Business
Centre Hails CBN, Cardoso On Inflation Fight, Reserve Boost
The Centre for Economic Growth and Monetary Reforms (CEGMR) has applauded the Central Bank of Nigeria (CBN) for its disciplined monetary policy stance, which it says is beginning to deliver concrete economic results for the country.
In a statement signed by its Executive Director, Dr. Mary Odoma, the group expressed satisfaction with the direction of current policies under the leadership of CBN Governor Olayemi Cardoso.
Dr. Odoma noted that the recent slowdown in inflation, recovery in Nigeria’s foreign reserves, and renewed investor confidence were signs that the economy was stabilising after a prolonged period of volatility.
“We commend the CBN governor for maintaining a steady course, especially through difficult transitions. His consistent messaging and commitment to orthodox monetary policy are now yielding measurable progress,” she said.
According to the latest figures from the National Bureau of Statistics, Nigeria’s inflation rate fell to 23.71 percent in April 2025, down from 24.23 percent in March.
While the decline may appear modest, CEGMR said the reversal of the inflationary trend—particularly in food and core inflation—was a major milestone, given the cost-of-living pressures households have faced over the past year.
“Monetary policy is not magic, but discipline pays off. This turnaround reflects the CBN’s resolve to prioritise stability over short-term political convenience. Cardoso is showing Nigerians and the world that professionalism and patience still matter,” Dr. Odoma said.
The CEGMR further pointed to the CBN’s efforts in rebuilding external reserves, which recently surged past $38.9 billion, marking a significant improvement in Nigeria’s macroeconomic fundamentals.
“This signals restored credibility, and helps anchor the naira against external shocks. A few months ago, the narrative was bleak. But today, we are seeing greater confidence in the naira and fewer distortions in the foreign exchange market,” she said.
She attributed the reserve rebound to a combination of FX reforms, tightened monetary policy, and reduced short-term obligations by the CBN.
“This is a marked departure from past interventions that drained reserves without addressing core structural issues. The new CBN leadership is choosing sustainability over optics,” she added.
Dr. S Odoma said the Centre believes the apex bank is also succeeding in restoring investor confidence, pointing to international ratings agency upgrades and positive GDP forecasts as signs that the financial community is watching Nigeria’s progress closely.
“With GDP projected to grow by over 4 percent this year, the signals are promising. But they must be protected. Policy consistency must be preserved,” the group admonished.
The CEGMR stated that much of this momentum was owed to Cardoso’s emphasis on transparency and data-driven decision-making.
“He is returning central banking to its rightful role as a stabilising force—anchored in research, clear communication, and accountability. This is what had been missing,” she said.
Dr. Odoma however warned that the current gains must be deepened through coordinated action across government agencies.
She called on fiscal authorities to reinforce monetary efforts by tackling food insecurity, energy supply bottlenecks, and insecurity that affects production.
“Inflation isn’t only a monetary issue. Structural problems must also be addressed. But at least now we have a monetary policy foundation that makes progress possible.”
While acknowledging the pressures on households and businesses, CEGMR encouraged the CBN not to rush into easing interest rates prematurely.
“A premature rate cut would undo the credibility that has taken months to build. The Bank must be allowed to consolidate its gains and guide the economy toward lower inflation without risking a relapse.”
She also urged the National Assembly and other political actors to support the CBN by resisting populist pressures that could undermine its autonomy.
Dr. Odoma concluded by expressing confidence in the capacity of the Central Bank under Cardoso to steer Nigeria through its current challenges and toward long-term stability.
“The CBN’s performance under Cardoso has restored hope in responsible macroeconomic management. For the first time in years, Nigerians are beginning to see a glimmer of economic order return. That alone is worth applauding.”
Authorityngr.com
The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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