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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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Court Battles May Dismantle Opposition Ahead of 2027, Lawyer Warns

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By Yusuf Danjuma Yunusa

An Awka-based legal practitioner, Chibunna Okoli-Akirika, has feared that the ongoing court battles and internal party squabbles may dismantle opposition political parties ahead of the upcoming General Elections.

He expressed his feeling in an interview with the News men in Owerri, describing recent judicial judgments as early warning signs of a looming wider political storm.

Okoli-Akirika, a former Anambra Commissioner for Lands and Secretary of the Labour Party, was reacting to Thursday’s court judgment that sacked the David Mark-led African Democratic Congress (ADC).

“The court judgment, though of first instance, has in the interim expectedly devastated ADC in structure and decimated it in spirit,” he said.

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He said the court decision signalled looming political hurdles for the opposition parties ahead of the 2027 polls.Follow Politics

The lawyer advised that major political actors must not view the judicial outcome as an isolated ADC setback, but an urgent call to forge a broad opposition coalition.

He further warned against the fragmentation of the opposition political parties.

He highlighted previous disruptions targeting opposition interests in Delta, Akwa Ibom, and Sokoto States, alongside emerging controversies surrounding party registers in Kano and Kaduna.

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“Furthermore, INEC’s public admission of the existence of officially invented ghost voters in the voters register is a pointer that all will be fair,” Okoli-Akirika said.

He argued that while key opposition figures face legal and administrative pressure, no platform remained completely immune from the political friction currently afflicting the ADC.Follow Politics

“Today, it is ADC, tomorrow it could be any other party or individual,” Okoli-Akirika said.

He said that sections 6 and 287 of the 1999 Constitution made court decisions binding, leaving affected parties with no choice but to comply, while appeals pend.

He urged frontline opposition leaders, who placed second, third, and fourth in the 2023 Presidential Election to “quickly fuse their structures into a single political bloc.

“What is stopping the fusion of the then second runner-up with the then third and fourth runners-up?” he asked.

Okoli-Akirika urged opposition leaders to put national interest above personal political ambitions to guarantee Nigerians a viable democratic choice during the 2027 polls. Nigeria travel guide

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Nigeria’s GDP Growth, Drop in Inflation Not Translating into Poverty Reduction – BUK Deputy VC

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The Deputy Vice-Chancellor (Academics) of Bayero University Kano (BUK), Professor Ahmad Muhammad Tsauni, has said that Nigeria’s recent economic growth and decline in inflation have yet to translate into a meaningful reduction in poverty among citizens.

Professor Tsauni, an economist, made this observation during a gathering organised by the Non-Formal Development for Education and Health Initiative, with the theme, “Nigeria at a Crossroad: Who Is to Fix It?”

He said that although Nigeria had recorded some level of growth in its Gross Domestic Product (GDP) and improvements in certain economic indicators, the development had not significantly improved the living conditions of ordinary Nigerians.

According to him, the country continues to grapple with complex economic and social challenges that require collective efforts and practical solutions to overcome.

“We want to show that Nigeria is a country that, in spite of its challenges, has complex problems that will not really allow it to address them easily. Recently, we have been experiencing some level of growth in GDP, but those indices are not translating into a reduction in poverty, and so we are at a crossroads,” he said.

The BUK Deputy Vice-Chancellor explained that addressing the country’s challenges required more than government interventions, stressing that every Nigerian had a responsibility to contribute to rebuilding the country.

He maintained that the responsibility of finding solutions to Nigeria’s problems should not be left to individuals, political leaders or organisations alone, but should involve citizens from all sectors of society.

Professor Tsauni also called on the government to formulate and implement pragmatic policies capable of addressing the country’s challenges, while emphasising the importance of building public trust.

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He, however, identified negative societal attitudes and a lack of commitment to national development as some of the major obstacles preventing Nigeria from achieving the desired results from its policies.

According to him, Nigeria has developed several sound policies over the years, but poor attitudes and the failure of citizens to demonstrate the necessary commitment have continued to undermine their implementation.

“We have beautiful policies in Nigeria, but they cannot work because of our attitude. We should not apportion blame to anybody because we created the problem together, so everybody should contribute,” he said.

The university don urged Nigerians across different professions and institutions to examine their conduct and take responsibility for improving the country.

He specifically noted that classroom teachers, judges, public servants and other professionals must reflect on their individual responsibilities, adding that positive changes in societal attitudes were essential to national development.

Professor Tsauni further stressed that Nigeria’s current situation required collective reflection and a change in citizens’ approach to public responsibilities rather than continuous blame-shifting.

Earlier, the Technical Lead of the Non-Formal Development for Education and Health Initiative, Dr Auwal Halilu, called on Nigerians to demonstrate patriotism and contribute towards revitalising the country.

Dr Halilu said Nigeria was facing numerous challenges as the country approached the 2027 general elections, stressing the need for citizens to reflect on how to secure the country’s future through responsible participation in the electoral process.

He urged Nigerians to embrace positive values, transparency and accountability, noting that national development could only be achieved when citizens and leaders demonstrated genuine commitment to the country’s progress.

“We should take into consideration that we are going to revitalise this country. Every Nigerian should be patriotic. There are a lot of challenges in Nigeria as we approach the 2027 elections. How can we help to get the best in Nigeria? We should change our values for good and be transparent,” he said.

Dr Halilu also challenged Nigerians to consider how they could support leaders in addressing the country’s challenges, rather than leaving the responsibility of national development entirely to those in government.

He emphasised that rebuilding Nigeria required a collective commitment to good values, transparency and patriotism, particularly as the country prepares for another general election in 2027.

The gathering provided an opportunity for discussions on Nigeria’s economic and social challenges, the responsibilities of citizens and the need for collective action towards national development.

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Dala Chairman Marks Two Years In Office With Prayers For Peace,Leaders

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By Abdu Saidu

The Chairman of Dala Local Government Area of Kano State, Hon. Suraj Ibrahim Imam, has marked his second anniversary in office with a special prayer session for peace, stability and good governance in Dala, Kano State and Nigeria at large.

The prayer session, held on Saturday at the local government secretariat, featured the recitation of the Holy Qur’an by about 60 Islamic scholars and Qur’anic memorizers drawn from different parts of the council area.

The participants offered prayers for divine guidance, wisdom and success for Governor Abba Kabir Yusuf, President Bola Ahmed Tinubu, members of the National Assembly and the Kano State House of Assembly, as well as other political leaders.

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Speaking at the event, Imam said the prayer session was organised to express gratitude to Almighty Allah for the opportunity to serve the people of Dala for two years and to seek His continued guidance and blessings for the council, the state and the country.

He added that the gathering was also an opportunity to pray for the success of Governor Yusuf and other political leaders in their future political engagements.

On his administration’s performance, the chairman disclosed that several development projects had been executed across the 12 wards of Dala Local Government Area within the past two years, with the support and approval of Governor Yusuf.

He commended the governor for his development initiatives across the state’s 44 local government areas, particularly in healthcare, education, security, road construction, potable water supply, agriculture and employment generation.

According to Imam, the interventions have contributed to improving the living conditions of residents and strengthening development at the grassroots.

He expressed confidence in the governor’s leadership and called on residents and political stakeholders to support his re-election in 2027. He also expressed support for President Tinubu and other APC candidates ahead of the next general elections.

The event was attended by Alhaji Bashir Ibrahim Al-Mustapha, OON, councillors, Islamic scholars, Qur’anic memorizers, political advisers, the local government secretary and other stakeholders from across Dala Local Government Area.

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