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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.

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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Commission of inquiry to hold inaugural sitting Monday

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Governor Abba Kabir Yusuf

 

The judicial commission of inquiry on public properties and assets established by Governor Abba Kabir Yusuf of Kano State to probe the previous administration led by former Governor Abdullahi Umar Ganduje has scheduled its inaugural session for Monday, 29th April 2024.

The commission’s secretary, Salisu Mustapha, said this in a letter addressed to the Director General Media and Publicity on Saturday.

Mustapha specified that the session will take place at High Court No. 3 within the Audu Bako Secretariat on Monday 29th April, 2024 by 10.am prompt.

Earlier this month, Governor Yusuf inaugurated two judicial commissions of inquiry (JCI) to investigate instances of misappropriation of public properties and assets, political violence, and missing persons between 2015 and 2023.

During the inauguration of the JCI members, Governor Yusuf pledged to hold accountable anyone found culpable, emphasizing his commitment to uncovering and prosecuting those responsible for political violence in the state before and during previous elections.

The governor urged the Commission to thoroughly investigate cases of misappropriated public properties and assets during the tenure of immediate past administration.

He instructed the commission members to uphold their integrity, remain true to their oath, and serve the people of Kano State by ensuring justice is served. Governor Yusuf clarified that the initiative was not politically motivated or directed at any individual but rather a response to the mandate of the people of Kano State.

You may recall that Justices of the State High Courts, Farouq Lawan Adamu and Zuwaira Yusuf a long with other eminent personalities were selected and appointed as chairmen and members of the two commissions of inquiry respectively.

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Almajiri Returns Lost Phones Worth Over 2.5 Million Naira

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Haruna Adamu left who found the phones ,right Ibrahim Muhammad Abdullahi the owner

Haruna Adamu, a 37-year-old resident of Kano who recites Quran at Tsangayar Malam Sani, has returned lost phones worth over 2.5 million Naira at Masjidurrahma Mosque in Kano.

The owner of the phones, Ibrahim Muhammad Abu Abdallah, recounted that after prayers, the Muazzin usually cautioned people to take care of their pockets. However, upon checking his pockets after prayers, Abdallah realized his two phones, worth over 2.5 million Naira, were missing. He recalled having visited the mosque’s toilet during that time.

The two phones, both with two terabytes of storage, were essential for Abdallah’s work, and he expressed immense gratitude upon their recovery through Haruna Adamu after forgetting them inside the toilet . He acknowledged that losing the phones could have resulted in a loss of over 20 million Naira due to the valuable data they contained.

The mosque later announced the discovery of the phones, which were found by another worshipperi inside the toilets Mosque , Haruna Adamu , a 37-year-old resident of Tarauni located close to the Mosque. Adamu, who is staying at Tsangayar Malam Sani for Quranic memorization and recitation, returned the phones promptly.

Masjidurrahma is a multi-million Naira Mosque situated along Maiduguri Road,Kano built by renowned businessman AY Maikifi and recently commissioned by Sultan of Sokoto Muhammad Saad Abubakar.

The Agony Of The Almajiri System In Northern Nigeria

In appreciation, Abdallah later gifted 100 thousand Naira to Haruna Adamu for his honesty. Adamu resides at Tsangayar Malam Sani, where he recites and memorizes the entire Quran in Tarauni local government area.

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Ace Nigerian Journalist and Parliamentarian Dies at 86, Governor Yusuf Offers Condolences

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Late Sidi Ali

 

The First Republic politician and Second Republic parliamentarian reportedly died in Kano on Thursday evening at 86.

Late Sidi Ali was a prolific writer with National dailies and was one of the Nigerian journalist who covered the civil war.

In his later life, he was a stalwart of the All Progressives Congress (APC) and a member of the party’s Elders Committee in Kano State.

The elder statesman spent years serving the Nigerian International Press Centre, Ministry of Information and National Broadcasting Commission, among other critical institutions.

Born in Kano but raised in Ghana, Ali’s wide travels reportedly influenced his love for journalism and communication.

 

In his 2018 birthday message, ex-President Muhammadu Buhari noted that Ali spent most of his life serving the country as a Public Affairs Officer, “most remarkably for ensuring accurate and balanced information on government activities during and after the Civil War.

 

Kano State Governor, Alhaji Abba Kabir Yusuf has condoled with the families of late Sidi Ali who died Thursday evening at the age of 86.

In a statement by the Governor’s Spokesperson, Sanusi Bature Dawakin Tofa, Governor Abba Kabir Yusuf described late Sidi Ali as a trusted Public Affairs Officer who worked hard to ensure the flow of true stories during the Civil war.

The Governor also noted the positive contributions of the deceased as a Senator in the Second Republic in shaping the Senate and the overall development of democracy in the country.

On behalf of the Government and people of Kano State, Governor Alhaji Abba Kabir extend condolences to his families, prayed for the repose of his soul, Aljannah be his final resting place, the courage and the fortitude to bear the loss.

 

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