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Inflation, Exchange Rate Will Decline In 2024 – CBN

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The Central Bank of Nigeria, CBN, said on Thursday that inflationary trends and exchange rates will be on a downward spiral in 2024.

The apex bank also said it has projected less revenue from oil exports in the fiscal year, just as it declared that total trade from the Nigerian Foreign Exchange Market, NFEM, stood at N18.804 billion in the third quarter (Q3) of 2023.

The Central Bank Governor, Olayemi Cardoso, stated this when he appeared before the Senate and House of Representatives Joint Committee on Banking, Insurance, and Other Financial Institutions.

Cardoso said the outlook for the domestic economy in Nigeria for 2024 is very positive, as both the inflation and exchange rates would withstand fluctuating pressures and get stabilised.

“The outlook for the domestic economy remains positive and is expected to maintain a positive trajectory for 2024. Inflation pressures may persist in the short term but are expected to decline in 2024.

“Exchange rate pressures are also expected to reduce significantly with the smooth functioning of the foreign exchange market,” he said.

According to him, the unification of the exchange rate windows in June 2023 has ushered in a new approach to the management of the exchange rate, aimed at reducing arbitrary rent-seeking behaviour and speculation in the market.

“The policy aims at creating a market where the demand and supply of foreign exchange determine the exchange rate. The premium has narrowed and our focus on increasing the autonomous FX supply would lead to more stability and further narrowing of the premium,” he said.

He further stated: “Total trade in the third quarter of 2023 stood at N18.804.68 billion. Exports were valued at N10.346.60 billion, while total imports stood at N8.457.68 billion. This represents a positive trade balance, which would lead to an increase of the external reserves.”

He, however, stated that due to domestic prevailing factors, less revenues would be earned from oil exports in 2024.

He said: “We expect less revenue from oil exports due to the production limit of 1.78 mbpd in 2024. The OPEC-approved quota for Nigeria is 1.8 mbpd, which is higher than the 2024 budget assumption.”

Earlier, before the CBN Governor’s presentation, the chairman of the joint committee, Senator Tokunbo Abiru, said the interactive session was organised for a statutory briefing by CBN in line with extant laws.

The co-chairman of the committee, Hon Bashir Bello El-Rufai, in his remarks, commended the CBN governor and the entire management team on measures being put in place to stabilise the economy generally.

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Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim

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A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.

 

One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.

 

Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.

 

In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”

 

He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.

 

“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.

 

He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.

 

The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.

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How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit

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The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.

 

Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.

 

The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.

 

Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.

 

In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.

 

Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.

 

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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly

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The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.

 

The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.

 

This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.

 

According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).

 

The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.

 

“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.

 

The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.

 

Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.

 

The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.

 

“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.

 

The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”

 

It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.

 

JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.

 

 

 

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