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Naira Plunges to N1,825 Against Dollar Despite EFCC’s Intervention

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Tuesday, the naira dipped further, trading at N1,825 to a dollar, despite efforts by the Economic Financial Crimes Commission (EFCC) to disrupt the activities of perceived manipulators and speculators.

On Monday, it was reported how the anti-graft agency raided the well-known Abuja Zone 4 market, shooting at Bureau De Change operators to stop the naira’s rapid decline.

But, less than 24 hours after EFCC raided BDC operators in Abuja, the naira continued its rapid decline, dipping from N1,700 against the dollar to N1,825 to a dollar 24 hours later.

This came as the naira hit an all-time low against the dollar and pound sterling in Nigeria’s history, despite efforts by the Central Bank of Nigeria to salvage the free fall of the naira.

Though the naira had been on a downward trend against the dollar before Mr Tinubu assumed office last May, the naira’s freefall accelerated following the floating of the currency.

In September, the naira exchanged at N1,000 to one dollar at the parallel market. This historic dip spotlighted the weakness of Mr Tinubu’s efforts to manage the national currency amid runaway inflation.

In July, the Association of Nigerian Licensed Customs Agents (ANLCA) complained that floating the nation’s currency had caused a drop in vehicle importation in the nation’s ports.

The currency fell to N1,520.123 to a dollar on January 31, according to Naira Rates.

This is against the currency’s depreciation to N1,482.75 per dollar recorded in the official foreign exchange market on January 30, amounting to a N38 depreciation for the naira under 24 hours.

The fall made it the first time after the COVID-19 pandemic that the official exchange rate was higher than the parallel market exchange rate, which traded at N1,470 per dollar from N1,425 on January 29.

The monetary policy of President Bola Tinubu’s government played a huge role in the further downward slide of the naira after he floated the currency.

Mr Tinubu’s economic policy scrapping fuel subsidy and collapsing multiple foreign exchange windows into the single Importer and Exporter, or I&E window, drastically depreciated the naira’s value by 98 per cent, a report by the Price Water Coopers stated.

The top global business advisory audit firm said in its report ‘Nigeria’s Economic Outlook: Seven Trends That Will Shape Nigerian Economy in 2024’ that Mr Tinubu implemented policies that had the domino effect of devaluing the naira by nearly 100 per cent but appealed to foreign investors as the move was projected to improve the economy in 2024.

On September 26, the naira witnessed an unprecedented historical low, dipping to N1000 against the U.S. dollar. Since then, the currency has lost 17 per cent of its value.

The persistent decline of the naira is a source of concern and a spotlight on the challenges associated with President Bola Tinubu’s fiscal policies.

Despite the far-reaching consequences, including inflation and diminished economic purchasing power, Mr Tinubu has undertaken what his cabinet refers to as strategic moves, such as the petrol subsidy removal, which was met with resistance and scepticism but reflects an attempt to reduce the government’s financial burden and promote a more market-driven economy as well as the decision to adopt a clean float foreign.

People’s Gazette

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Breaking: Court Drops Charges Against Minors

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The Federal High Court in Abuja on Tuesday struck out the charges brought against a total of 119 #EndBadGovernance protesters.

All 119 protesters were arraigned on Friday, November 1 on charges bordering on Treason felony, inciting to mutiny, among others.

The defendants were arraigned in two batches at the previous proceeding.

The first batch comprised a total of 76 protesters which included 32 minors and the second batch a total of 43 protesters.

The trial judge, Justice Obiora Egwuatu, struck out the suit following an application by the counsel to the Attorney General of the Federation, M. D Abubakar, to take over and discontinue the matter.

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NNPP Crisis: Assembly Members Deny Factional Differences

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By Salisu Baso

As the crisis erupted within Kano’s ruling party NNPP, with some members calling for the governor to stand independently, the Kano State House of Assembly has denied knowledge of any of its members being involved in the rifts.

The Majority Leader of the House, Hon. Lawan Hussain, representing Dala Constituency, revealed this to newsmen in an interview with journalists over the publication of an online newspaper, Daily Nigeria, stating that some members of the NNPP in the House have joined the factional crisis.

He described the news as a fabricated and mischievous story from unpatriotic elements planning to destroy the peace reigning within the party. He said that as far as the members of the House are concerned, there are no conflicts between the governor and the leader of the Kwankwasiyya Movement, Senator Engr. Rabiu Musa Kwankwaso.

The Majority Leader therefore assured the party parliament members of their solid support for the leader of the Kwankwasiyya and state governor, Engr. Abba Kabir Yusuf, adding that the governor considers Senator Kwankwaso his mentor.

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On the issue of some party members calling for the governor to be independent (Tsaya da Kafar Ka), Hon. Dala said the governor is operating independently without interference from any person. He therefore accused some opposition politicians from the Federal Capital Territory, Abuja, of sponsoring unpatriotic people to ignite a crisis in the state with a view to disrupting the government’s development initiatives.

 

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Breaking: Tinubu Orders Release of Minors Arrested Over Endbadgovernance Protest

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President Bola Ahmad Tinubu

President Tinubu Orders release of all minors who participated in the Endbadgovernance protest .

 

The minister of information and national orientation Muhammad Idris stated this to state House correspondents.

Minister of Information and National Orientation, Mohammed Idris, disclosed this while briefing State House correspondents, on Monday.

The Minister was flanked by the Bayo Onanuga, Special Adviser to the President on Information and Strategy; Sunday Dare, Special Adviser on Public Communications and orientation.

Idris stated that the President has instructed the Attorney-General of the Federation, Lateef Fagbemi, to begin the process of securing the minors’ release without delay.

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“The President has directed that all minors be released on the and also reunited with their families anywhere they are in the country. A committee has been set up to look at the issues surrounding their arrest, detention and release. All the law enforcement agents related to the case will be investigated and anyone found wanting will be brought to book,” he said.

 

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