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CBN Not Defending Naira With Foreign Reserves — Cardoso

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The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves.

He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.

Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.

Cardoso said: “Defending the naira seems to be a prevalent theme. Let me be very clear: it is not our intention to defend the naira.”

He acknowledged recent discussions on declining reserves, but argued that “defending the naira goes against our core philosophy and policy. We want a naira that performs based on market forces, as long as we have a vibrant foreign exchange market.”

Cardoso, who acknowledged the past reliance on Bureau De Change (BDCs) to meet forex needs for essential purposes, like education and travel, said the bank has shifted towards a market-driven approach.

“The recent changes in our reserves are not for defending the naira”, the CBN boss clarified, adding “they are for settling obligations that were due. After all, that’s the primary purpose of holding foreign reserves.”

He highlighted the importance of collaboration with the federal government, particularly regarding fiscal policy. “Monetary policy is just one side of the coin. We need a strong handshake with the fiscal authorities he stated.”

The governor pointed out to specific examples of cooperation, such as advocating for the release of fertilizer reserves held by the previous administration to enhance food production and address food inflation, which he acknowledged falls outside the direct purview of the CBN.

“The issue of Ways and Means [borrowing by the government from the CBN] is no longer an issue,” Cardoso declared, indicating a key point of contention has been addressed.

The CBN governor defended his decision to embrace orthodox central banking practices, which included a substantial interest rate hike of 600 basis points within a short period. He acknowledged the difficulty of the decision but insisted that it is necessary to build confidence in the naira.

Cardoso pledged increased communication with Nigerians and stakeholders to manage expectations.

“We want Nigerians to be realistic. The Monetary Policy Committee (MPC) has consistently explained the rationale behind our actions,” the CBN boss asserted.

He promised to strengthen communication channels and utilize various platforms to improve transparency.

Expressed satisfaction with the early results of his policies, he said: “Within two months of taking office, the naira was considered the worst performing currency globally. Within six months, it became the best performing.”

Cardoso stressed the importance of trust in achieving policy objectives.

“Boldness alone is not enough,” he cautioned, adding that “without trust, even the most well-intentioned policies will underperform. There seems to be a disconnect between public expectations and the realities of what the CBN can achieve.”

 

 

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Delta NMA Declares Blessing CEO’s Cancer Report Fraudulent

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The Nigerian Medical Association (NMA), Delta State branch, has officially debunked the cancer claims made by relationship influencer Blessing Okoro, popularly known as Blessing CEO.

In a statement on Tuesday, the association revealed that the document is an altered version of an original medical report belonging to a different patient diagnosed with breast cancer.

The statement, jointly signed by NMA Delta State Chairman, Dr. Israel Adaigho, and Secretary, Dr. Usamah Hannah, was sighted by The Nation on Tuesday.

According to the NMA, the viral report was purportedly issued by Xinus Medical Diagnostics and signed by consultant pathologist Dr. O.A. Odigwe.

However, Dr. Odigwe, who is the proprietor of the diagnostic centre, clarified that his facility never issued any report to Blessing Okoro.

The association explained that Xinus Medical Diagnostics is located in Asaba, Delta State not Enugu State as claimed in the circulating document.

The centre was contacted in May 2025 by a doctor from a private hospital in Asaba to conduct a confirmatory histology test for a patient identified as Mbara Deborah, who had a suspected case of breast cancer.

The test confirmed breast cancer, and the original result was issued to the referring doctor on May 9, 2025.

The NMA stated that the document currently being paraded online by the law firm Allen Juris Law is the original report bearing the name Mbara Deborah.

The version linked to Blessing CEO appears to be a doctored copy of this same report.

The statement read in part: “Our attention has been drawn to an online histology report purportedly issued to one Blessing Okoro, aka Blessing CEO, by Xinus Medical Diagnostics allegedly located in Enugu State. The said histology report was also alleged to have been signed by Dr. O.A. Odigwe, a consultant pathologist.

“The proprietor of Xinus Medical Diagnostics, Dr. O.A. Odigwe, who is also a member of the Nigerian Medical Association, Delta State chapter, has reached us and offered the following clarification: that Xinus Medical Diagnostics is located in Asaba, Delta State and did not at any time issue any report to Blessing Okoro.

“The centre was contacted in May 2025 by a doctor from a private hospital in Asaba to do a confirmatory test on a possible case of breast cancer for a patient, Mbara Deborah. The test was done and the result issued to the referring doctor as a case of breast cancer on May 9, 2025.

“A copy of that result is the one currently being circulated online by the law firm, Allen Juris Law, with the name Mbara Deborah as the patient. That result from the law firm is the original version issued to the patient through her hospital.”

The NMA said the clarification became necessary because of the way the altered report was allegedly being used to solicit public sympathy and financial assistance.

It urged the public to be cautious and warned against actions that could tarnish the integrity of medical professionals.

The association also called on relevant security agencies to take appropriate steps to protect unsuspecting members of the public.

“The integrity of our association and its members is very paramount and should not therefore be taken for granted.

“We call on the authorities responsible for maintaining law and order to do the needful and save unsuspecting members of the public from being unduly taken advantage of,” it added.

Recall that Blessing CEO recently solicited financial help from the public for the treatment of what she claimed was stage four cancer.

Following widespread backlash and allegations that her medical report had been edited, she made a U-turn, stating in an interview: “I don’t have stage 4 cancer. That was a miscommunication.”

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Abuja Court Jails Boko Haram Food Supplier, Hamatu Modu For 40 Years

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Justice Binta Fatima Nyako of the Federal High Court in Abuja has sentenced Hamatu Modu, a major food supplier for Boko Haram terrorists, to 40 years imprisonment for his involvement in terrorism activities.

Modu, who confessed in the open court to supplying food items and information to terrorists, was put on trial by the federal government through the Attorney General of the Federation and Minister of Justice.

He was slammed with 4- count charges and instantly pleaded guilty to them.

The Director of the Public Prosecution of the Federation, DPPF, Rotimi Oyedepo, SAN, led the prosecution.

In his judgment, Justice Nyako sentenced him to 10 years on each of the count but due to the plea of the defense counsel, the judge ordered that the 40 years imprisonment should run concurrently, giving the convict opportunity to spend only 10 years.

In another development, Isah Ali, another food supplier also in Borno, was jailed 10 years by Justice Nyako.

His jail term will, however, start three years ago when he was arrested and clamped into detention.

The convict confessed to committing the offence as charged.

Justice Nyako ordered that the convicts be made to undergo rehabilitation and radicalization at the end of their service of the jail terms.

The Federal Ministry of Interior was ordered to determine where the two men will serve their jail terms.

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Just In: Kebbi Assembly Speaker Muhammad Ankwai Passes Away

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The Speaker of the Kebbi State House of Assembly, Muhammad Usman Ankwai has passed away in the late hours of Monday, 6 April 2026.

Ankwai, who represented Zuru Constituency under the All Progressives Congress (APC), was elected Speaker at the inauguration of the 10th Assembly on June 8, 2023.

Details surrounding the circumstances of his death were not immediately disclosed at the time of filing this report.

His death has, however, triggered an outpouring of condolences from fellow lawmakers, political associates, and residents across Kebbi State, many of whom have described him as a dedicated public servant who contributed to legislative development in the state.

Further announcements regarding burial arrangements are expected to be made by his family soon.

 

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