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IMF Commends CBN for Naira stability Signs
International Monetary Fund (IMF) has reported that Nigeria’s local currency, the naira, is beginning to show signs of stability, largely due to recent interest rate hikes and the clearing of foreign exchange (FX) backlogs by the Central Bank of Nigeria (CBN).
This observation was highlighted in the IMF’s global financial stability report, unveiled during a press briefing in Washington DC.
IMF noted that the CBN’s actions, particularly the settlement of verified FX obligations, have contributed to stabilizing the naira.
On March 20, the CBN announced it had successfully cleared all verified FX obligations, though an unverified amount of $2.4 billion remains under investigation.
The IMF praised these efforts, stating, “Rate hikes and the clearing of overdue domestic central bank foreign exchange obligations have helped the naira show more signs of stability.”
The naira’s improved stability comes at a time of ongoing debate regarding some of the CBN’s monetary policies.
Since Olayemi Cardoso assumed office as governor, the CBN has raised interest rates multiple times to combat rising inflation, which currently hovers around 30 percent.
In the most recent hike on September 24, the CBN’s Monetary Policy Committee increased the interest rate by 50 basis points, pushing it to 27.25 percent.
The decision faced criticism from stakeholders such as the Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI). Both groups expressed concerns about the policy’s potential negative impact on business growth and the manufacturing sector.
Despite the pushback, Tobias Adrian, the IMF’s financial counsellor, commended the CBN’s efforts to transition to an inflation-targeting regime and liberalize the exchange rate.
“The rate hikes implemented so far have been appropriate, especially given the challenges posed by high inflation,” Adrian said.
Though the World Bank recently described the naira as one of the worst-performing currencies in sub-Saharan Africa in 2024, the currency has shown signs of stabilization over the past month.
It has been trading between N1,700 and N1,600 per dollar in the parallel market and N1,500 to N1,600 in the official window.
Nigerians will start paying for the new national identity card due to low revenue, according to National Identity Management Commission (NIMC).
Dr Peter Iwegbu, head of card management services at NIMC, said the payment was to ensure that it was produced for only those who needed it.
Iwegbu stated this at the two-day conference organized for journalists in Lagos.
He also added that the decision was made to avoid repeating the mistake of the past efforts to issue physical cards to Nigerians for free, which many did not collect.
“The government’s limited revenue is also a major factor in the decision to make Nigerians pay for the new ID card,” he said.
Iwegbu explained that due to the low revenue generated, the government could not fund the production of ID cards.
Mr Lanre Yusuf, director of Information Technology at NIMC, explained that the idea of a free national ID card in the past was not productive.
“To get the new national ID card, Nigerians will need to make a payment, select a pickup location, and then collect their card from the chosen location. The government has implemented programmes to make the card accessible to the less privileged Nigerians who cannot afford it but require it to access government support.”
“This initiative demonstrates the government’s commitment to inclusivity and equality,” Yusuf said.
He said that the versatile cards were scheduled to launch soon, and sample test cards had already been received.
“NIMC is working with banks across the country, which will make it possible for people to walk into any bank closest to them and request the card.”
“The new national ID card is a multipurpose card that can serve the purpose of identity verification, payments, and even government services,” he said.
The card will be enabled for all government interventions and services across various ministries, departments, and agencies. The card, powered by AfriGO, was launched in partnership with the Central Bank of Nigeria and the Nigeria Interbank Settlement System.
Cycling enthusiasts, gear up for an exhilarating experience this Saturday, November 23rd, as FXTM proudly sponsors the Lagos State Monthly Crit at Dolphin Estate, Ikoyi, Lagos.
Interested participants should register at 6:30 AM and prepare for the main race, kicking off at 7:30 AM. Participants will compete for four thrilling hours in three categories: Professional, Junior, and Veteran.
The top prize starts at $500, adding an exciting competitive edge to the event. There will also be refreshments, music and an opportunity to socialize with like-minded individuals.
FXTM, known for its global commitment to promoting fitness through charitable cycling events, is thrilled to bring this spirited race to Lagos. Riding has always been synonymous to freedom, matching the company’s value of freedom to succeed.
The event not only aims to foster a love for cycling but also to enhance community fitness and well-being.
The stand-in Country Representative for FXTM, Kelechi Ehibudu said: “We are thrilled and delighted to sponsor this event as part of our charitable project.
“We look forward to an exciting time with all participants from all works of life. It’s going to be action packed event.”
Thembi Alfreds was driving home from a soccer match in Johannesburg when she stopped at a traffic light. A thief suddenly appeared and smashed the window of her car, grabbing her phone. She struggled with the thief but they managed to get away with the phone.
The incident left her feeling violated and unsafe. Not only did she lose personal memories, like photos of her children, but her personal and financial information stored on the phone was now compromised.
Phone theft is a serious concern in many countries across Africa, including South Africa, where Thembi’s situation highlights the need for better phone theft solutions.
Smartphone usage is on the rise in Sub-Saharan Africa, with adoption rates reaching 61% in Kenya, 31% in Uganda, and 24-25% in Rwanda and Burundi. This increased uptake has been accompanied by a rise in cellphone theft, as these devices become attractive targets for criminals due to their resale value and sensitive data within. This poses a significant challenge that can have serious consequences for both individuals and businesses in the region.
According to the GSMA Consumer Survey 2023, 19% of mobile phone users in South Africa experienced theft or loss of their device in the past year.The GSMA reports millions of devices stolen every year, and the numbers continue to grow. With our phones becoming increasingly more valuable & central to storing sensitive data, like payment information and personal details, losing one can be an unsettling experience.
Phone theft can be a traumatic experience, but there are steps that can be taken to reduce the risk and protect personal information. That’s why we have developed and thoroughly beta tested, a full suite of features designed to protect you and your data at every stage – before, during, and after device theft.
These advanced theft protection features are now available to users around the world through Android 15 and a Google Play Services update (Android 10+ devices).
Theft Detection Lock uses powerful AI to proactively protect you at the moment of a theft attempt. By using on-device machine learning, Theft Detection Lock is able to analyze various device signals to detect potential theft attempts. If the algorithm detects a potential theft attempt on your unlocked device, it locks your screen to keep thieves out.To protect your sensitive data if your phone is stolen, Theft Detection Lock uses device sensors to identify theft attempts.
This feature is rolling out gradually to ensure compatibility with various devices, starting today with Android devices that cover 90% of active users worldwide. Check your theft protection settings page periodically to see if your device is currently supported.
In addition to Theft Detection Lock, Offline Device Lock protects you if a thief tries to take your device offline to extract data or avoid a remote wipe via Android’s Find My Device. If an unlocked device goes offline for prolonged periods, this feature locks the screen to ensure your phone can’t be used in the hands of a thief.
If your Android device is lost or stolen, Remote Lock can quickly help you secure it. Even if you can’t remember your Google account credentials in the moment of theft, you can use any device to visit Android.com/lock and lock your phone with just a verified phone number. Remote Lock secures your device while you regain access through Android’s Find My Device – which lets you secure, locate or remotely wipe your device. As a security best practice, we always recommend backing up your device on a continuous basis, so remotely wiping your device is not an issue.
These features are now available on most Android 10+ devices via a Google Play Services update and must be enabled in settings.
Advanced security to deter theft before it happens
Android 15 introduces new security features to deter theft before it happens by making it harder for thieves to access sensitive settings, apps, or reset your device for resale:
- Changes to sensitive settings like Find My Device now require your PIN, password, or biometric authentication.
- Multiple failed login attempts, which could be a sign that a thief is trying to guess your password, will lock down your device, preventing unauthorized access.
- And enhanced factory reset protection makes it even harder for thieves to reset your device without your Google account credentials, significantly reducing its resale value and protecting your data.
Later this year, we’ll launch Identity Check, an opt-in feature that will add an extra layer of protection by requiring biometric authentication when accessing critical Google account and device settings, like changing your PIN, disabling theft protection, or accessing Passkeys from an untrusted location. This helps prevent unauthorized access even if your device PIN is compromised.
Real-world protection for billions of Android users
By integrating advanced technology like AI and biometric authentication, we’re making Android devices less appealing targets for thieves to give you greater peace of mind. These theft protection features are just one example of how Android is working to provide real-world protection for everyone. We’re dedicated to working with our partners around the world to continuously improve Android security and help you and your data stay safe.
You can turn on the new Android theft features by clicking here on a supported Android device. Learn more about our theft protection features by visiting our help center.
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