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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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Xenophobia: FG Hints at Economic Crackdown on South African Giants MTN, DStv

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By Yusuf Danjuma Yunusa

The Federal Government has hinted at possible measures against South African companies operating in Nigeria, including telecommunications giant MTN, as outrage grows over the continued harassment and attacks on Nigerians living in South Africa.

Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, disclosed this on Thursday, while addressing concerns over the worsening anti-migrant attacks in South Africa and the evacuation of Nigerians from the country.

The minister said Nigeria had exercised restraint and continued to pursue diplomatic engagements but warned that the government might be compelled to explore other options if the attacks persist.

“As I indicated before, there are these huge conglomerates. By the way, there are over 120 South African companies operating in Nigeria.

“Nobody is asking them to provide proof of identity. Nobody is asking South African staff working there whether they are South Africans or Nigerians, and nobody is taking over their shops or businesses.

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“But this is happening to Nigerians in South Africa. So, I think that at some point, we really have to review the options available to us.

“We have MTN, MultiChoice, Stanbic, Protea and many other South African brands spanning multiple sectors,” Odumegwu-Ojukwu said.

The minister, however, stressed that any retaliatory measures would have to follow constitutional provisions and due legislative process.

She explained that the Federal Government was currently engaging South African authorities through diplomatic channels, while the National Assembly would play a constitutional role in determining Nigeria’s response should those efforts fail.

The minister also disclosed that the South African authorities discarded their memorandum of understanding with Nigeria on early warning mechanism which they had signed in October 2025.

She added that the pact was essentially to protect the lives and property of both Nigerians and South Africans in times of conflict like this.

“When it comes to situations like this, of course, it is necessary to be temperate and exercise caution. But when your citizens are being harassed, when your citizens are people who have spent years there, and mind you, some of them are married to South Africans and have children who have known no other home but South Africa, then it becomes a serious concern.

“Now, under these circumstances, they are asking not just Nigerians, but also their South African spouses and their children, to leave South Africa,” the minister said.

Recall that in May, th esenator representing Edo North, Adams Oshiomhole, called for the revocation of licences of South African companies operating in Nigeria, including MTN and MultiChoice, owners of DSTV, following renewed xenophobic attacks against Nigerians in South Africa.

The National Assembly also condemned the attacks, urging the federal government to take immediate diplomatic and protective measures to safeguard Nigerian citizens abroad.

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Accord Party Members in Kano Back Court Ruling, Reaffirm Support for Olawepo-Hashim

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Members, stakeholders and supporters of the Accord Party in Kano State have welcomed the recent intervention of the Court of Appeal in Abuja over the attempted deregistration of political parties by the Independent National Electoral Commission (INEC), describing the decision as a victory for democracy and the rule of law.

The position was contained in a communiqué issued at the end of an emergency meeting of Accord Party members and supporters of Dr. Gbenga Olawepo-Hashim held on Saturday at the Nigeria Union of Journalists (NUJ) Secretariat Conference Hall in Kano, according to the statement signed by the party’s Women Leader, Ambassador Aisha Ibrahim Ya’u, and North West Coordinator, Bashir Muhammad Goje Alade.

According to the communiqué, representatives from all 44 local government areas of Kano State attended the meeting to deliberate on recent judicial developments surrounding the Federal High Court judgment that ordered the deregistration of five political parties, including the Accord Party.

The gathering commended the Court of Appeal sitting in Abuja for granting a stay of execution of the Federal High Court judgment, stating that the appellate court’s action demonstrated a commitment to justice, due process and constitutional governance, according to the communiqué.

The party members expressed confidence in the Nigerian judiciary, describing it as a critical institution for safeguarding democracy and protecting citizens’ rights, the statement said. They noted that the Court of Appeal’s intervention had strengthened public trust in the judicial process and reaffirmed the importance of respecting established legal procedures.

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The meeting also reassured party members and supporters that the Accord Party remains a legally recognised political party pending the final determination of the matter before the courts, according to the communiqué. Participants stressed that all structures, organs and activities of the party remain valid and operational across the country.

In addition, attendees emphasised the importance of political pluralism in sustaining democratic governance, arguing that citizens should continue to enjoy a wide range of political choices, the statement noted. The meeting pledged support for all lawful efforts aimed at preserving multiparty democracy and promoting inclusive political participation.

The stakeholders commended Accord Party members across Kano State and other parts of the country for remaining calm and committed despite the uncertainty generated by the legal dispute, according to the communiqué. They praised supporters for demonstrating maturity and dedication to democratic ideals during the period.

The meeting further reaffirmed its support for Dr. Gbenga Olawepo-Hashim, describing him as a leader committed to national unity, prosperity and democratic development, the statement said. Participants urged party supporters to remain peaceful and focused on advancing the programmes and objectives of the party.

The stakeholders also called on political actors, institutions and other interested parties to respect ongoing judicial proceedings and avoid comments or actions that could interfere with the legal process, according to the communiqué.

At the conclusion of the meeting, participants passed a unanimous vote of confidence in the leadership of Dr. Gbenga Olawepo-Hashim, citing his efforts to strengthen the Accord Party’s structures and presence across wards, local government areas and communities in Kano State and throughout Nigeria, the statement added.

The communiqué was jointly signed by Ambassador Aisha Ibrahim Ya’u, Women Leader, and Bashir Muhammad Goje Alade, North West Coordinator of the Accord Party support group.

 

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In a leaked letter: Deputy Senate President Writes Minister, Seeks Revocation of multi billion Naira Kano–Gwarzo–Dayi Road Contract Over Poor Performance

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The Deputy President of the Senate, Barau I. Jibrin, has written to the Minister of Works, Dave Umahi, requesting the revocation of the contract for the Kano–Gwarzo–Dayi Road project due to the contractor’s poor performance.

The project involves upgrading the approximately 100-kilometre single-lane Kano–Gwarzo–Dayi road into a dual carriageway to improve transportation and facilitate the movement of agricultural produce from rural communities to markets across neighbouring states.

In a leaked letter, sighted by our correspondent which was personally signed by Senator Barau, the lawmaker expressed serious concern over the performance of CGC Nigeria Limited, the contractor handling the project, which was received at the Ministry of Works headquarters on June 8, 2026, noted that despite the allocations of billions to the company.

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Senator Barau stressed that the continued delay in completing the project has negatively affected residents, commuters, and economic activities along the corridor, and called for urgent and immediate action by the Ministry of Works.

According to the letter:
“Given the strategic importance of the Kano–Dayi Road to the socio-economic development of Kano, Katsina and Kebbi States, it is deeply concerning that the contractor has failed to make satisfactory progress despite the allocation of N19 billion and N37 billion to the project under the 2025 and 2026 Appropriation Acts, respectively.

“This persistent lack of progress has resulted in undue hardship for residents, commuters, and other road users.

“In view of the persistent delays and the contractor’s apparent inability to meet expected project milestones, I urge the Ministry to undertake an immediate assessment of its performance and revoke the contract in the interest of the public.”

 

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