The naira depreciated at the parallel section of the foreign exchange (FX) market on Monday.

Currency dealers, often referred to as bureau de change (BDC) operators, put the value of the naira at N1,520 to the US dollar at the Lagos street market.

With a N30 profit margin, the dealers set the buying price of the dollar at N1,490 and the selling price at N1,520.

The amount shows a N10, or 0.66 percent, decrease from the N1,510/$ transacted on May 24.

On the official market, however, the value of the naira increased on Monday from N1,482.81/$ on May 24 to N1,339.33/$, or 9.6%, higher.

According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, during trading hours, N1,501/$ was the highest exchange rate and N1,310/$ was the lowest.

At the official window, a daily turnover of $180.80 million was recorded.

The Association of Bureau De Change Operators of Nigeria (ABCON), on May 23, said the weakening of the naira is caused by the unearned income pursuing the local currency and not due to demand for the dollar.

Aminu Gwadabe, president of ABCON, also said corruption, not BDCs, is responsible for the depreciation of the naira.

Olujimi Kolawole Agbaje, also known as Jimi Agbaje, a prominent politician in Nigeria has lost his first son, Bunmi.

It was gathered that the son of the former governorship candidate died in Canada from cardiac arrest.

The elder Agbaje is an influential member of the Save Nigeria Group, the Lagos State Coordinator of the Afenifere Renewal Group, and a well-known member of the Peoples Democratic Party.

In addition, he has a great deal of investments and interests in the maritime industry as the Managing Director of JayKay Pharmacy.

Agbaje, a founding member of the Alliance for Democracy, defected to the PDP following complaints of lack of internal democracy within the party.

He was the governorship candidate of the PDP in the 2015 elections in Lagos State, but lost to Akinwunmi Ambode of the All Progressives Congress.

However, his campaign was adjudged to be the best among those he ran against.

Police and soldiers have blocked off the street that leads to the Nassarawa Palace, which is home to Aminu Bayero, the deposed Kano emir.

Additionally, it was learned that all nearby streets had been blocked off.

The actual palace grounds have undergone extensive fortification.

A Kano state high court barred Bayero from presenting himself as the Emir of Kano on Monday while the lawsuit was being decided. In addition, the court mandated that the police seize control of the Nassarawa palace, which has been Bayero’s residence since his return to Kano on Saturday.

The decision was rendered by presiding judge Amina Aliyu in response to an ex parte petition submitted by the petitioners’ attorney, Ibrahim Isa Wangida.

There has been palpable tension in Kano since Muhammadu Sanusi was reinstated as Emir of the town last Friday.

The Kano state house of assembly had amended a 2019 law which was used by Abdullahi Ganduje, governor of Kano at the time, to depose Sanusi as Emir.

The 2019 legislation had balkanised the emirate into Bichi, Rano, Karaye, Kano and Gaya.

The repealed version sacked the Emirs of all the jurisdictions. While all the deposed Emirs have complied with the governor’s directive to vacate their palaces, Bayero has not.

Protests from Bayero’s supporters erupted across Kano on Sunday.