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Atiku’s Exchange Rate Policy Recipe For Disaster —Emefiele
The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has warned that the Peoples Democratic Party (PDP) presidential candidate’s suggestion that the exchange rate should be free float is a recipe for disaster.
“The MPC reviewed it and concluded that it would be wrong. It is as good as saying that we should go back to the era of Structural Adjustment Programme (SAP) in Nigeria,” Emefiele said.
“The implication can better be imagined. It will certainly lead to capital flight, lead to massive depreciation or devaluation of the currency and ultimately to currency crisis in Nigeria and I think we should all know that it is a road to perdition to ever go in that direction.”
Addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting, the first for the year, Emefiele added: “There is no capital control in Nigeria today because you cannot find the CBN trying to intervene in the market for demand and supply of foreign exchange.”
“Normally, the Central Bank as an independent institution is apolitical but it is also important that at the MPC meeting today we asked ourselves if there is any merit in it to begin to say that we should look at free-floating the currency or that we should allow free import of goods that we have restricted. The MPC came to a conclusion that this was a wrong premise.
“We cannot be talking about allowing import of items that can be produced in the country today, exporting jobs from Nigeria to foreign countries, and we say we have the interest of Nigeria at heart? We don’t agree with anybody. It is a wrong premise to say that you will allow imports to just flood the country just because you want to please anybody. It is not in our interest.
“We will remain apolitical. We will not want anybody to drag the central bank into issues that are within our remit otherwise, we would respond to it.”
Alhaji Atiku Abubakar in his policy document condemns what he calls the “Poor exchange rate management”, which bred “multiple exchange rates that were exploited by opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters”. By imolication, he wants the naira to be on a free-float.
The CBN governor admitted that the apex bank has instructed banks to suspend interest on loans for fuel imports.
According to him, “we have indeed told banks to suspend interest on those loans from July 2017. They should collect whatever credit notes have been issued and credit the account of petroleum marketers immediately. If any bank refuses to do so, the marketer or their association are free to report to CBN, mention the name of the bank and we will appeal to the bank to please carry out this instruction.”
With regards to forex restrictions on imported items, Emefiele said CBN would get even more aggressive to see to it that any or all food items that can be produced in Nigeria and consumed in Nigeria and are currently being imported into Nigeria may face forex restrictions.
“We would go through our records and once we convince ourselves that these products can be produced in Nigeria, we will place them on the FX restriction list. It means that you cannot source foreign exchange from Nigeria foreign exchange market to import those items into Nigeria. If you have free dollars, you can bring it in but you will not be able to even make payments for those goods with dollars from the Nigerian foreign exchange market. This is because we think that the initiatives that CBN has put in place in the past to cut imports and diversify the structure of the Nigerian economy is yielding results and we will continue to be that aggressive.
” And we also went further to say that the Economic Intelligence Department of the CBN together with EFCC would investigate any company, any individual suspected of bringing these items through smuggling or any means for money laundering and economic sabotage. And that if we discover and conclusively too, that these companies or individuals that are are involved in bringing these goods, we would write to all the banks that they should blacklist all those companies and individuals running those companies that they can no longer operate any bank accounts in any Nigerian bank. We don’t need to talk about prosecuting them but just to say we will not allow you to do business in Nigeria and of course you know the implications of that.”
Highlighting his successes and achievements as CBN governor, Emefiele argued that “Dangote is today establishing the biggest refinery I have ever seen. The size of Dangote refinery is at least 10 times the size of Victoria Island. By April 2019 when Dangote Fertiliser Plant begins to roll, we will place a ban on the importation of fertiliser because Nigeria will both be self-sufficient and even export.”
He also disclosed that he has “written to governors in the South south and South east that time has come to stop importation of crude palm oil. A barrel of crude palm oil is more expensive than crude petroleum per barrel. I told them that we will re-establish the oil palm belt in the South south and Southeastern parts of the country. Edo State has reacted positively like some other states. With support and intervention from CBN and government, we would reverse the trend. That should be the direction. It is important to say this so that people can know that the economy is doing well. A lot of work still needs to be done, there are still a couple of vulnerabilities and fragilities that we see in the economy but we are determined to resolve them.”
At the end of the MPC meeting, all 11 members voted to keep the policy parameters unchanged from their current levels. By this decision, the MPC decided to retain the MPR at 14%; retain the asymmetric corridor of +200/-500 basis points around the MPR; retain the CRR at 22.5 per cent; and retain the Liquidity Ratio at 30 per cent.
In his assessment of the economy so far, Emefiele said: “It is important for me to say that if we think about where we are coming from, I would say I like to use some numbers: for instance, in September 2008, Nigeria’s reserve was about $62 billion, GDP was growing 7.2%; inflation was 15%.
“By January 2014, GDP was 6.2%, inflation had trended downwards to 8% and external reserve was 40%. Let us not forget that we were in a period of prosperity, in terms of crude prices between 2009 and 2014 which is five straight years, with no shut-ins in pipelines, with high crude oil price, reserve still dropped.
“From the end of 2014, we started another round of global crises. The global crises resulted in stagflation in Nigeria. GDP dropped, to 2.79% in 2015, went further and contracted to negative of 1.58% in 2016, improved in 2017 and then we are hopeful that 2018 would end at about 1.8%.
“Inflation was 15% in 2008, dropped to 8% in 2014 and it moved up to about 9.5% and by January 2017, it had moved up to 18.7% but today, through the activities of monetary and fiscal authorities, inflation had gone down to 11.4%.
He also stated that “by 2008, with higher reserves, with higher productivity reserves dropped to $40 billion in January 2014 anmd ended 2014 at $35 billion, went further down in 2015 to $28 billion and indeed by October 2016 as a result of economic crises, reserves had plummeted further to $23 billion. Today as a result of all the actions and activities of both the monetary and fiscal authorities supported by the government, reserve is up, went to $39 billion in 2017 and 2018 we closed at $42.5 and I said so in my communique that even as at now, as a result of the confidence in the management of the Nigerian foreign exchange, the confidence in the management of the country, we’ve seen confidence even in foreign investors returning, reserves as at yesterday was $43.28 billion.”
“We have seen FX stability in the market and as if all of you will recall, that sometime in 2016 and up to early 2017, we saw a situation where exchange rate even in the black market had moved up in February to N525/$ and I was being told that by March, it will hit N1000/$. But as a result of the actions of CBN today, the all markerts in fact BDC has come down to about N360/$ and even slightly lower. The I&E Window, which is a market that we set up as a free in-free-out market today is about N362/$. So we have seen a substantial convergence in the foreign exchange market in Nigeria.”
On balance of trade developments, the CBN governor noted that “when people say nothing has happened in the economy, they should know that it is not a fair comment to make both on government and also on the monetary authority. In 2008, imports stood at $86 billion. By 2017, it had dropped to $45.8 billion as a result of the activities of government and of monetary and fiscal authorities.”
“Trade balance in 2008 was $46.2 billion, went down during the period of global crises to $6.4 billion and today it is up. In 2017 it was $13.15 billion and closed at $18.7 billion in 2018. When you talk about activities that related to issues on the restriction of foreign exchange for the importation of certain food items you will also find for instance that rice which is a major staple in Nigeria: data from the Thai Rice Exporters Association says that in 2014, Nigeria imported 1.2 million metric tonnes of rice. In 2015, it had dropped to 644 metric tons. In 2016 to 58,000 metric tons. In 2017, to 23,000 metric tons and 2018 to 6,000 metric tons” he pointed out.
While reading the communique, Emefiele lamented that “on external borrowing, committee noted the increase in debt levels, advising for caution, noting that it could fast be approaching the pre-2005 Paris Club exit levels. MPC also noted that although there was an increase in inflation rate for the second consecutive month based on month on month, inflation continued to moderate indicating that the year on year measures will also moderate in the near term.”
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The 2023 Labour Party (LP) vice-presidential candidate, Datti Baba-Ahmed, has warned Nigerians that the opposition coalition under the African Democratic Congress (ADC) is giving false hope about rescuing the country from underdevelopment.
“They are deceiving us,” Baba-Ahmed said during an interview on Channels Television’s Politics Today on Friday.
Baba-Ahmed, who ran alongside Peter Obi in the 2023 presidential election won by Bola Tinubu of the All Progressives Congress (APC) expressed his willingness to be Obi’s running mate in the 2027 presidential election.
Although Obi has shown interest in the 2027 race and is aligning with ADC coalition figures such as David Mark, Atiku Abubakar, Nasir el-Rufai, Rotimi Amaechi, and Rauf Aregbesola, Baba-Ahmed stressed that he wants Obi to remain in the Labour Party and contest as its presidential candidate.
“I’m in the Labour Party. I’m a Peter Obi man. I still want Peter Obi to come back to the Labour Party and contest the 2027 election,” Baba-Ahmed stated.
When asked about his plans for the 2027 race, Baba-Ahmed confirmed his readiness to serve as a running mate for like-minded leaders committed to restoring Nigeria.
“If Nigeria is still around and there is an electoral system to follow, my love for Nigeria is undying.
I would appropriately associate with groups and individuals aligned with restoring the nation,” he said.
Baba-Ahmed also revealed two potential leaders he would consider deputising, with Peter Obi being his primary choice. “The first one has not said anything.
The second one is Peter Obi. I’m always with Peter Obi until he decides not to,” he added.
Nigeria has secured a $238 million loan from the Japan International Cooperation Agency (JICA) to support the expansion and modernization of the national power grid.
The deal, confirmed during engagements at the ninth Tokyo International Conference on African Development (TICAD9) in Yokohama, Japan, reflects a strategic shift towards implementation-driven energy development.
President Bola Tinubu highlighted that Nigeria’s participation at TICAD9 focused on concrete, outcome-oriented partnerships rather than ceremonial diplomacy.
“We are moving from planning to implementation, from agreements to delivery, and from promises to measurable results,” he said.
Details of the JICA Loan Project
The $238 million loan, supported by a Federal Executive Council counterpart funding of ₦19,083,192,805.30, will finance significant upgrades to Nigeria’s transmission infrastructure.
Key components of the project include:
Construction of 102.95 km of new 330kV double-circuit lines
Construction of 104.59 km of 132kV double-circuit lines
Development of four 330/132/33kV substations and two 132/33kV substations
Multiple line bay extensions to improve efficiency and reduce system losses
According to Minister of Power, Chief Adebayo Adelabu, the partnership with Japanese companies such as Toshiba, Hitachi, and Japan’s Transmission & Distribution Corporation is essential for unlocking Nigeria’s energy potential.
“Our focus is on transmission infrastructure, operational efficiency, and strategies to reduce system losses.
This $238 million loan from JICA provides the backbone for that transformation,” Adelabu explained.
Adelabu acknowledged Japan’s consistent support for Nigeria’s power sector, highlighting contributions in infrastructure, technical studies, training, and financing.
He emphasized that JICA’s backing is critical to expanding access to reliable, affordable, and sustainable electricity across the country.
The project aims to strengthen Nigeria’s power transmission network, improve system reliability, and enhance overall efficiency, ultimately supporting industrial growth and meeting rising electricity demand nationwide.
Israeli Defence Minister Israel Katz has issued a fierce warning to Hamas, declaring that Gaza City will face complete destruction if the militant group refuses to accept Israel’s conditions for ending the war.
Katz, in a statement shared on social media on Friday, August 22, 2025, used sharp words to describe Israel’s next steps.
He said the “gates of hell” would open on Hamas if it failed to disarm and release all hostages.
“Soon, the gates of hell will open upon the heads of Hamas’s murderers and rapists in Gaza until they agree to Israel’s conditions,” Katz wrote.
He added that if Hamas refused, Gaza City would suffer the same fate as Rafah and Beit Hanoun, two cities previously flattened by Israeli offensives.
His comments mark one of Israel’s strongest warnings since the escalation of the conflict.
The minister’s remarks came only hours after Prime Minister Benjamin Netanyahu announced that negotiations had been ordered to free the hostages held in Gaza.
Netanyahu explained in a video address that Israel’s military operation in Gaza City would not stop during talks. “Defeating Hamas and releasing our hostages go hand in hand,” he said.
The prime minister also confirmed the mobilisation of 60,000 reservists to join the offensive.
Meanwhile, mediators have been waiting for Israel’s response to a ceasefire plan that Hamas accepted earlier in the week.
The proposal suggests a phased release of hostages, but Israel insists that only a deal ensuring the release of all captives at once will be accepted.
Israel’s hardened stance has sparked growing concern worldwide.
International leaders have cautioned that an expanded assault on Gaza City could worsen the humanitarian disaster already unfolding in the region.
Gaza’s health ministry says more than 62,000 Palestinians, most of them civilians, have been killed since Israel’s military campaign began.
The United Nations considers these figures credible.
The war was triggered by Hamas’s October 2023 attack, which left 1,219 people dead in Israel, mostly civilians.
Since then, the conflict has intensified, with both sides showing little sign of compromise.
With Katz’s threat to turn Gaza City into rubble if demands are not met, the conflict appears to be entering an even deadlier stage.
The international community continues to press for a ceasefire, but Israel’s leadership insists that victory over Hamas and the release of all hostages remain its top priorities.
The National Agency for Food and Drug Administration and Control (NAFDAC) has raised alarm over the circulation of fake Cowbell “Our Milk” 12g sachets in Nigeria.
In a statement issued on Friday, August 22, 2025, the agency explained that the counterfeit milk is packaged to look like the discontinued Cowbell “Our Milk,” but it is unauthorised and unsafe for consumption.
NAFDAC clarified that Promasidor Nigeria Ltd, the authentic manufacturer, stopped producing Cowbell “Our Milk” in September 2023.
The product was replaced with Cowbell “Our Creamy Goodness.” Despite this, fake versions of the old product have found their way into Nigerian markets.
Picture of Fake cowbell milk.
The counterfeit sachets bear the brand name, NAFDAC registration number, and familiar packaging design, making them difficult for unsuspecting buyers to identify as fake.
Health Dangers of Fake Cowbell Milk
NAFDAC warned that the consumption of these counterfeit products poses serious health risks.
Fake milk could contain toxic chemicals, harmful additives, or diluted ingredients that endanger human health.
Infants, children, pregnant women, and the elderly are the most vulnerable. Possible dangers include:
- Foodborne illnesses
- Allergic reactions
- Organ damage
- Long-term health complications
- In extreme cases, death
Counterfeit Product Details
- Product Name: Cowbell “Our Milk” 12g sachet
- Purported Manufacturer: Promasidor Nigeria Ltd
- Production Date: 04/2025
- Expiry Date: 12/2028
Picture of original cowbell milk.
NAFDAC Issues Strong Warning
The agency urged Nigerians to remain vigilant and avoid purchasing the counterfeit milk.
Healthcare professionals, distributors, and consumers have been advised to report suspicious sales of substandard or fake products immediately.
Reports can be made through:
The nearest NAFDAC office
Toll-free line: 0800-162-3322
Email: sf.alert@nafdac.gov.ng
NAFDAC also called on traders and retailers to stop selling the fake sachets.
The agency assured the public that strict enforcement measures are being taken to remove the counterfeit products from circulation.
This is not the first time Nigerians have faced risks from fake food and beverages.
Experts warn that counterfeit consumables are becoming more sophisticated, often making them difficult to spot.
Consumers are advised to always check product details, expiry dates, and packaging changes announced by manufacturers.
By highlighting the dangers and raising awareness, NAFDAC says it hopes to protect Nigerians from avoidable health crises linked to fake milk products
Former Labour Party presidential candidate Peter Obi has slammed the Federal Government’s approval of ₦142 billion for the construction of bus terminals across Nigeria, describing it as a reckless misplacement of priorities.
Obi issued a statement on Friday, August 22, via his Official X formerly Twitter platform, warning that the project reflects poor leadership and lack of focus in managing Nigeria’s limited resources. He titled his statement, “₦142 Billion for Bus Terminals.”
According to him, the true test of leadership is how scarce resources are prioritized.
He stressed that investing such a huge amount in bus terminals while critical sectors like healthcare suffer shows a government that is out of touch with citizens’ realities.
Obi said: “The difference between success and failure in any nation is how leaders prioritise resources.
The decision to spend ₦142 billion on six bus terminals exposes a lack of competence and vision. It is a clear sign of poor leadership.”
The Federal Executive Council had recently approved the funds for the construction of one modern bus terminal in each of the six geopolitical zones.
The government described it as part of efforts to modernise transport infrastructure and improve mobility nationwide.
But Obi strongly disagreed. He compared the allocation to healthcare funding, pointing out that the combined budget for all teaching hospitals and federal psychiatric centres in Nigeria is less than ₦100 billion in the 2024 budget.
“This is disturbing,” Obi continued, “because health remains one of the most critical sectors of development. Yet it is underfunded and deteriorating rapidly.
The World Health Organization has reported that over 20 million Nigerians live with mental health conditions.
This is a tragic irony. How can the government ignore this crisis and focus on bus terminals?”
He argued that the health sector, alongside education and poverty reduction programs, deserves priority attention.
Obi insisted that until government spending reflects the real needs of Nigerians, the country will remain trapped in poor governance.
Many Nigerians have also taken to social media to express anger, echoing Obi’s concerns. Critics argue that the decision proves the Federal Government is disconnected from the economic struggles of ordinary citizens.
For Obi, the ₦142 billion project is not just a case of wrong timing.
He sees it as a clear example of governance failure and misplaced priorities.
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