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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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Former Kano Federal Lawmaker Shaaban Sharada Distances Self From Barau Group’s Endorsement of New Deputy Governor

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Former federal lawmaker Shaaban Ibrahim Sharada has publicly disassociated himself from a political group linked to Senator Barau Jibrin, which reportedly convened a meeting to endorse Kano State’s new Deputy Governor.

Sharada, who represented Kano Municipal in the House of Representatives between 2019 and 2023, issued the clarification on his verified Facebook page. In the statement, he emphasized that he has no affiliation with the group and no involvement in the planned gathering.

The Facebook post

The Facebook post

“I would like to take this opportunity to distance myself from a gathering that is said to be organized on, Tuesday, by the Abba, Barau, and Sha’aban Sharada group. They plan to declare their position regarding the current situation of endorsing new Deputy Governor of Kano under the leadership of Hon. Iliyasu Koki, which has already been published in the media,” Sharada wrote.

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He further stressed that he was unaware of the group’s formation and had no hand in organizing the meeting, adding that he did not even know its purpose.

The former lawmaker with prays for peace and well-being of Kano State:

“May Allah grant us health and peaceful living. Ameen, summa ameen.”

Sharada’s statement comes due to heightened political activity in Kano following the resignation of the former Deputy Governor Comrade Aminu Abdulsalam , with various factions and interest groups positioning themselves on the matter.

His distancing showcases the fluid alliances and tensions within Kano’s political landscape, particularly among figures associated with Senator Barau Jibrin.

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To Support the Family in This Difficult Time, Hon. Bichi Donates ₦100 Million to Late Colleague’s Family

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Hon. Abubakar Kabir Abubakar Bichi, Chairman of the House Committee on Appropriations and representative of Bichi Federal Constituency, has donated ₦100,000,000 (One Hundred Million Naira) to the family of his late colleague, Hon. Barrister Muhammad Hassan.

The condolence visit, led by Hon. Bichi and members of the Appropriations Committee, was held in Abuja following the passing of Hon. Hassan last Friday night at the age of 62. The late lawmaker, who represented Dawakin Kudu/Warawa Federal Constituency in Kano State, succumbed after a prolonged illness. His death has drawn widespread mourning from fellow legislators, political associates, and constituents who hailed him as a dedicated public servant committed to the welfare of his people.

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During the visit, prayers were offered for the repose of his soul, with colleagues asking Allah (SWT) to forgive his shortcomings, show him mercy, and grant him Aljannatul Firdaus. The atmosphere was deeply emotional as lawmakers reflected on his contributions to governance and his enduring legacy.

Hon. Bichi’s donation of ₦100 million was described as a significant show of compassion, underscoring the bond among members of the House of Representatives and their commitment to supporting one another in times of grief. The gesture is expected to provide relief to the bereaved family as they navigate this difficult period.

The late Hon. Hassan is survived by three wives and 18 children, leaving behind a large family and a legacy of service. As condolences continue to pour in, prayers have been extended for strength and comfort to his family, colleagues, and the people of Dawakin Kudu/Warawa Federal Constituency.

 

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Borno Airstrike: President Tinubu Meets Service Chiefs

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By Yusuf Danjuma Yunusa

President Bola Tinubu is currently holding a security meeting with service chiefs, intelligence heads, and the Inspector-General of Police at the State House, Abuja.

The meeting, which began at about 2:00 pm on Monday, is the first item on the President’s agenda since his return to Abuja from Bayelsa State on Friday.

The emergency session comes amid heightened security concerns following the United States’ authorisation of non-emergency embassy staff to leave Abuja and a controversial military airstrike in Borno State that killed over 100 civilians.

Those in attendance at the ongoing meeting include the Chief of Defence Staff, the Chiefs of the Army, Navy, and Air Staff, the Director-General of the Department of State Services, the Director-General of the National Intelligence Agency, and the Inspector-General of Police, Tunji Disu.

The National Security Adviser, Nuhu Ribadu, is also attending the closed-door session at the Presidential Villa.

On April 8, 2026, the US State Department authorised the voluntary departure of non-emergency government employees and family members from the US Embassy in Abuja, citing a “deteriorating security situation.”

The decision placed 23 of Nigeria’s 36 states under a “Level 4: Do Not Travel” designation, the highest risk category, adding Plateau, Jigawa, Kwara, Niger, and Taraba to the list.

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The US highlighted threats from Islamist insurgents in the Northeast, criminal gangs in the Northwest, and ongoing violence in parts of southern and southeastern Nigeria, including oil-producing regions.

The embassy said visa appointments in Abuja had been suspended, though the Lagos consulate continues to provide routine and emergency services.

The Federal Government said the travel alert was guided by US internal protocols and did not reflect the overall security situation across Nigeria.

“While we acknowledge isolated security challenges in some areas, there is no general breakdown of law and order, and the vast majority of the country remains stable,” Minister Mohammed Idris stated.

The security meeting also comes hours after a Nigerian Air Force strike targeting Boko Haram terrorists hit Jilli Market along the Borno-Yobe border on Saturday, April 11, 2026, killing over 100 civilians, including children, and injuring many others.

Amnesty International cited survivors as saying at least 100 people were killed in the airstrike, with some reports putting the death toll as high as 200.

The Air Force acknowledged conducting “precision mop-up airstrikes on identified terrorist locations” in the Jilli axis of Borno State but made no reference to hitting a civilian market.

However, the Presidency defended the operation.

Speaking with Bloomberg earlier on Monday, Special Adviser to the President on Media and Publicity, Temitope Ajayi, said, “The market was a legitimate military target because it has been turned into a logistics and trading hub by Boko Haram and ISWAP terrorists.”

Amnesty International condemned the strike, calling for an independent investigation and describing it as evidence of “the Nigerian military’s shocking disregard for the lives of those it supposedly exists to protect.”

Military air raids have killed at least 500 civilians since 2017, according to multiple reports, with failures in intelligence gathering and coordination between ground forces and air assets cited as contributing factors.

Nigeria is battling multiple security threats across its six geopolitical zones, including Boko Haram and Islamic State West Africa Province insurgency in the Northeast, banditry and kidnapping in the Northwest and North-Central regions, and separatist violence in the Southeast.

Major attacks in 2026 include the February 3 massacre in Woro, Kwara State, where over 100 people were killed and 176 kidnapped, and multiple mass abductions across northern states.

Amnesty International reported that at least 1,100 people were abducted between January and April 2026, though the Police disputed the figure as unverified.

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