From Joseph Amedu, Lokoja

The Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Kogi State Council, will   hold its 2026 Press Week on March 26 at Edge Drive Hotel, Lokoja.

A statement by the Organizing Committee   indicates that the event will be heralded with a fundraising drive aimed at raising 250 million Naira for the construction of a befitting secretariat for the Correspondents’ Chapel.

The ceremony will also feature a public lecture to be delivered by Dr. Femi Ajisafe and the conferment of awards on distinguished individuals who have excelled in public service.

The recipients include Prof.

Others are Alhaji Sule Salihu Enehe, Executive Chairman, Kogi State Internal Revenue Service; Daramola Omoyele, a notable economist and data analyst,  and Hon. Leke Abejide, Member, House of Representatives, representing Yagba Federal Constituency.

The event will be graced by His Excellency, Alhaji Ahmed Usman Ododo, Executive Governor of Kogi State, as the Special Guest of Honor, and HRM Seidu Akawu, the Ohimegye Igu Kotonkarfe, as the Royal Father of the Day.

Other dignitaries expected at the event include Alhaji Dahiru Mangal, Chairman, Mangal Industries, and Prince Olatunji Olusoji, the Asiwaju of Ayere Kingdom, who are the Principal Launchers.

Alhaji Momohjimoh Adeiza, Vice President, NUJ, Zone D, who is the Chief Host; and Hon. Kingsley Femi Fanwo, Kogi State Commissioner for Information and Communications, who is the Host.

CBN Wins Global Central Banking Award for Policy Reforms

The Central Bank of Nigeria has been named the global “Central Bank of the Year” at the 2026 Central Banking Awards, following sweeping monetary and structural reforms that have helped stabilise the country’s economy after years of policy distortions.

This was disclosed in a statement by the Central Banking Awards Committee on Sunday, which credited the apex bank’s policy reset and institutional reforms for restoring confidence in Nigeria’s financial system.

According to the statement, the award reflects a decisive return to orthodox monetary policy, improved governance, and reforms that strengthened investor confidence and market stability.

Nigeria’s economy had been under severe strain prior to the reforms, with rising inflation, weakening foreign exchange reserves, and widening gaps between official and parallel market exchange rates.

The committee noted that by 2023, inflation had climbed to 22.4 per cent, while foreign exchange liquidity deteriorated significantly, with a backlog of about $7bn in unmet obligations and a spread of over 60 per cent between official and parallel market rates.

It added that economic stagnation and policy inconsistencies had pushed Nigeria from being Africa’s largest economy in 2014 to fourth position behind South Africa, Egypt, and Algeria, while monetary financing and subsidy-related interventions left policy in an “unsustainable position.”

A former senior central bank official, whose name was not mentioned, was quoted in the statement as saying the country had appeared to be “heading the way of Venezuela and Zimbabwe,” amid concerns over fiscal instability, currency depreciation, and loss of central bank independence.

However, following the appointment of Olayemi Cardoso as Governor in October 2023, the apex bank embarked on wide-ranging reforms aimed at restoring macroeconomic stability and rebuilding credibility.

The committee stated that the new leadership prioritised ending quasi-fiscal interventions, tightening monetary policy, clearing foreign exchange backlogs, and re-establishing institutional independence, forming the foundation of a broader reform agenda anchored on transparency and discipline.

A major component of the reforms was the overhaul of the foreign exchange market. The CBN replaced multiple exchange rate windows with a unified, market-driven system based on a willing-buyer, willing-seller model, while introducing an electronic FX matching platform to improve price discovery and transparency.

Cardoso was quoted as saying, “The naira now trades within a narrow, stable range. The once-substantial gap between the official and parallel markets has shrunk to under 2 per cent, down from over 60 per cent.”

The statement noted that the central bank also cleared outstanding FX obligations owed to sectors such as aviation and manufacturing, helping to restore business confidence.

As a result of improved FX liquidity, stronger capital inflows, and increased non-oil exports, Nigeria’s gross external reserves rose to $46.7bn by November 2025, representing the highest level in nearly seven years and providing more than 10 months of import cover.

The International Monetary Fund, in its July 2025 Article IV assessment, was quoted as commending the reforms, noting that the measures taken had improved market confidence and supported liquidity in the foreign exchange market.

On inflation, the committee stated that the CBN adopted aggressive monetary tightening, raising interest rates from 18.75 per cent in 2023 to 27.5 per cent by November 2024. Although inflation initially surged to 34.80 per cent in December 2024 following subsidy removal and currency liberalisation, it later declined to 15.10 per cent by January 2026.

Food inflation also moderated to 8.9 per cent, reflecting improved price stability and tighter monetary conditions.

The easing inflation trend enabled the apex bank to begin a cautious policy easing cycle, reducing the benchmark rate to 26.5 per cent by February 2026.

Cardoso said the bank remained committed to further reducing inflation, adding that “the current double-digit rate cannot be acceptable,” while emphasising a transition towards an inflation-targeting framework supported by improved data and communication tools.

Beyond monetary policy, the committee highlighted structural reforms in the banking sector, including a recapitalisation programme introduced in 2024 requiring banks to meet higher capital thresholds.

It stated that more than 33 banks had raised fresh capital, with at least 20 already meeting the new requirements ahead of the March 31, 2026 deadline, while non-compliant banks risk licence downgrade, acquisition, or liquidation.

The apex bank also strengthened supervision by transitioning towards Basel III standards to improve risk management and liquidity monitoring.

In addition, microfinance lending expanded by over 14 per cent, while digital credit products reached more than 1.2 million small businesses in 2025, supporting financial inclusion.

On payments and digitalisation, the CBN reviewed the cash management system, introduced measures to improve ATM efficiency, and strengthened oversight of payment agents nationwide.

The committee noted that over 12 million contactless cards are now in circulation and that about 40 fintech firms are supported through the CBN’s regulatory sandbox.

The statement further highlighted improvements in governance and compliance, including the establishment of a dedicated compliance department and enhanced anti-money laundering controls, which contributed to Nigeria’s removal from the Financial Action Task Force grey list in 2025.

International rating agencies also acknowledged the impact of the reforms. Fitch upgraded Nigeria’s rating from B- to B with a stable outlook in April 2025, while Moody’s raised its rating from Caa1 to B3 in May, citing improved fundamentals and policy credibility.

Nigeria’s return to the international capital market was also marked by a $2.35bn Eurobond issuance in 2025, which was oversubscribed more than five times.

Despite the progress, the committee noted that challenges remain, including sustaining disinflation, completing banking sector recapitalisation, and strengthening institutional frameworks.

It, however, concluded that the scale of reforms undertaken by the apex bank had been significant, with a former official stating, “What the CBN has achieved is nothing short of remarkable.”

By David Torough, Abuja

The Nigeria Governors Forum on Sunday in Lagos said it has submitted its contribution on the proposed state police framework to the National Security Adviser, with the document expected to be transmitted to the National Assembly.

The NGF Chairman and Kwara State Governor, Abdulrahman AbdulRazaq, disclosed this during a meeting with President Bola Tinubu at his Ikoyi residence in Lagos.

AbdulRazaq stated that discussions on state police are ongoing among various security organisations, led by the National Security Adviser, and that the NGF has made its contribution to the process.

“On the issue of state police, discussions are ongoing amongst various security organisations, led by the National Security Advisor, and the NGF has made its contribution.

“That document will be taken to the National Assembly to see how we can have a legislative framework for state police,” the governor stated.

He reaffirmed the governors’ commitment to renewing their collaboration with security forces to defeat terrorism, expand infrastructure, and improve the lives of citizens.

“As governors, we commit to renew our collaboration with security forces to defeat terrorism steadily, expand infrastructure opportunities and improve outcomes of lives of our people,” AbdulRazaq said.

The NGF chairman congratulated President Tinubu on his successful state visit to the United Kingdom, describing it as bold and significant.

“We congratulate you on the successful state visit to the United Kingdom and the many successes, investment proposals achieved during the trip.

“While our nation has always enjoyed a good relationship with the United Kingdom, the state visit, the first in 37 years, is bold and significant. It speaks to new leadership in Nigeria,” he stated.

AbdulRazaq expressed confidence that the bilateral agreements signed and the new approach on issues of shared interest with the UK would strengthen the existing relationship and bring prosperity to Nigerians.

“We are confident that the bilateral agreements presently signed and the new approach on issues of shared interest will strengthen the existing relationship between Nigeria and the United Kingdom and will bring more prosperity to our people,” he said.

The governor thanked the President for prosecuting the Renewed Hope agenda in a way that has made Nigerians proud.

“Your Excellency, we thank you for prosecuting the Renewed Hope agenda in a way that has made Nigerians proud more than ever before.

“Every Nigerian now has a stake in nation-building. We believe that this will translate to improved security in every part of our country,” he stated.

He emphasised the need for collective effort to end security breaches across the country.

AbdulRazaq declared, “Together, we must see that breaches of security all over the country come to an end.”

The NGF chairman also called on Nigerians, especially leaders, to commit to the virtues of piety, selflessness, compassion, unity, and mutual understanding for collective security, happiness, and prosperity.

He noted that about 25 governors attended the meeting at short notice.

“As you can see here today, we have about 25 governors who, at short notice, it’s a respect we have for you and the leadership you’re providing for the nation,” AbdulRazaq said.

Vice President Kashim Shettima, the Chief of Staff to the President, Femi Gbajabiamila, and other top government functionaries were present at the meeting.

The state police proposal has been a subject of intense debate, with proponents arguing that it would enhance security by bringing policing closer to communities, while critics express concerns about potential abuse by governors.

The new Inspector General of Police, Tunji Disu, had in February set up a committee to work out modalities for the establishment of state police.