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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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Fifty years after Murtala’s death history is on his side- Former CDS General Ogomudia

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Half a century after his assassination, the legacy of General Murtala Ramat Mohammed continues to resonate across Nigeria and beyond. At a commemorative event marking the 50th anniversary of his death, organized by the Kano Patriotic Front in collaboration with Bayero University Kano, speakers described him as a leader whose courage, reforms, and patriotism remain etched in the nation’s conscience.

Former Chief of Defence Staff, General Alexander Oduaredu Ogomudia, who served under Murtala as Head of Corps Signals, reflected on the enduring impact of the late Head of State. “His actions spoke louder than his voice,” Ogomudia said, emphasizing that Murtala’s leadership style was defined by sacrifice and unwavering influence.

Ogomudia said General Ishola Williams, who was close to Murtala, described him as a man of charisma and empathy. He highlighted Murtala’s decisiveness, transformational leadership, and insistence on accountability in public service. “Courage defined him. He took difficult decisions, demanded accountability, and embarked on bold reforms,” Said General Alexander . He recalled Murtala’s famous “Africa has come of age” speech, which asserted Nigeria’s leadership role on the continent and remains a landmark in African diplomacy. “He was bold, straight to the point, and a man with a sense of purpose,”.

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General Alexander Ogomudia was Nigeria’s Chief of Army Staff from 2001 to 2003 and Chief of Defence Staff from 2003 to 2006.

 

Representing Bauchi State Governor, Deputy Governor Muhammad Auwalu Jatau (Madugun Katagum) praised Murtala’s enduring legacy. “His name is permanently in the conscience of our nation despite his brief stint as Head of State,” Jatau said. He described Murtala as not only a Nigerian hero but also an African icon who rekindled hope in the Nigerian spirit and upheld the dignity of the Black race. “His decisiveness was admired by his peers, respected by his subordinates, and his legacy continues to be blessed long after he left this world,” he added.

Jatau also noted that the creation of Bauchi State remains one of Murtala’s enduring legacies, underscoring his commitment to national unity and development. “He died for his beloved country, and today he is remembered. Generations yet unborn will continue to honor him,” he said.

The anniversary celebration also featured the launch of a book in Murtala’s honor, further cementing his place in Nigeria’s historical narrative. Speakers agreed that his brief but impactful tenure as Head of State left behind a leadership template defined by discipline, courage, and patriotism.

Fifty years on, Murtala Mohammed’s story remains one of sacrifice and unwavering influence. His reforms, his bold stance on African independence, and his insistence on accountability continue to inspire Nigerians and Africans alike, ensuring that his legacy endures across generations.

 

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Murtala’s Heroism a reason Why Some Nigerians are Saying he is not From Kano

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The sister of Nigeria’s late Head of State, General Murtala Ramat Mohammed, has sought to put an end to lingering debates about his ancestral roots. Hajiya Balaraba Ramat Yakubu made the remarks at the launch of her new book, Unveiling the Ancestral Root of Nigerian General, organized by the Kano Patriotic Front in collaboration with Bayero University, Kano.

Speaking at the event, Hajiya Balaraba emphasized her direct family connection to the late leader, stating that they shared the same mother. She explained that since his assassination in 1976, Murtala’s heroism, patriotism, and enduring popularity have led some Nigerians to question his Kano origins. “Many Nigerians are saying he is not from Kano,” she said, adding that the book was written to debunk such claims and preserve the truth about their lineage.

Hajiya Balaraba stressed that false narratives about Murtala’s background had persisted for decades, making it necessary to document their family history. She traced their roots back to their great-grandfathers, underscoring the importance of preserving the family’s heritage for future generations.

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Book reviewer and researcher Malam Ibrahim Ado Kurawa echoed this sentiment, noting that it was “pertinent to project and protect the ancestry of General Murtala Mohammed through documented writings.” Kurawa revealed that his research established Murtala’s grandfather, Alkali Suleiman, as the Chief Judge of Kano during the reign of Emir Alu, who was deposed by the British in 1903. This, he argued, firmly situates Murtala’s lineage within Kano’s historical leadership.

Sarkin Shanun Kano, who also serves as Vice President of the Barewa Old Boys Association, reflected on Murtala’s formative years at Barewa College between 1952 and 1957. He described him as a disciplined student, active in debates and athletics, and a natural mediator in disputes. “He lived briefly and intensely, leaving a leadership template that is still relevant today,” he said. “He showed that patriotism is action.”

Hasiya Mukhtar, sharing a personal recollection passed down from her father, who was a friend of Murtala, remembered his fondness for children. “He liked children; he used to carry me on his shoulders,” she said, painting a picture of a leader whose warmth complemented his fierce commitment to Nigeria.

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Protesters Return to NASS, Insist on Mandatory Electronic Transmission

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By Yusuf Danjuma Yunusa

Protesters on Monday, February 16, stormed the headquarters of the Economic and Financial Crimes Commission(EFCC)

The demonstrators, comprising civil society organisations including Situation Room and ActionAid, insisted that manual collation of results be scrapped entirely to curb manipulation during the collation process.

The protest followed a five-day lull after lawmakers gave assurances during last Tuesday’s plenary that concerns around Clause 60(3) of the amendment bill would be revisited.

Security operatives mounted barricades at the entrances to the National Assembly complex, preventing the protesters from gaining access. The demonstrators subsequently staged their rally outside the main gates, chanting and displaying placards calling for transparency in the electoral process.

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They argued that there was no justification for retaining manual backups, noting that election budgets already provide for technological infrastructure to support seamless electronic transmission.

Last Tuesday, the Senate reconvened in an emergency plenary to reconsider its earlier position on Clause 60(3). Senate Chief Whip, Senator Tahir Monguno (APC, Borno North), moved a motion to delete the phrase “real-time” and replace the word “transmission” with “transfer.”

The proposal triggered heated debate on the floor, with senators including Senator Enyinnaya Abaribe (APGA, Abia South) raising repeated points of order in opposition.

At the end of deliberations, the Senate approved electronic transmission of results to the Independent National Electoral Commission’s (INEC) Result Viewing (IReV) portal but retained manual collation as a fallback option in the event of technical failure.

The Senate is scheduled to reconvene on Tuesday, February 17, at 11 a.m., where further decisions on the bill and other national matters are expected.

Meanwhile, the protesters vowed to sustain pressure on lawmakers until real-time electronic transmission is made mandatory without exceptions.

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