charges against him makes his case worse even before a court judgement .

“So why take an unnecessary gamble in a game you can win if you fix your house in order .

“We are calling on the NWC and major stake holders of the party including the FCT minister to come to the rescue of the PDP in Enugu and do the needful and for the first time we are saying why can’t you go with Chief Sampson Chukwu Nnamani who has clean and Excellency records instead of sticking with somebody with such baggages especially as an opposition party “.