Category Nigeria News

The Central Bank of Nigeria (CBN) uses a variety of tactics to stabilize the naira and control inflation, which is making a significant change to the country’s economy. These actions are essential to promoting sustainable development and addressing economic challenges. Because it provides Nigerian users with real-time currency fluctuation monitoring, the forex trading app has gained popularity as a tool for individuals interested in trading foreign exchange markets.

To stabilize the naira, the CBN primarily relies on structural economic adjustments and monetary policy adjustments. The unification of multiple exchange rate windows, which aimed to end arbitrage and promote transparency in the foreign exchange market, was a crucial initiative. A market-driven exchange rate system known as the Investors’ and Exporters’ (I&amp, E) FX window has successfully cured artificial pricing distortions.

The CBN adjusts key interest rates to maintain inflation through strict monetary policies. The Monetary Policy Rate (MPR) is increased to lower circulation and stabilize prices, thereby sluggish consumer spending. Commercial banks’ ability to lend money is further limited by raising the Cash Reserve Requirement (CRR), which further controls liquidity and halts inflationary trends.

For maintaining currency stability, it is crucial to increase Nigeria’s foreign exchange reserves. These reserves increase investor confidence in the naira and serve as a buffer against global economic shocks. Policies have been put in place by the government and the CBN to encourage diaspora remittances, increase non-oil export revenues, and promote foreign direct investment. These inflows maintain the availability of foreign currency, resulting in a stable exchange rate.

Additionally, the government’s fiscal reforms promote currency stability and strengthen monetary instruments. The elimination of fuel subsidies aims to lower public finances costs and help to promote economic growth, despite initially causing inflation due to higher utility and transportation costs. This is anticipated to result in a lower foreign debt and long-term fiscal stability.

Nigeria’s strategy for reducing inflation is heavily influenced by digital innovation. The monetary system is modernized with the introduction of the first digital currency from Africa’s central bank, the eNaira. The eNaira improves the execution of monetary policy, improves access to financial services, and improves consumer behavior tracking in real-time.

To maintain financial system stability, the CBN is expanding its oversight of banking operations. Financial institutions are more resilient because of risk-based supervision, stress testing, and stricter prudential rules. In times of economic turbulence and pressure on the foreign exchange market, robust banks are essential for preserving system trust.

Public awareness and transparency are essential for managing inflation expectations. Through press conferences and meetings, the CBN maintains an open dialogue with all stakeholders and regularly updates the bank’s monetary policy. Price fluctuations and market speculators are reduced by this objective communication, which helps to stabilize market and consumer expectations.

There are still several obstacles to fully stabilizing and controlling the naira. Nigeria’s economy is still sensitive to the volatility of the world’s oil prices, which results in unpredictable revenue flows. Economic stability is hampered by structural barriers, including unreliable energy supplies, unreliable infrastructure, and limited industrial expansion.

The widespread informal sector, which employs many Nigerians, operates outside of traditional financial systems, putting strain on efforts to monitor and regulate money transactions. The reach and potency of monetary policies can be increased by expanding the use of digital financial services, improving documentation, and promoting formalization.

For Nigeria’s future economic development, structural reforms to diversify the economy, investments in human capital development, and synchronized fiscal and monetary policies are necessary. For sustainable development and reduced economic vulnerability, institutional strengthening, policy discipline, and infrastructure investments are essential.

Three people were killed and several others were hurt when a two-story building under construction collapsed at Otta Ona Junction in Lagos State’s Ikorodu, close to the Mobil Filling Station bus stop.

Following distress alerts, the Lagos State Emergency Management Agency (LASEMA) released a situation update on Wednesday, which stated the agency immediately activated the state’s emergency response plans.

The Agbowa, Alausa, and Cappa bases were used to transport teams to the scene of the incident, according to the organization.

Three people were rescued from the rubble by LASEMA’s Lion, Tiger, and Eagle Response Teams upon arrival.

A teenage girl and two adult male victims, both of whom had survived, were both saved and were still alive.

However, the Pre-Hospital Care Unit at LASEMA managed to save and treat nine adult males successfully.

Also Read: Two Soldiers Die in Boko Haram Attack and Explosives Recovered by Army

At the time of writing this report, it was still unclear what caused the collapse. According to LASEMA, investigations are still being conducted to ascertain what caused the building’s structural failure while it was still being constructed.

The organization claimed to have used heavy-duty equipment, including an excavator, to clear the debris and locate the victims in order to support the rescue operation.

Additionally, to facilitate operation at night, floodlights were installed to illuminate the site. Since then, Igbogbo Police Division officers have received the deceased’s bodies.

At the time of writing this report, search and rescue efforts were still in progress. To protect the safety of emergency personnel and the general public, LASEMA noted that the affected structure is in the process of being ground-level deconstructed.

A bill that seeks to authorize the issuance of 1.48 trillion naira from the Consolidated Revenue Fund for Rivers State’s 2025 fiscal year was passed by the Senate in second reading.

Senator Opeyemi Bamidele, the leader of the Senate, read the bill titled “Bill for an Act to Authorize the Issue from the Consolidated Revenue Fund of Rivers State” during plenary.

According to the proposed spending plan’s breakdown:

Debt servicing is a portion of the 122. 8 billion budget.

For recurrent (non-debt) expenditure, 280. 3 billion is designated.

Capital expenditures totaling $1.07 trillion are anticipated.

According to Bamidele, the budget is intended to enable state-wide smooth government operations under an emergency management system.

He added that the proposal places a premium on enhancing residents’ quality of life by promoting inclusive growth and development.

In two weeks, the bill has been moved to the ad-hoc committee on rivers emergency rule to supervise and reverse.

In response to the oil-rich state’s ongoing state of emergency established in the oil-rich state since March 2025, President Bola Tinubu wrote to the Senate and the House of Representatives last week asking for the consideration and approval of the $1. 1.4 trillion Appropriation bill.

Rivers Crisis: Not Beyond Resolution, by Ibas, READ ALSO.

Senator Godswill Akpabio, the president of the Senate, stated in his letter that when the money is approved, the Rivers State Emergency Rule Government will use it to fund education, agriculture, free drug access, and other needs.

The request, in Tinubu’s opinion, is in line with the constitution’s requirement that the state assembly assume legislative responsibilities for any state in a state house of assembly that is suspended or unresponsive.

In a nationwide broadcast on Tuesday, March 18, 2025, Tinubu declared a state of emergency in Rivers State, suspended governor Siminalayi Fubara, his deputy Ngozi Odu, as well as the House of Assembly members of the state, for six months.

According to Tinubu, who relyed on Section 305 of the 1999 Constitution to support his position, he can’t continue to observe the political deterioration in Rivers.

Ibas was immediately sworn in as the oil-rich Niger Delta state and given the president’s sole administrator. In order to provide oversight over the state, Akpabio established an 18-member committee under Bamidele’s leadership.

For the upcoming National Industrial Manpower Summit, the federal government has established seven planning committees.

Senator John Enoh, the Minister of State for Industry, Trade, and Investment, addressed the committees in Abuja, stating that the move became necessary to ensure that Nigeria’s industrial growth was supported by both people, skilled, equipped, and globally competitive.

Through one of its most crucial levers: human capital development, this summit is not just an event; it is a declaration of intent,” reads the initiative. The Minister stated that it demonstrates our collective resolve to ensure that people, who are skilled, well-equipped, and globally competitive, are at the center of Nigeria’s industrial growth.

According to him, the Federal Ministry of Industry, Trade, and Investment (FMI) is still steadfast in its commitment to making Nigeria the world’s center for industrial excellence, and our reform efforts are aimed at reducing structural bottlenecks, attracting investment, and expanding value-added production.

However, the government acknowledged that having a workforce that is capable of sustaining innovation, manufacturing, and enterprise is insufficient.

READ MORE: NFIU Investigates 48 billion suspicious transfers to Dubai and Hong Kong.

According to him, the summit we are convening will serve as a strategic convergence point where international partners, academia, government, and industry will all work together to reimagine Nigeria’s industrial skills architecture. The Fourth Industrial Revolution’s demands have to be addressed in our human capital pipeline, starting with curriculum alignment and technical certification, digital literacy, and green economy competencies.

The Renewed Hope Agenda has put industrial development at the center of economic policy under President Bola Ahmed Tinubu’s visionary leadership. Despite efforts to promote a bold economic trajectory, the National Industrial Policy, the revitalization of industrial clusters, and the creation of the Industrial Revolution Work Group (IRWG), the president is clear-eyed in his conviction that people are the most priceless asset of any nation. “Senator Enoh explained that significant public investments are being made in skill acquisition, vocational training, and workforce modernization across every geo-economic zone of the country,” he said.

He explained that the National Industrial Manpower Summit is more than just a government agenda; it is a national imperative, urging industry leaders, policy makers, labor unions, educational institutions, and international partners to co-create a skills revolution that ensures our industries are supported by competent, competitive, and future-ready Nigerians.

Let us be guided by a singular vision as we introduce this Planning Committee, a Nigeria where all citizens have the opportunity to contribute to the country’s prosperity, and where each of you must challenge traditional beliefs and commit to actions that will outlive us.

The Minister emphasized that “you have the ability to contribute to this summit’s success, along with your expertise, passion, and collaboration, to create a resilient industrial future that secures Nigeria’s position as a participant and as a leader in Africa’s upcoming industrial era.”

Hon. Senior Special Assistant to the President for Industrial Training and Development delivered a warm welcome address. Capacity building is essential to the country’s industrialization and economic growth, according to Adamson Oluwatosin Ayinde.

“Today marks a significant milestone in our collective effort to reposition Nigeria’s industrial sector through the Imperative for Industrial Manpower Development and Strategic Human Capital Development.
“Nigeria is at a turning point in its economic trajectory,” he said.

The industrial sector emerges as a crucial pillar of sustainable growth, he said, “As we strive to diversify our economy and reduce our dependence on oil revenues. However, a skilled, adaptable, and innovative workforce is a key factor in the success of this industry.

Hon. The fourth Industrial Revolution, according to Adamson Oluwatosin Ayinde, has set a new standard for the industry. Our workforce must not only possess technical skills, but also have the ability to think critically, solve problems, and make a commitment to continuous improvement.

The Joint National Assembly Ad Hoc Committee to Oversee Emergency Rule in Rivers State will hear testimony from the governor of Rivers State, Vice Admiral Ibok-Ete Ibas (retired), and other important officials.

Senator Opeyemi Bamidele, APC, Ekiti Central, the leader of the Senate/Chairman of the Senate Ad Hoc Committee to Oversee Emergency Rule in Rivers State, made this known at the committee’s inaugural meeting in Abuja’s New Senate Wing.

The upper chamber in Abuja made this claim in a statement released on Tuesday.

The Senate reportedly assured Nigerians that it would do everything to ensure that President Bola Ahmed Tinubu’s “proclamation of emergency rule on March 18” was kept to himself.

In response to the oil-rich state’s ongoing state of emergency established in the oil-rich state since March 2025, President Bola Tinubu wrote to the Senate and the House of Representatives last week asking for the consideration and approval of the $1. 1.4 trillion Appropriation bill.

Rivers Crisis: Not Beyond Resolution, by Ibas, READ ALSO.

President Tinubu stated in the letter read by Senator Godswill Akpabio, the president of the Senate, that the money would be used by the Rivers State’s Emergency Rule Government to fund education, agriculture, free drug access, and other needs when it was approved.

The request, according to President Tinubu, is in line with the constitution’s requirement that any state under the state house of assembly be suspended or unresponsive.

The Senate President, President Godswill Akpabio, appoints an 18-member Committee on Emergency Rule, led by Senator Opeyemi Bamidele, after President Tinubu declared an emergency in Rivers State.