.Middle Belt Forum backs Onaiyekan on economic warning signals
The Central Bank of Nigeria on Tuesday said the recent stability in the foreign exchange market, rising foreign reserves and moderation in inflation are indications that its ongoing monetary reforms are beginning to yield positive results.
The CBN Governor, Olayemi Cardoso, represented by the Acting Director, Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi-Ali, stated this at the CBN Fair held at the International Conference Centre, Gombe.
The fair, organised under the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was designed to deepen public understanding of the apex bank’s policies and initiatives.
Cardoso said headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also eased during the period.
He attributed the development to what he described as “disciplined monetary tightening, exchange-rate unification and improved market transparency.”
According to him, the naira has also recorded greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.
Cardoso further disclosed that Nigeria’s foreign reserves stood above $52.5 billion as of July 17, 2026, describing the figure as a 17-year high and above the CBN’s annual target.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent.
“This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,” he said.
The CBN governor said the bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable economic growth, job creation and poverty reduction.
He listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number, the B-Match system for foreign exchange trading and the Nigeria Payments System Vision 2028.
He also cited the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of measures aimed at improving liquidity management and reducing inflationary risks.
Cardoso said the CBN had also collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate, which he described as a benchmark for short-term funding transactions.
He said the initiative was designed to provide a transparent, market-based reference rate and bring Nigeria’s money market infrastructure closer to international best practices.
Speaking on the theme of the fair, Cardoso said the CBN was focused on promoting alternative payment channels as part of efforts to deepen financial inclusion and support economic activities.
He said the fair provided an opportunity for the apex bank to interact directly with citizens, businesses and other stakeholders, explaining its policies and obtaining feedback from the public.
“The Fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” he said.
According to him, the objective is to promote sustainable economic growth and development while obtaining practical suggestions from Nigerians on ways to improve livelihoods.
He urged participants to take advantage of the engagement by asking questions and seeking clarification on the CBN’s policies and programmes.
“Our dedicated team is ready to guide you through presentations on a variety of topics related to the Bank’s operations, such as the protection of financial consumers, innovations in Nigerian payment systems, microfinance subsector activities, monetary policy instruments and processes, and everything you need to know about the naira,” he said.
He added, “I, therefore, encourage all of you to engage actively and prepare your questions and concerns, which our team will address at the conclusion of the presentations.”
The apex bank also used the occasion to reiterate its warning against the abuse and misuse of the naira.
Sidi-Ali urged Nigerians to obtain information on CBN policies only from the bank’s verified platforms, while appealing to citizens to respect the national currency.
She said, “I also urge you to uphold the cleanliness and respect of the naira. It is prohibited to spray, hawk, mutilate or counterfeit the naira.”
She described the naira as “not only the indispensable national emblem of Nigeria, but also the source of our collective pride as a nation.”
Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Buba-Mubi, said the fair was part of the bank’s calendar of activities aimed at bringing its policies and programmes closer to members of the public.
Buba-Mubi said the engagement would provide an avenue for sensitisation as well as feedback from citizens and stakeholders.
He said, “The CBN Fair is a calendar event where the CBN interacts with the public by way of sensitisation and feedback from the public during the engagement.”
He disclosed that a team from the CBN’s Corporate Communications and Investor Relations Department had been deployed to conduct the sensitisation programme.
He urged participants to pay attention to the presentations and use the opportunity to seek clarification on issues concerning the banking and financial system.
“I implore all of us to listen attentively, ask questions and provide feedback,” he said.
Meanwhile, the Middle Belt Forum has thrown its weight behind former Catholic Archbishop of Abuja, Cardinal John Onaiyekan, and the Catholic Bishops’ Conference of Nigeria over their criticism of the country’s economic and security situation, insisting that their comments reflect the daily realities confronting millions of Nigerians.
The forum also condemned what it described as “unwarranted attacks” on the cleric by some presidential aides and supporters, saying speaking about poverty, insecurity and human suffering should not be politicised.
The position was contained in a statement issued on Tuesday by the National Spokesman of the MBF, Luka Binniyat.
The statement followed recent exchanges after the Catholic Bishops’ Conference of Nigeria met with President Bola Tinubu at the Presidential Villa, Abuja, on July 24, during which the bishops reportedly expressed concerns over rising poverty, economic hardship and insecurity.
While the President maintained that his administration’s reforms were producing positive results, Onaiyekan later said in an interview that Tinubu appeared not to be receiving accurate information about the true condition of ordinary Nigerians.
The remarks drew criticism from some government officials, including the Minister of the Federal Capital Territory, Nyesom Wike, who accused the cleric of making political comments.
But the MBF said the attacks were “unfair, unnecessary and completely misplaced.”
According to the forum, “Cardinal Onaiyekan merely echoed what millions of Nigerians experience every day. He spoke neither as a politician nor as an opposition figure. The Cardinal spoke as a patriotic Nigerian and a respected religious leader who has consistently stood for justice, peace and the welfare of all citizens.”
The forum said the situation in the Middle Belt remained particularly dire, alleging that communities across the region had continued to suffer attacks by terrorists and armed Fulani militias.
It claimed that thousands had been killed, millions displaced and many communities destroyed, leaving farmers unable to cultivate their lands while widows, orphans and elderly people increasingly depended on humanitarian assistance.
“The consequences have been devastating. Farmers can no longer cultivate their land. Families have lost their homes, businesses and means of livelihood. Children have been forced out of school, while countless widows, orphans and elderly people now depend on humanitarian assistance simply to survive,” the statement read.
The MBF, however, acknowledged what it described as the sacrifices and courage of members of the Armed Forces and other security agencies in confronting insecurity, noting that many had paid the supreme price in the line of duty.
It argued that despite the efforts of security personnel, millions of Nigerians were still unable to live, farm and conduct legitimate businesses without fear.
On the economy, the forum maintained that although the national minimum wage had increased from ₦30,000 to ₦70,000 under the Tinubu administration, inflation and the depreciation of the naira had significantly eroded workers’ purchasing power.
It said the prices of petrol, food, transportation, electricity, cooking gas, healthcare and education had risen sharply since the introduction of the administration’s economic reforms.
The MBF urged the President to embrace constructive criticism rather than allow loyalists to attack those who expressed concerns about the country’s challenges.
“Leaders become stronger when they listen to uncomfortable truths, not when they surround themselves with those who tell them only what they wish to hear,” the statement added.
The forum also urged Tinubu to undertake an independent assessment of the living conditions of ordinary Nigerians, particularly victims of terrorism and violent attacks, saying firsthand accounts from displaced persons, farmers, widows, market women and unemployed youths would provide a more accurate picture of conditions in the country.
It reaffirmed its support for the Catholic Bishops’ Conference of Nigeria and Cardinal Onaiyekan, insisting that speaking truthfully about poverty, insecurity and human suffering was “a constitutional right, a moral obligation and a patriotic duty.”
