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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.

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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.

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President Tinubu Seeks Senate Confirmation for Lt. General Oluyede as Chief of Army Staff

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President Bola Tinubu on Friday wrote the Senate, seeking confirmation of Lieutenant General Olufemi Oluyede’s appointment as the substantive Chief of Army Staff.

“In his letter sent today, President Tinubu seeks Oluyede’s confirmation in accordance with the provision of Section 218(2) of the 1999 Constitution as amended and Section 18(1) of the Armed Forces Act,” Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, revealed in a statement.

The statement is titled ‘President Tinubu writes Senate, seeks confirmation of Lt. General Oluyede as Chief of Army Staff.’

Tinubu appointed Oluyede as the Acting Chief of Army Staff on October 30 following the illness of Lieutenant General Taoreed Lagbaja.

General Lagbaja, however, died on November 5.

Onanuga said, “President Tinubu is confident about the leadership qualities, professional integrity, and experience of Lt. General Oluyede to lead and inspire the army to ensure national security and stability.”

Before he was appointed Acting Chief of Army Staff, Oluyede, a member of the 39th Regular Course, like his predecessor, served as the 56th Commander of the elite Infantry Corps of the Nigerian Army, based in Jaji, Kaduna.

 

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Lawyer Alleges Tenure Elongation Plot in Letter to Governor Yusuf

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Barrister Mustapha I. Zubair, a prominent lawyer and politically conscious citizen of Kano State, has written a letter to Governor Abba Kabir Yusuf, alleging a plot by certain senior civil servants to extend their tenure of service beyond the mandated retirement age. The letter, which expresses deep concern over the issue, highlights the potential implications of such actions on the state’s governance and public trust.

Zubair, a registered voter of Gwale Local Government, begins the letter by expressing gratitude and admiration for Governor Yusuf’s leadership and pro-people policies. “Your exemplary leadership and pro-people policies have continually fostered growth and prosperity, and we, the citizens, are deeply appreciative of your dedication,” Zubair states in the letter.

However, Zubair quickly shifts focus to the matter of tenure elongation, which he describes as a growing concern among the people of Kano State. “It is evidently clear that after the recent posting of permanent secretaries in the state, some top government functionaries who will be due for retirement in December 2024 are now striving day and night to secure tenure elongation only for themselves,” he alleges.

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The letter emphasizes the potential negative implications of such actions, suggesting that the attempt to prolong service tenure by a few senior civil servants could undermine the principles of fairness and transparency in the state’s administration. Zubair urges Governor Yusuf to address the issue promptly to maintain public trust and ensure that the state’s governance remains transparent and accountable.

The letter concludes with a plea for Governor Yusuf to take immediate action to prevent any attempts at tenure elongation and to uphold the integrity of the state’s civil service. “We trust in your commitment to justice and fairness, and we believe that you will take the necessary steps to address this issue,” Zubair writes.

The allegations have sparked discussions among political observers and citizens, who are keenly watching how Governor Yusuf will respond to the concerns raised in the letter.

 

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FG Obeys Court’s Order, Stops FAAC Allocation to Rivers State

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Senator Bola Ahmad Tinubu

 

The Nigerian government under President Bola Tinubu has confirmed that it has stopped the October monthly Federation Account Allocation Committee (FAAC) revenue payment to Rivers State.

The development comes amid the ongoing face-off between Governor Simi Fubara and the Minister of Federal Capital Territory, Nyesome Wike.

According to the Spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the decision to stop the payment was made in respect of a court order.

Mokwa disclosed that the Office of the Accountant General of the Federation (OAGF) will respect the court order, which barred the Central Bank of Nigeria (CBN) and the Nigerian government from disbursing monthly allocations to the Rivers State government.

His words: “What I got is that the October 2024 FAAC has not been distributed yet. However, the Federal Government will obey the court order on the matter of Rivers State allocation.

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“We are going to follow due diligence as long as there is no contrary order. In case there is a contrary, the status will remain.”

He added, “The process of disbursement of the October 2024 monthly allocation is going.”

The court order was obtained by the factional Rivers State Assembly, led by Martin Amaewhule, who had filed an originating summons against the Rivers State Executive, under the leadership of Simi Fubara.

The Amaewhule faction had alleged that the Rivers State Executive was yet to comply with the order of a Federal High Court directing it to re-present the 2024 appropriation bill to the faction of the Rivers State House of Assembly.

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