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CBN Injects $500m Into Forex Market To Clear Backlog

With yesterday’s injection of $500 million into the Foreign Exchange (forex) market, the Central Bank of Nigeria (CBN) has reduced the $10 billion backlog of verified forex transactions by $2.5 billion.

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With yesterday’s injection of $500 million into the Foreign Exchange (forex) market, the Central Bank of Nigeria (CBN) has reduced the $10 billion backlog of verified forex transactions by $2.5 billion.

The apex bank, which paid $61.64 million on January 7, said it had paid additional $2 million out of the forex backlog.

The payment in tranches is a demonstration of the bank’s commitment to addressing the persistent liquidity challenges facing importers and businesses, a statement from its acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, said yesterday.

The latest intervention targets outstanding commitments across the manufacturing, aviation and petroleum sectors.

Mrs. Ali reiterated the bank’s dedication to clearing the backlog within a reasonable timeframe.

Beyond immediate interventions, the CBN emphasizes its long-term vision for a stable and efficient FX market.

Mrs. Ali assured Nigerians that a comprehensive strategy has been developed to tackle the underlying issues that hamper the market’s effectiveness.

She said: “This strategy prioritizes streamlining the numerous exchange rates, fostering transparency, and minimizing arbitrage opportunities.

“The expected outcome of these reforms, as expressed by the CBN, is a more stable exchange rate environment, which will ultimately attract foreign investment and bolster investor confidence.

“We believe that a stable exchange rate will boost investor confidence and attract foreign investment.”

Demanding responsible behaviour from all participants in the forex market, the CBN called for strict adherence to regulations. The apex bank also emphasized the importance of transparency in ensuring fair exchange rate determination, leading to stability for both businesses and individuals.

The CBN’s recent interventions represent significant progress in tackling the $10 billion backlog, Mrs. Alli noted.

As the CBN Governor Yemi Cardoso aptly stated last year, “clearing the backlog is housekeeping, which makes the work of stabilising the exchange rate progress in the right direction.”

The ongoing efforts of the CBN point towards a brighter future for the forex market and its contribution to the overall economic growth, the prevailing challenges notwithstanding.

However, the information on the exact size and composition of the CBN forex backlog is limited.

CBN has been releasing funds in installments to various sectors, but it has not disclosed the total outstanding amount as of today.

Among the sectors affected are: manufacturing (importers of raw materials and machinery struggle to access forex); aviation (airlines facing difficulties paying for maintenance and leasing of aircraft) and petroleum (upstream and downstream activities require forex for imports and equipment).

The reasons for limited information, a source at the CBN explained, could be attributed to market sensitivity.

The source said “disclosing the total backlog could potentially further depreciate the naira due to increased demand for forex. The CBN might be releasing funds strategically to avoid market turbulence and ensure effective allocation”.

 

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Couple Kidnapped, One Shot In Ondo Estate Attack

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Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.

During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.

The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.

Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.

According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.

During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.

A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.

While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.

In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.

“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.

“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”

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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

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The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.

Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.

NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.

The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)

In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

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Maureen Badejo To Appear Before Federal High Court Tomorrow On Defamation, Cybercrime Charges

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Maureen Omorinola Badejo is scheduled to appear before the Federal High Court sitting in Ikoyi, Lagos, on February 20, 2026, following charges filed by the Inspector-General of Police over allegations bordering on defamation, cyberstalking, and related offences.

 

 

The charges arise from online publications made in November 2021, in which Ms. Badejo allegedly transmitted statements and videos on YouTube and Facebook concerning Apostle Johnson Suleman and his associate Dickson Omodiale Osajie.

 

 

According to the charge sheet, the prosecution alleges that:

 

Ms. Badejo conspired with others to publish defamatory content against Apostle Suleman.

 

She allegedly portrayed him as a cultist, rapist, assassin, ritualist, and other criminal labels, knowing the claims to be false.

 

She is accused of sending false messages via computer networks intended to cause annoyance, hatred, intimidation, and injury to reputation.

 

Additional allegations state that defamatory statements were also made against Mr. Dickson Osajie, claiming involvement in crimes such as rape and ritual killing.

 

Authorities further allege that the publications caused fear for safety and threatened bodily harm to the complainants.

The offences cited fall under provisions of the Criminal Code Act (Cap C38, Laws of the Federation of Nigeria, 2004) and the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

 

The case follows a formal petition submitted to the Nigeria Police Force by Mr. Osajie, who alleged persistent cyberstalking, harassment, invasion of privacy, threats to life, and dissemination of false information affecting himself, Apostle Suleman, and their families.

Statement from Maureen Badejo

Ms. Badejo maintains her readiness to face the court and present her defense, expressing confidence in the Nigerian judicial system to ensure fairness and justice.

 

 

“I will appear in court as required and trust that the truth will prevail through due legal process,” she stated.

 

 

However Ms. Badejo is expected to be formally arraigned before the Federal High Court in Ikoyi, where the charges will be read and she will enter her plea.

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