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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.

People’s Gazette

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Wike Kick-Starts Campaign for 2027 Election, Urges Rivers Electorates to Vote Tinubu

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By Yusuf Danjuma Yunusa

Minister of the Federal Capital Territory, Nyesom Wike on Tuesday urged the electorate in Rivers to support President Bola Tinubu for a second term in 2027 to sustain the progress being recorded in the state.

Mr Wike made the appeal during his “thank you” visit to Degema Local Government Area of Rivers.

He cited the unprecedented attention Tinubu is giving to Rivers ranging from development projects, appointments, and human capital development.

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The minister, who said that the Rivers people ‘never had it this good’, urged the people to continue their support for Tinubu to sustain the gains.

He noted that although the due attention given to Rivers was attracting envy from every quarters, supporting the reelection of Tinubu would take Rivera to greater heights.

He explained that the visit was to thank the people for the continued support, urging them to replicate the gesture in 2027.

Earlier, Peter Abe, member representing Degema LGA in the State Assembly, thanked Wike for providing the needed leadership in the state.

Mr Abe said that all communities in the state were witness to what the minister did in 2023, which was beneficial to all people in the state.

He thanked Wike for steering the state to progress, assuring him of the readiness of the people to follow his directives in 2027.

The Chairman of council, Michael Williams, assured the minister of continued support, adding that all the community structures in the LGA would support the reelection of Tinubu.

Williams noted that Wike initiative to support the election of Tinubu in the state in 2023 has brought progress in the state, stressing that supporting his reelection bid would sustain the progress.

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2027: Ex-DSS DG, Lawal Daura to Contest Katsina Governorship

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By Yusuf Danjuma Yunusa

 

Former State Security Service Director-General, Lawal Daura, has announced his plans to run for the 2027 governorship election in Katsina State. He criticized the current administration’s performance and highlighted ongoing security issues as key reasons for his decision to enter the race.

During an interview with DCL Hausa on Tuesday, Mr. Daura stated that he has finished consulting about his political aspirations and will soon reveal the political party under which he plans to run.

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He said, “I have been making consultations on the platform to use to contest, and the consultations have been concluded. Very soon, I will make the platform known.

“Why do people serve for one or two terms? If they get it right, fine. But if the reverse is the case, then there is no point in seeking re-election. It is obvious the current governor is not capable.

“It is like putting a load on somebody and adjusting it. If he complains that the load is too heavy, you have to take it down to avoid destroying fragile items. For the current administration, we can say thank you for your efforts, but you should take a break because you can’t continue.

“I never saw myself coming out to contest. I admire politics, but I only participated from the background.”

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Court reverses dissolution of NNPP executives

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Kano high court has invalidated the dissolution of state, local and ward executive Council of the New Nigerian Peoples Party (NNPP) in Kano, amounting the decision of the National Working Committee (NWC) null and void.

In an exparte order granted by Justice Nasiru Saminu on Tuesday, the equally restrained the National Working Committee of NNPP from taking any further step regarding the leadership structure of the party in Kano until the hearing and determination of motion on notice filed by the plaintiff.

In a suit No. K/06/2026 instituted by one Abdullahi Zubairu Imam and five others (plaintiffs) on behalf of the executive Committee of NNPP at 44 local government areas of the state was filed against the New Nigerian Peoples Party (NNPP) as defendant, challenging their dissolution.

In the interim injunction, Justice Saminu also directed all parties to maintain Status-Quo-Ante as at 30th December, 2025, prior to the purported dissolution directive issued by the NWC of the party.

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“After hearing on the matter filed by K.K. Njidda Esq with S.A. Muhammad Esq counsels to the Applicants the court hereby order an interim injunction restraining the Defendant/Respondent either by himself, his agents, privies cohort, ad-hoc Committees, National Working Committee or any other persons acting on its Instruction howsoever described from appointing Caretaker Committees for the State, Local Government and Ward levels Executives of Kano State or taking any further step In respect of the subject matter of this suit pending the hearing and determination of the Motion on Notice filed before this court.

“An order of interim injunction mandating the Defendant/Respondent maintain STATUS QUO ANTE as at 30 December, 2025 prior to the purported dissolution of the Kano State, Local Government and Ward levels executives pending the hearing and determination of the Motion on Notice.

“AN ORDER of this Honorable Court granting the Plaintiffs/Applicants to issue and serve the process in this suit on the Defendant at its National Secretariat situate at 11 Mahatma Gandhi Street, Area 11, Garki Abuja, Nigeria which is the outside the jurisdiction of this court”. A copy of the order as signed by Abba Sa’ad, registrar read.

Recall that the NWC of the NNPP declared the dissolution of the executive Council of the party across the party structure in Kano following the suspension of Hon. Hashim Dungurawa as Chairman of the party in the state. Dungurawa has been replaced by Abdullahi Abiya in acting capacity.

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