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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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PenCom Alleges Non-adherence to Pension Laws

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By Yusuf Danjuma Yunusa

 

The National Pension Commission has said that only seven states and the Federal Capital Territory are fully implementing pension reform laws despite widespread adoption of contributory pension frameworks across the country.

 

The Director-General of the National Pension Commission, Mrs Omolola Oloworaran, disclosed this on Thursday in Abuja during the maiden edition of the bi-annual consultative session for heads of service of states yet to adopt or fully implement the Contributory Pension Scheme or the Contributory Defined Benefits Scheme.

 

She said, “Out of the 36 states with pension reform laws on their books, only seven states, together with the Federal Capital Territory, are fully implementing these laws.”

 

The session was organised to encourage dialogue with affected state heads of service and to explore practical ways in which PenCom could provide technical support for the successful adoption and implementation of pension reforms at the sub-national level.

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According to Oloworaran, 30 states and the FCT had enacted laws on the contributory pension scheme or the contributory defined benefits scheme, while six states still had pension reform bills awaiting passage in their state assemblies.

 

She noted that 23 states had pension laws that were either inactive or only partially implemented, leaving many civil servants uncertain about their retirement future.

 

“That leaves 23 states whose laws are written, inactive, or only partially being implemented. Twenty-three sets of public servants or civil servants whose retirement future hangs in the balance, not because there is no law, but because the law has not been activated,” she said.

 

The PenCom boss described pension reform as a constitutional and fiscal obligation rather than a policy option, citing Section 210 of the 1999 Constitution, which guarantees pension rights for civil servants.

 

She said the old pension structure had failed because it created uncertainty and unsustainable liabilities, adding that the contributory pension scheme was introduced to promote accountability, sustainability, and transparency in pension administration.

 

Oloworaran stressed that the main challenge facing many states was no longer the passage of pension laws but the discipline required for implementation, including regular remittance of pension contributions and adequate funding of accrued pension rights.

 

“Across our states, the challenge is no longer the enactment of laws. The challenge is the discipline of execution. It is the regular and timely remittance of contributions. It is the adequate and consistent funding of accrued pension rights,” she stated.

 

She urged heads of service to see pension reform as part of their governance legacy, noting that the success or failure of implementation in states would largely depend on their commitment.

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NECO Computer-based Exams Will Commence this Year–Education Minister

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By Yusuf Danjuma Yunusa

 

 

The Federal Government on Thursday unveiled a major reform in Nigeria’s examination system with the introduction of computer-based examinations, CBE, by the National Examinations Council, NECO, as the nation celebrated the examination body’s 25 years of existence amid glowing tributes to its rise from a troubled national initiative to an internationally recognised.

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The minister of education, Dr Tunji Alausa, who announced the reform at NECO’s Silver Jubilee celebration in Abuja, declared that the transition to technology-driven examinations would significantly curb examination malpractice and reposition Nigeria’s assessment system for global competitiveness.

 

Speaking at the event held at the Bola Ahmed Tinubu Conference Centre, Garki, Abuja, Alausa described NECO as a “standard-bearer for credible external examinations”, saying the council had become a critical pillar in safeguarding integrity, fairness and accountability in Nigeria’s education sector.

 

“We are at the threshold of a very important reform, which NECO is spearheading, and that is the Computer-Based Examination, which is to commence this year,” the minister said.

 

According to him, the new system would provide real-time monitoring of candidates, track suspicious activities and drastically reduce examination fraud that has continued to undermine confidence in public examinations.

 

The minister said NECO’s 25-year journey reflected Nigeria’s determination to build a credible national examination system capable of guaranteeing equal opportunities for learners across the country.

 

He noted that the council had over the years strengthened examination security, improved reliability in scoring, widened access to examinations in underserved areas and embraced technological innovations that restored public confidence in national certification.

 

 

Alausa said the Ministry of Education would continue to provide policy direction and oversight to ensure NECO examinations aligned with national curricula, learning outcomes and broader development goals.

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2026Hajj: Nigerian Pilgrims Begin Movement from Madinah to Makkah

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By Yusuf Danjuma Yunusa

 

The National Hajj Commission of Nigeria (NAHCON) has announced that Nigerian pilgrims in Madinah have begun their movement to Makkah as of Thursday.

 

According to an update from the commission, the transfer commenced after the pilgrims had completed a four-day stay in Madinah.

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NAHCON further disclosed that the four official airlines handling this year’s Hajj operations—Max Air, Umza Airline, Air Peace, and Flynas—have so far transported 9,756 pilgrims to Saudi Arabia.

 

The commission also advised pilgrims intending to visit the Rawdah (the sacred area containing the Prophet Muhammad’s burial chamber in Madinah) before departing for Makkah to coordinate with their respective State Pilgrims’ Welfare Boards for proper guidance and scheduling.

 

“NAHCON wishes to assure the Nigerian contingent that officials of state pilgrims’ welfare boards have already been trained and adequately guided on the procedures for booking Rawdah visits,” the statement read.

 

“However, pilgrims are kindly reminded that due to congestion and crowd management measures, access to the Rawdah is strictly subject to space availability and approved bookings. Pilgrims are therefore advised to remain patient, orderly, and to heed the guidance of their Ulama regarding the validity and acceptance of their Hajj rites.”

 

The commission emphasized that while visiting the Rawdah is a blessed opportunity, it is not a condition for the validity of Hajj.

 

“Allah grants such opportunities according to His will,” NAHCON added.

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