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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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Gwarzo Challenges Kano Government to Provide Evidence of Alleged Local Government Funds Diversion Through Son

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The governorship candidate of the Nigerian Democratic Congress (NDC) in Kano State and former Deputy Governor of the state, Comrade Aminu Abdussalam Gwarzo, has challenged the Kano State Government to present concrete evidence supporting allegations that he received funds from local government councils through his son, Mujahid Aminu Abdussalam.

Gwarzo made the demand in a statement issued on Thursday by his spokesperson, Ibrahim Garba Shuaibu, following claims reportedly made by the spokesperson to Governor Abba Kabir Yusuf, Sunusi Bature Dawakin Tofa, who alleged that local government funds were channelled to the former deputy governor through his son.

According to Shuaibu, the allegations were “baseless, outrageous and totally ridiculous,” describing them as an attempt to damage Gwarzo’s reputation and undermine the integrity he has built throughout his years in public service.

“The allegations are mere figments of the Governor’s imagination lacking any basis,” Gwarzo said through his spokesperson. “We therefore categorically challenge the accuser to provide credible and verifiable evidence to substantiate these callous claims. Mere accusations, no matter how often repeated in the media, do not amount to proof.”

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Shuaibu stated that Gwarzo rejected the allegations in their entirety and insisted that no evidence had been presented to support the claims being circulated against him and his family.

According to the statement, the former deputy governor maintained that his record in public office had always been guided by the principles of transparency, accountability and adherence to the rule of law.

Gwarzo further expressed confidence that the truth would eventually prevail, urging members of the public not to be swayed by what he described as unsubstantiated allegations.

The NDC governorship candidate also called on those making the allegations to pursue lawful and transparent channels if they possess any evidence, rather than relying on public accusations and media statements, according to Shuaibu.

The controversy stems from recent remarks allegedly made by Dawakin Tofa, spokesperson to Governor Yusuf, who reportedly claimed that funds belonging to local government councils in Kano State were diverted to Gwarzo through his son. However, no documentary evidence was cited in the statement issued by Gwarzo’s camp.

As of the time of filing this report, the Kano State Government had not issued any additional response to Gwarzo’s challenge demanding proof of the allegations.

The statement was signed by Ibrahim Garba Shuaibu, spokesperson to Comrade Aminu Abdussalam Gwarzo and the NDC governorship candidate in Kano State, and was dated June 18, 2026.

 

 

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Kano Govt Reaffirms Media–Security Collaboration at NUJ Summit

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The Kano State Government has reiterated its commitment to strengthening collaboration between the media and security agencies as part of efforts to safeguard democracy and national integrity.

Speaking at the ongoing NUJ National Security Summit in Abuja, the Commissioner for Information and Internal Affairs, Comrade Ibrahim Abdullahi Waiya, conveyed the message of Governor Alhaji Abba Kabir Yusuf, stressing the critical role of the media in shaping public perception and supporting government initiatives.

Governor Yusuf emphasized that the media remains a vital channel through which government policies can reach the youth and wider society, noting that journalists have a responsibility to combat fake news, disinformation, and misinformation.

“The media has the responsibility of informing the public about government activities while also protecting and preserving the integrity of the nation. This is part of our constitutional duty as citizens,” Waiya stated on behalf of the governor.

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He commended the summit’s theme, which highlights the nexus between security and media practices, describing it as “timely and visionary.” According to him, security matters require careful reporting, and the media must balance press freedom with national interest.

Waiya further disclosed that the Kano State Government has maintained a cordial relationship with security agencies, providing them with operational support including vehicles and logistics for the Police, NSCDC, JTF, and other formations.

He assured that both government-owned and private media outlets in Kano enjoy a free and enabling environment without harassment or intimidation, adding that the state organizes periodic capacity-building programs for journalists to enhance professionalism and service delivery.

“We are creating a nexus between the media, security, and government. By supporting security agencies, we are not only helping them but also protecting ourselves as citizens,” he said.

The commissioner concluded by reaffirming Kano State’s commitment to constitutional values, press freedom, and collaborative governance, stressing that the partnership between media and security agencies is essential for peace, stability, and development.

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Excitement as FBIU Students Take Matriculation Oath for the 2025/2026 Academic Session

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Franco-British International University (FBIU), Kaduna, on Wednesday recorded a milestone with the matriculation of 362 students admitted for the 2025/2026 academic session.

The maiden matriculation ceremony attracted parents, guardians, government officials, academics, invited guests and well-wishers from across the country to witness the formal admission of the students into the university community.

A member of the MAAUN Group of Universities, FBIU matriculated students into four schools: the School of Nursing Sciences, School of Health Sciences, School of Computing, and School of Social and Management Sciences.

Speaking at the ceremony, the President of FBIU, Prof. Abdullahi Sabo Muhammad, congratulated the students on behalf of the management and the entire university community.

He described the occasion as a significant milestone in the lives of the students and the history of the university, marking the official commencement of their academic journey.

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In his address, the Founder of the MAAUN Group of Universities, Prof. Adamu Abubakar Gwarzo, warned the students against immorality and other social vices, stressing that the group operates a zero-tolerance policy on drug abuse.

He urged the matriculating students to remain focused on their studies, emphasizing the university’s commitment to producing quality graduates who will contribute to the development of Nigeria and Africa.

Prof. Gwarzo also announced plans to establish an Internationalisation Unit at the university to facilitate access to scholarships, academic exchanges and global learning opportunities.

In his goodwill message, the Chancellor of FBIU, Senator Shehu Sani, urged the matriculating students to uphold discipline and good character, stressing that these virtues are essential to safeguarding the university’s reputation and attaining academic excellence.

In their separate remarks, the President of MAAUN Nigeria, Prof. (Dr.) Mohammad Israr, the Registrar of MAAUN Niger and Migeria, Dr. Shu’aibu Usman Tanko, and the representative of the Canadian University of Nigeria, Prof. Ahmed Maigari Ibrahim, described the students as privileged to have gained admission into one of the leading emerging universities in sub-Saharan Africa.

They encouraged them to remain focused and make the most of the opportunities available.

Also speaking, the Registrar and Chief Executive Officer of the Environmental Health Council of Nigeria (EHCON), Dr. Baba Muhammad Yakubu, congratulated the students and commended the university for offering academic programmes that are responsive to contemporary societal needs and aligned with global standards.

The Vice President Administration of FBIU, who presided over the ceremony, administered the matriculation oath to the students, formally admitting them into the university community.

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