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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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Atiku Abubakar Demands Inquiry into Suspicious Bank Alert

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By Yusuf Danjuma Yunusa

 

Atiku Abubakar, the 2027 presidential candidate of the African Democratic Congress (ADC), has raised concerns over an unsolicited credit alert to his private bank account, describing the transaction as a severe breach of financial privacy.

In a statement posted on X on Friday, Mr. Abubakar’s media aide, Phrank Shaibu, disclosed that the former Vice President received the funds from an unknown individual, with the payment narration reading “Contribution Electioneering Campaign.” Shaibu emphasized that neither Mr. Abubakar nor his campaign team solicited, authorized, or had any prior knowledge of the sender or the transaction.

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The aide underscored the gravity of the incident by pointing out that the account involved is a strictly private one, the details of which are not in the public domain.

“This raises a fundamental question: How did unknown persons obtain the confidential banking details of a private citizen?” Shaibu queried.

While the credited amount could not independently be verified, Shaibu warned that the circumstances carry troubling implications for national security.

“If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown, then no Nigerian’s financial privacy is safe,” he stated.

Shaibu further expressed suspicion that the breach may have been facilitated by individuals with privileged access—a development he characterized as a grave abuse of power. Such exposure, he noted, could leave account holders vulnerable to kidnappers, terrorists, bandits, and fraudsters.

Consequently, Mr. Abubakar’s camp has placed the Nigerian public and security agencies on notice, citing this incident as the latest in a litany of suspicious occurrences ahead of next year’s general elections.

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Kano SUBEB: N1bn for 100 Classrooms But Not a Single Location Disclosed, Says Watchdog

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By Yusuf Danjuma Yunusa

A transparency advocacy group, Tracka, has raised serious concerns over the inability of the Kano State Universal Basic Education Board (SUBEB) to provide records showing where more than ₦1 billion reportedly spent on renovating 100 classrooms was actually executed.

According to Tracka’s findings from the Kano State 2025 Fourth Quarter Budget Implementation Report (BIR), over ₦1 billion was disbursed for the classroom renovation project. However, the organisation said the absence of specific project locations in the official report has rendered citizen oversight nearly impossible.

In a bid to obtain clarity, Tracka submitted a Freedom of Information (FOI) request to Kano SUBEB on May 19, 2026, seeking the names of contractors, specific project locations, and implementation statuses. The request was signed by Tracka State Officer, Maryam Usman, on behalf of the organisation’s Head, Joshua Osiyemi.

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In a statement released to journalists, Tracka disclosed that rather than furnish the requested details, Kano SUBEB responded that it had no record of the locations where the renovations were carried out. The board reportedly directed the Tracka team to only one site – Jili Primary School in Rimin Gado Local Government Area – where repainting and repair works were confirmed to have been undertaken.

“The lack of specific location has made tracking very difficult,” Tracka stated. “We wrote an FOI to SUBEB Kano State Universal Basic Education Board in May 2026, but they responded saying they do not have a record of the locations where renovations have been done. The only school they directed us to was Jili Primary School, Rimin Gado, and we saw that repainting and repairs have been done at the school.”

Tracka further revealed that SUBEB referred the organisation to the Kano State Ministry of Education for information on the remaining project locations.

The advocacy group has now called on the Ministry of Education to urgently make public the full breakdown of the classroom renovation programme, including all project locations, contractor details, and complete expenditure records.

“We were directed to the Kano State Ministry of Education for information on the locations of this project. We implore the ministry to provide the public with the full breakdown of this project, including locations and spending,” the organisation added.

The development has reignited debates over budget implementation transparency in the state, particularly given that the reported sum – exceeding ₦1 billion for just 100 classrooms – averages roughly ₦10 million per classroom, a figure that Tracka suggests warrants thorough public scrutiny.

As of press time, the Kano State Ministry of Education had not issued an official response to Tracka’s demands.

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Tinubu’s Qualification Will Be Challenged in Court, Dalung Says

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By Yusuf Danjuma Yunusa

 

 

A chieftain of the African Democratic Congress, ADC, Solomon Dalung, has said he will institute a fresh legal challenge against President Bola Tinubu’s educational qualifications ahead of the 2027 general elections.

 

Mr Dalung, a former Minister of Youth and Sports Development, alleged that unresolved questions surrounding Tinubu’s qualifications remained the “greatest threat” to Nigeria’s democratic transition and vowed to challenge the President’s eligibility in court.

 

He made the remarks during a media briefing at his residence in Jos, Plateau State, where he also accused the All Progressives Congress, APC-led administration of weakening opposition parties and undermining Nigeria’s multiparty democracy.

 

According to him, the ruling party had intensified efforts to weaken the opposition by encouraging defections of elected officials.

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“The political parties, who are actors in democracy, have also been destroyed. This attribute of destroying political parties started with the President buying governors to defect into his political party (APC). Thirty-one of them have gone there, yet he is still not certain of 2027,” Mr Dalung alleged.

 

He also accused the President’s Chief of Staff, Femi Gbajabiamila, of sponsoring litigation against opposition political parties to weaken them ahead of the next general election.

 

“The sponsor of all the litigation is Gbajabiamila; he should come out clean if he is denying it. The 2027 transition is under attack because democracy cannot exist with only one political party under a multiparty democracy constitutionally guaranteed,” he said.

 

Mr Dalung further alleged that President Tinubu was apprehensive about facing a united opposition because of what he described as unresolved issues surrounding the President’s educational qualifications.

 

“Tinubu is afraid of contesting election not because he didn’t want to contest, but because he is the most unqualified person to be nominated to contest election,” he said.

 

He claimed that legal challenges to Tinubu’s qualifications in 2023 failed because the Supreme Court held that the matter was a pre-election issue.

 

“And to the best of my knowledge, Tinubu has not gone to any school since 2023, so all the fake certificates that have been presented have not been remedied,” Mr Dalung alleged.

 

The former minister also made fresh allegations regarding Mr Tinubu’s educational records and National Youth Service Corps, NYSC, documentation, claiming they contained inconsistencies.

 

He insisted that the Constitution clearly stipulates the qualifications required to contest for the office of President and maintained that the ADC would seek judicial interpretation of Tinubu’s credentials as submitted to the Independent National Electoral Commission, INEC.

 

“So the greatest threat to the transition is the qualification of Tinubu. We will go to court,” Mr Dalung declared.

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