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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.

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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.

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EU Delegation Pays Courtesy Visit to Sultan of Sokoto, Expresses Commitment to Humanitarian Initiatives

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A delegation of European Union (EU) representatives, led by the EU Ambassador to Nigeria, His Excellency Gautier Mignot, paid a courtesy visit to His Eminence, Sultan Sa’ad Abubakar at his palace in Sokoto. The visit was aimed at fostering diplomatic ties and introducing the EU team to one of Nigeria’s most revered traditional institutions.

Speaking during the visit, Ambassador Mignot emphasized the importance of engaging with esteemed leaders and institutions in Nigeria, stating, *”We are here to introduce ourselves to one of the most respected traditional institutions in the country.”* He expressed the EU’s commitment to strengthening collaboration with local communities through humanitarian and developmental programs.

One of the key highlights of the visit was the delegation’s announcement of a new EU-backed initiative targeted at supporting vulnerable children and disadvantaged individuals in Nigeria. Ambassador Mignot elaborated on the program’s focus, saying, “Our mission here includes the launch of a program specifically designed to provide aid to children and the less privileged, with a particular focus on Sokoto, the seat of the caliphate.”* The initiative aims to enhance welfare services and promote social development in the region.

The EU ambassador also reassured the Sultan of the delegation’s dedication to ensuring the success of its mission, pledging unwavering support and cooperation. “We are committed to working closely with relevant stakeholders to make this program a success,” he stated.

In his response, Sultan Sa’ad Abubakar warmly welcomed the EU team, acknowledging the significance of their visit. He expressed his willingness to support their humanitarian objectives, stating, *”We fully appreciate this gesture and assure you of our unflinching support in realizing these noble goals.”* The Sultan further emphasized the need for collaboration among all societal groups to achieve maximum success, regardless of religious or ethnic backgrounds.

The visit also saw the presence of several esteemed council members accompanying the Sultan, including Wazirin Sokoto, Professor Sambo Wali Junaidu; Magajin Rafi, Barrister Rilwanu Bello; Galadiman Gari, Alhaji Aliyu Attahiru Galadanci; and Sa’in Kilgori, District Head of Kilgori, Alhaji Muhammad Jabbi Kilgori. Also in attendance were the Council Secretary, Damburan Alhaji Sa’idu Maccido, and the Director of Personnel Management of the Council, Wambai Ahmed Abdulkadir, among others.

The meeting underscored the significance of international partnerships in driving humanitarian efforts and fostering development within Nigeria. The EU delegation, alongside local authorities, expressed optimism that the newly launched initiative would yield substantial benefits for vulnerable communities in Sokoto and beyond.

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Reps Minority Caucus condemns unlawful detention of VDM, demands his immediate release

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The Minority Caucus of the House of Representatives has condemned in the strongest terms the arrest and continued detention of social campaigner and activist, Martins Otse, popularly known as Very Dark Man (VDM), by the Economic and Financial Crimes Commission (EFCC).

In a statement jointly signed by the HoR caucus leaders, Rep Kingsley Chinda, Leader, Rt. Hon. Dr. Ali. Isa J.C Minority Whip, Rt. Hon. Aliyu Madaki., Deputy Minority Leader,,Rt. Hon. George Ozodinobi
Deputy Minority Whip, the opposition leaders declared that:

“The disturbing trend of security and law enforcement agencies deploying their powers arbitrarily against citizens exercising their rights to free expression poses grave threats to our democracy.

“We must state clearly that such acts, cloaked in the guise of enforcement, erode public confidence in the rule of law and undermine the principles of accountability and transparency.

The caucus insisted that: “The arrest of Mr. Otse which reportedly took place without the issuance of a warrant is a direct violation of the 1999 Constitution of the Federal Republic of Nigeria (as amended) that guarantees the liberty of the citizen except in accordance with the due process of law. Sections 35(1) and 35(3) of the Constitution stipulate the conditions under which a person may be deprived of their liberty and require that any person arrested must be informed promptly of the reasons for their arrest and any charges against them.

“The EFCC, like every other agency of government, is bound by these constitutional provisions and must not act outside their bounds.

“Moreover, the continued detention of Mr. Otse beyond the constitutionally permissible period of 24 to 48 hours without being charged to court is not only an abuse of power, it is also a blatant affront to the principles of natural justice and fair hearing.

“The Constitution, under Section 35(4), provides that a person who is arrested or detained must be brought before a court of law within a reasonable time, which, in the case of an arrest without a warrant, shall not exceed two days.

“Any deviation from this is a breach of the citizen’s fundamental rights and a descent into lawlessness.

“As the voice of the opposition in the National Assembly, the Minority Caucus calls on the EFCC to immediately release Mr. Otse or charge him to court in accordance with the law.

“Arbitrary arrests and prolonged detentions of citizens for expressing dissenting or unpopular views must have no place in a democratic society.

“The preservation of liberty, due process, and respect for constitutional rights remain the bedrock of our republic. We will not stand idly by while state agencies abuse their powers to suppress voices that challenge the status quo in line with the laws.

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Former President Jonathan Pays Tribute to Late President Yar’Adua 15 Years After His Passing

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Fifteen years after the passing of former Nigerian President Umaru Musa Yar’Adua, his successor, Goodluck Jonathan, has paid tribute to his legacy, describing him as a patriot and servant leader who worked tirelessly for a united and inclusive nation.

Jonathan, in a heartfelt message shared on his social media page, reflected on Yar’Adua’s life, emphasizing his dedication to service and selflessness. He noted that whether as a teacher, governor, or president, Yar’Adua’s leadership was characterized by hard work, patriotism, accountability, and a commitment to justice and the rule of law.

During his tenure as president, Yar’Adua prioritized national reconciliation, fostering unity among Nigerians, and mobilizing building a nation founded on **justice, peace, and progress. Jonathan highlighted that despite the brevity of Yar’Adua’s presidency, his impact was profound and his leadership progressive, leaving behind a legacy of selfless service and deep commitment to the public good[

Jonathan further remarked that even fifteen years after his passing, Yar’Adua remains a reference point for good leadership, peace, and accountability. His contributions to governance continue to inspire leaders and citizens alike, reinforcing the values of integrity and dedication to national development.

In his tribute, Jonathan celebrated Yar’Adua not only as a friend, brother, and boss but also as a leader who embodied sacrificial service. He praised Yar’Adua’s genuine efforts in nation-building and his commitment to fostering an inclusive democracy anchored on

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The remembrance of Yar’Adua’s legacy has sparked reflections across Nigeria, with political figures and citizens alike acknowledging his contributions to the country’s democratic journey. His tenure remains a significant chapter in Nigeria’s history, marked by reforms and a leadership style that prioritized the welfare of the people

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