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Central Bank of Nigeria [CBN] targets single-digit inflation

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The Central Bank of Nigeria has said it is on course to reduce inflation to single digits as part of its transition to an inflation-targeting monetary policy framework.

This was disclosed in a statement issued by the apex bank on Sunday following an engagement with the Nigerian Economic Society and members of the academic community in Abuja.

Speaking at the session held on March 18, 2026, the CBN Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi, said the shift to inflation targeting represents a major change in Nigeria’s monetary policy approach.

He described the engagement as timely and essential to Nigeria’s ongoing economic reforms, adding that the new framework would strengthen policy credibility and long-term price stability.

According to the statement, “the transition to an inflation-targeting framework marks a significant shift toward a transparent, forward-looking, and rules-based monetary policy system anchored in long-term price stability.”

Abdullahi said the framework would serve as a key anchor for the economy by shaping expectations and reducing the impact of external shocks.

He noted that inflation targeting would serve as a crucial nominal anchor for the Nigerian economy, adding that stabilising inflation expectations would help lower risk premia and support long-term investments.

The CBN noted that ongoing global uncertainties, including geopolitical tensions and volatile energy prices, make the need for a credible monetary anchor more urgent for emerging economies like Nigeria.

The statement highlighted several reforms already implemented by the bank to support the transition, including a return to orthodox monetary policy tools and a gradual withdrawal from quasi-fiscal interventions.

It added that foreign exchange market reforms, such as rate unification and the introduction of electronic trading platforms, have improved price discovery and reduced volatility.

The apex bank also cited improvements in banking sector stability through recapitalisation efforts and stronger prudential oversight, alongside better coordination with fiscal authorities.

According to Abdullahi, these measures are already producing results. “Headline inflation declined sharply from 34.8 per cent in late 2024 to 15.1 per cent by early 2026, driven by sustained monetary tightening and improved policy discipline,” the statement said.

Looking ahead, the CBN said it is firmly on track to achieve low and stable inflation in the medium term. “The medium-term target is to steer inflation into a single-digit range of 6–9 per cent, barring major external shocks,” the statement read.

Abdullahi further noted that achieving this target would depend on sustained policy discipline, well-anchored expectations, and strong institutional credibility.

Earlier, the Director of the Monetary Policy Department, Dr Victor Oboh, said collaboration with the academic community is critical to improving monetary policy effectiveness.

He noted that the success of inflation targeting depends not only on technical design but also on public trust and communication.

Oboh noted that academics, researchers, and thought leaders play a vital role in shaping narratives, influencing expectations, and building the evidence base for sound policy decisions.

In his remarks, the President of the Nigerian Economic Society, Dr Baba Yusuf Musa, commended the CBN’s reform direction and pledged continued support for its stabilisation efforts.

“Nigeria needs a credible Central Bank, and the Nigerian Economic Society needs a Central Bank worth standing with,” he said.

Participants at the session, drawn from universities and policy institutions, also expressed support for the bank’s transition to inflation targeting, describing it as a necessary step toward strengthening macroeconomic stability.

Nigeria’s headline inflation rate eased marginally to 15.06 per cent in February 2026, according to the Consumer Price Index report released by the National Bureau of Statistics.

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Police arrest Bayelsa sender of gun that led to killing of Mene Ogidi

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Reports say Police have arrested two persons including the Bayelsa State sender of the barretta pistol and four rounds of ammunition that led to the killing of Oghenemine Ogidi by ASP Nuhu Usman in Effurun, Delta state.

A source said two suspects were moved into the Effurun Area Command under the Delta State Police Command Wednesday night, as investigations continues towards apprehending all persons connected with movement of the gun and bullets, and the death of 28 year old Mine.

While the Police authorities keep mum on the development, a source told Vanguard, “It’s confirmed. They just brought in two suspects Wednesday night.

“It’s not been announced who is who yet, but I can tell you for free that one of them is the person who sent the gun through a transport line from Yenagoa to Effurun, from where Mine picked it to send to a Sapele owner at the Effurun Motor Park where he was caught and extrajudicially killed by ASP Nuhu and accomplices.

“Like I sad, it’s not clear if the other person among the two could be the driver who brought the parcel from Yenagoa. But it’s clear that the sender is among the duo just apprehended. And the trail continues for the other suspects.”

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National Assembly makes U-turn on eight-year eligibility for presidency contest

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The Senate has made a U-turn on its Tuesday’s decision as it has rescinded a controversial amendment that barred first-time senators from contesting presiding offices, reopening the 2027 race for Senate President and Deputy Senate President.

On Tuesday, the Senate amended its Standing Orders after a marathon executive session with the introduction of stricter eligibility criteria for the emergence of presiding officers in the 11th Senate, effectively limiting the contest for Senate President and other top leadership offices to returning ranking lawmakers of the current Assembly.

With the amendment on Tuesday, Senate leadership positions will follow a hierarchy beginning with former Senate Presidents, former Deputy Senate Presidents, former Principal Officers, senators who have completed at least one full term, lawmakers transitioning from the House of Representatives, and finally, first-time senators where no higher-ranking candidates emerge.

The amendment also stipulates that only Senators returning from the current 10th Assembly after re-election can contest for Senate President and other key leadership offices.
The reversal was adopted on Thursday through a motion sponsored by Senate Leader Opeyemi Bamidele, APC, Ekiti Central and presided over by Deputy Senate President Jubril Barau.

On why the reversal matters, Bamidele said that with the rule gone, the leadership contest for the 11th National Assembly is now open to all elected senators regardless of tenure.

The backtrack also signals a shift within the ruling party towards a more competitive and inclusive process for selecting the next Senate leadership, rather than pre-determining it through tenure restrictions.

The motion is titled, Recession and Re-Committal of Order 2 (2) and Order 3(1) of the Senate Standing Orders, 2023, as amended.

Presenting the motion, Bamidele said, “the Senate recalls that the Senate Standing Orders were considered and amended on Tuesday, 5th May, 2026;

“Observes that upon further legislative and constitutional review, certain provisions introduced under Order 2(2) and Order 3(1) may give rise to constitutional inconsistencies and unintended tensions with the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), particularly Section 52 thereof;

“Notes that it is necessary to ensure that the Standing Orders of the Senate remain fully consistent with constitutional provisions, established parliamentary conventions, and legislative practice;

“Further notes that the Senate possesses the inherent parliamentary authority to revisit, rescind, and recommit any matter previously decided upon in order to preserve the integrity of its proceedings and legislative framework;

“Accordingly resolves to: rescind its earlier decisions relating to the amendments made to Order 2(2) and Order 3(1) of the Senate Standing Orders, 2026.

” Rescission and Re-Committal of the National Identity Management Commission (Establishment) Bill, 2026 to the Committee of the Whole.

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Gunmen Abduct Eight Students in Midnight Raid Near Nasarawa State University

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Suspected gunmen have abducted no fewer than eight students during a midnight attack on off-campus hostels near the Engineering Campus of Nasarawa State University in Gudi.

The incident occurred around 1:00 a.m. on Thursday, with armed attackers storming several student lodges and whisking victims away to an unknown location.

A source said students hid in fear throughout the operation, complaining about the absence of immediate security intervention. The attack has heightened tension as students are currently writing examinations. Calls have been made for security agencies to intensify rescue efforts.

Key Points:

Eight students were abducted from off-campus hostels near the university.
The attack happened around 1:00 a.m. on Thursday while students were writing exams.
No visible security response was present during the operation.
Students and residents are calling for urgent rescue and improved security.
Fear has spread across the university community.

Sources: PM News

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