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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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Protesters Return to NASS, Insist on Mandatory Electronic Transmission

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By Yusuf Danjuma Yunusa

Protesters on Monday, February 16, stormed the headquarters of the Economic and Financial Crimes Commission(EFCC)

The demonstrators, comprising civil society organisations including Situation Room and ActionAid, insisted that manual collation of results be scrapped entirely to curb manipulation during the collation process.

The protest followed a five-day lull after lawmakers gave assurances during last Tuesday’s plenary that concerns around Clause 60(3) of the amendment bill would be revisited.

Security operatives mounted barricades at the entrances to the National Assembly complex, preventing the protesters from gaining access. The demonstrators subsequently staged their rally outside the main gates, chanting and displaying placards calling for transparency in the electoral process.

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They argued that there was no justification for retaining manual backups, noting that election budgets already provide for technological infrastructure to support seamless electronic transmission.

Last Tuesday, the Senate reconvened in an emergency plenary to reconsider its earlier position on Clause 60(3). Senate Chief Whip, Senator Tahir Monguno (APC, Borno North), moved a motion to delete the phrase “real-time” and replace the word “transmission” with “transfer.”

The proposal triggered heated debate on the floor, with senators including Senator Enyinnaya Abaribe (APGA, Abia South) raising repeated points of order in opposition.

At the end of deliberations, the Senate approved electronic transmission of results to the Independent National Electoral Commission’s (INEC) Result Viewing (IReV) portal but retained manual collation as a fallback option in the event of technical failure.

The Senate is scheduled to reconvene on Tuesday, February 17, at 11 a.m., where further decisions on the bill and other national matters are expected.

Meanwhile, the protesters vowed to sustain pressure on lawmakers until real-time electronic transmission is made mandatory without exceptions.

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BREAKING: FG Drags El-Rufai to Court Over Alleged NSA Phone Interception

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By Yusuf Danjuma Yunusa

The Federal Government has filed criminal charges against former Kaduna State governor, Nasir El-Rufai, over alleged unlawful interception of communications belonging to the National Security Adviser, Nuhu Ribadu.

The charge, marked C2/99/2026 and dated February 16, 2026, lists the Federal Republic of Nigeria as the complainant and El-Rufai as the sole defendant.

According to court documents obtained by our correspondent, the prosecution alleged that during an appearance on Arise TV’s Prime Time programme in Abuja on February 13, 2026, El-Rufai admitted that he and others unlawfully intercepted the phone communications of the National Security Adviser.

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In count one, the Federal Government contends that the alleged admission constitutes an offence under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

Count two accuses the former governor of stating during the same interview that he knew and associated with individuals involved in the alleged interception but failed to report them to appropriate security agencies, contrary to Section 27(b) of the Cybercrimes Amendment Act, 2024.

The third count alleges that El-Rufai and others said to be at large, sometime in 2026 in Abuja, used technical equipment or systems to unlawfully intercept the National Security Adviser’s communications. The prosecution argues that the act compromised public safety and national security, contrary to Section 131(2) of the Nigerian Communications Act, 2003.

As of press time, no date had been fixed for arraignment. Efforts to reach El-Rufai’s legal team for comment were ongoing.

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El-Rufai Writes NSA, Demands Explanation on Alleged Procurement of Deadly Poison to Nigeria

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By Yusuf Danjuma Yunusa

Former Kaduna State Governor, Nasir Ahmad El-Rufai, has formally requested clarification from the Office of the National Security Adviser (ONSA) regarding the alleged procurement of a highly toxic chemical substance, Thallium Sulphate.

In a letter dated January 30, 2026, and addressed to National Security Adviser (NSA) Nuhu Ribadu, El-Rufai stated he was acting “as a concerned citizen” to seek details about what he described as the procurement of approximately 10 kilograms of the substance, reportedly sourced from a supplier in Poland. The letter was received by ONSA on February 11, 2026.

According to Science Direct, Thallium sulfate is an extremely hazardous substance. It is a tasteless, odourless, and colourless crystalline powder historically used as a potent rodenticide and insecticide. Due to its extreme toxicity—with a fatal human dose estimated to be as low as 8 to 12 milligrammes per kilogramme—its use is tightly restricted or banned in many countries. The chemical mimics potassium in the body, leading to severe nervous system damage, hair loss, and potentially death.

The letter, titled “Request for Clarification on the Procurement of Thallium Sulphate,” raises several critical questions regarding the purpose, regulatory compliance, and safety measures surrounding the reported acquisition.

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El-Rufai wrote that he was seeking clarification as a concerned citizen based on information available to the political opposition leadership about a procurement of approximately 10 kilogrammes of Thallium Sulphate by ONSA, reportedly from a supplier in Poland. Highlighting the grave danger posed by the substance, he stressed the need for transparency, noting that because thallium salts are highly toxic and tightly controlled substances, it was important for public safety, democratic accountability, and maintaining public trust to confirm specific details.

He therefore sought clarification on the intended purpose and end-use of the imported Thallium Sulphate, the supplier’s identity, and whether the material was imported under an existing chemical or defence permit. He also requested information on the total quantity and specific form or concentration being procured or already procured, as well as the storage and security arrangements for the material upon arrival.

Furthermore, he asked about the regulatory oversight and coordination with NAFDAC, NCDC, and relevant public-health and environmental agencies, and whether any public-health risk assessments or hazard-mitigation plans had been developed given the compound’s extreme toxicity.

El-Rufai emphasised that his inquiry was made in good faith, with the sole aim of ensuring due process and transparency, rather than inflaming political tensions. He stated that public confidence in the integrity of national institutions is strengthened when potential risks are openly addressed and managed.

The former governor requested continued dialogue with the NSA’s office on the matter and expressed appreciation for a response or a point of contact within the office for further engagement to reassure concerned Nigerian citizens in the opposition.

In a move underscoring the demand for transparency, El-Rufai copied the correspondence to the Directors-General of the National Agency for Food and Drug Administration and Control (NAFDAC) and the Nigeria Centre for Disease Control (NCDC), as well as the National Chairmen of the African Democratic Congress (ADC) and the Peoples Democratic Party (PDP).

The inquiry comes amid recent political tension, following claims by the former governor that NSA Ribadu ordered his arrest, an incident that led to a recent altercation at the Nnamdi Azikiwe International Airport in Abuja. It also follows El-Rufai’s assertion that an individual had intercepted a phone conversation confirming the NSA’s involvement in the alleged arrest attempt.

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