In a move that has sparked both nostalgia and controversy, the Nigerian Senate passed a bill to revert to the country’s old national anthem, “Nigeria, We Hail Thee”.

The bill, which was passed on Tuesday, now awaits assent into law by President Bola Tinubu.

The old anthem, which was introduced in 1960, was replaced with the current one, “Arise, O Compatriots”, in 1978.

The move to revert to the old anthem has been met with mixed reactions, with some Nigerians hailing the decision as a return to the country’s rich cultural heritage, while others have expressed concerns about the implications of such a change.

More to come…

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.