Economy
Nwokoma Charges Cardoso to Stop Political Interference in FX Market
By Dipo Olowookere
A professor of Financial Economics at the Department of Economics of the University of Lagos (UNILAG), Mr Ndubisi Nwokoma, has tasked the nominee for the position of the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to stop political interference in the foreign exchange (FX) market.
The don gave this charge when he appeared as a guest on Arise TV’s breakfast programme, The Morning Show, on Monday, monitored by Business Post.
He said the suspended CBN Governor, Mr Godwin Emefiele, allowed politicians to contribute to the crisis in the forex market today, saying he was not bold enough to say no to them.
According to Mr Nwokoma, the weakening of the Naira against the United States Dollar under the tenure of Mr Emefiele in eight years was worse, pointing out that having the Naira at about N200/$1 in 2015 and N950/$1 in 2023 is not acceptable and good for any economy.
“There are many questions about political interference in (the use of forex); where a particular big company will come and get a huge allocation of FX.
“The new CBN Governor must make sure such thing does not arise [again] because before Emefiele came on board, under (Charles) Soludo (the current Governor of Anambra State) and (Lamido) Sanusi, we had stability in the exchange rate.
“As of 2011 and 2012, we can say the exchange rate was like N150/$1, but when (Goodluck) Jonathan left office (as President of Nigeria in 2015), it was N197/$1; in the past eight years, we have had instability [in the forex market].
“In my view, there had been a lot of political interferences in the FX market; that is an area the new Governor will have to look at; minimise political interference, where people just come because they know somebody somewhere and get undue forex allocation, creating scarcity for those who genuinely forex.
“The exchange rate is a price tied to two factors; supply and demand. If the supply is shrinking because it is being cornered, then it can affect the rate. At the moment, we are talking about N940/$1 and N950/$1; it is unheard of, from N197/$1 or N200/$1 in 2015, over a period of eight years, that should never happen in any economy.
“There is no way that won’t affect the prices because of the imported input; Nigerians import a lot of things. The new CBN Governor will have to look into this,” Mr Nwokoma, who is also the Director of the Centre for Economic Policy Analysis and Research, stated.
Speaking on the competence of Mr Cardoso, Mr Nwokoma said the former Commissioner for Economic Planning and Budget in Lagos State is not a round peg in a round hole, noting that the role should have been given to someone with monetary policy experience and not someone with a fiscal background.
“If you take a look at the functions of the CBN, the first is to issue legal tender currency, the second is to maintain external reserves that will support the value of the currency, and the third is to maintain monetary and price stability.
“Cardoso has been a banker and a stockbroker; we should begin to look into having a former Deputy CBN Governor to head the central bank, like Tunde Lemo, though I am not speaking for him,” he said.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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