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Naira Plunges to N1,825 Against Dollar Despite EFCC’s Intervention

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2 years ago

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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.

People’s Gazette

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JAMB Arrests Two, Parent over Result Falsification

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20 hours ago

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April 18, 2026

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By Yusuf Danjuma Yunusa

The Joint Admissions and Matriculation Board has announced the arrest of two candidates and a parent for falsifying 2026 Unified Tertiary Matriculation Examination results using Artificial Intelligence and other electronic tools.

The disclosure came as the board released scores for 632,788 candidates who sat the examination on Thursday, April 16.

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JAMB spokesperson, Fabian Benjamin, in a statement, said the suspects were apprehended for manipulating official SMS result notifications to fabricate or alter scores with the intent to deceive others, including parents and guardians.

“Currently, two candidates and one parent are in custody for engaging in result falsification using AI and other electronic means,” the statement read.

Benjamin warned that such conduct constituted a serious criminal offence and that the board would pursue all culpable persons to the full extent of the law.

He also cautioned candidates against tampering with result messages from JAMB’s official SMS platforms, 55019 and 66019.

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Group asks Governor Yusuf to appoint Ganduje’s daughter as Kano Deputy Governor

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2 days ago

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April 17, 2026

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A group has called on the Governor of Kano State to appoint the daughter of former Governor of Kano, Dr. Asiya Balaraba Abdullahi Umar Ganduje, as Deputy Governor.

The group, known as Haɗin Kan Jam’iyyar APC ‘Yan Dangole from Kano State, expressed its support for Dr. Asiya Ganduje to become the Deputy Governor of Kano State.

According to the group, Dr. Asiya Ganduje is a woman committed to serving the people, especially the youth, through various programs that have improved their lives.

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They stated that she has demonstrated competence and dedication in politics, contributing to opportunities for youth and women in areas such as education, skills acquisition, and self-reliance.

The group also emphasized that Dr. Asiya Ganduje possesses compassion and vision for improving the lives of citizens, while encouraging women to participate in politics and economic activities.

Furthermore, they praised her cooperative character and loyalty to party principles, saying this has made her a role model for women and youth.

In conclusion, the group declared that her appointment as Deputy Governor would help bring progress, unity, and prosperity to the people of Kano State.

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UTME 2026: JAMB to Release Day 1 Exam Results Today Before Midnight

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2 days ago

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April 17, 2026

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By Yusuf Danjuma Yunusa

The Joint Admissions and Matriculation Board (JAMB) has announced that the results of all candidates who sat for the 2026 Unified Tertiary Matriculation Examination (UTME) on Thursday, April 16, 2026, will be released on Friday, April 17.

Spokesperson of the board, Fabian Benjamin, announced this in a post on X, noting that an announcement would be made when the results are available.

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“This is to inform all candidates who sat for the 2026 UTME on Thursday, 16th April 2026, that their results will be released today before midnight. An official announcement will be made to the public and posted on this page as soon as the results are available. Thank you,” he wrote.

Scheduled to run through April 22, the examination is structured into four daily sessions beginning at 7:30 a.m. and ending at 6:00 p.m., a framework designed to manage the large volume of candidates and reduce congestion at Computer-Based Test (CBT) centres.

This year, nearly 2.2 million candidates are participating across 966 accredited centres, each expected to meet operational benchmarks such as functional computer systems, stable internet connectivity and electricity as well as adequately trained personnel.

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