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JUST IN: Naira Collapses To N735 Per Dollar As Political Campaign Begins

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The dollar hit N735 in the parallel market on Wednesday as political campaign activities began in the country.

According to Bureau De Change operators in Lagos and Abuja, dollar price had increased from N718 – N720 to N728-N735 in the last week.

A BDC operator at Amuwo-Odofin in Lagos, Bala Usman, said, “It is N728. I can’t go less than that.”

Another operator, Abubakar Jamiu, at Zone 4, Abuja, told the PUNCH, “Dollar don cost, we are selling at N730, no more no  less.”

But the dollar rate hit N735 by the close of Wednesday.

An operator in Lagos Island, Mallam Zakari, said that the dollar rate had surged to N735 as of 4:54 pm.

“Dollar is N735 and I will buy it for N731. Yesterday, we sold N728.”

However, at the Importers and Exporters Window, the rate still hovered around N430/$.

The dollar-naira exchange rate was N431.19 as of Tuesday.

Analysts said the naira had weakened in the parallel market due to increased speculations, falling external reserves, and low foreign exchange inflows.

Speaking on major factors responsible for the rate hikes in dollar to naira, the Vice President of Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said that the immediate cause of dollar rate increment was the new Monetary Policy Rate of the Central Bank of Nigeria.

“The immediate cause of the dollar price hike is the increase in the Monetary Policy Rate from 13 percent to 15.5 percent announced by the Central Bank.

“Lending rates by banks and other financial institutions will rise following the MPR hike. This will lead to further rise in cost of operations by all businesses, aggravating the rising inflation. This has triggered further demand for dollars to avoid more decline in the value of any funds held in naira.”

According to Idahosa, the commencement of elections also meant that a lot of funds had started pouring into campaign-related activities.

“Beneficiaries of these spending will be converting naira funds received to dollars as fast as possible.”

An economist at the University of Uyo, Prof Akpan Ekpo, said the demand for dollar was higher than the supply, especially with the many restrictions by the CBN.

“There are two things: One is, demand for dollars is more than supply. So people are going to the black market. And the process for getting dollars from CBN is cumbersome.”

“Then there’s not much inflow. We don’t export enough non-oil goods and services, and we depend more on oil and the price has declined in the last few weeks.”

Ekpo added that the preparations for the 2023 campaign also caused a ripple effect.

“Of course, campaign will soon start, and politicians are hoarding dollars for the campaign. They are buying dollars for the campaign.”

Nigeria’s forex reserves stood at $38.5bn on Wednesday, which was a drop by $1.8bn from $40.5bn recorded in January 2022.

Earlier reports have it that the President of the Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, had explained that the situation was caused by several factors, including elections, loss of confidence, and demand/ supply.

“It is a market where demand and supply determine the price. Do not forget that election years are associated with foreign exchange volatility, coupled with supply squeeze. External reserves, inflation, cost of inputs, and the Russia-Ukraine war are also key issues,” he said, arguing that there was indeed a loss of confidence.

BIG STORY

Cybercrime Unit Recovered N8bn, $115k In 2024, Rated Best In Africa — Nigeria Police

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The Nigeria Police Force (NPF) reports that its cybercrime unit recovered over “N8 billion” and “$115,000” in 2024.

In a statement on Tuesday, Olumuyiwa Adejobi, the police spokesperson, revealed that the unit’s strategic operations led to the arrest and prosecution of 751 individuals involved in cybercrime.

Adejobi mentioned that the recovered amount had been restituted to the victims of cybercrime, emphasizing that this action reaffirmed the force’s commitment to protecting citizens and ensuring justice for those impacted by fraudulent activities.

He also added that the unit recovered 685 devices related to cybercrimes, including 467 mobile phones, 137 laptops and computers, 46 routers, four servers, one drone, and four “Starlink” devices.

“Additionally, the operations led to the confiscation of 16 houses, 39 plots of land, 14 land documents, and 26 vehicles, further dismantling the infrastructure supporting cybercriminal activities,” he said.

“In recognition of its outstanding performance and dedication, the NPF-NCCC has been awarded the title of the Best Cybercrime Unit in Africa for 2024 by the INTERPOL Cybercrime Directorate based in Singapore, securing the top position among 54 participating African countries.

“These achievements reflect the dedication of the Nigeria Police Force to fighting cybercrime and enhancing the safety of citizens in the digital space.”

Adejobi also mentioned that operatives of the unit apprehended four suspected criminals identified as Douglass Victor, Egbo Martins, Lucky Adesunloye, and Ndifreke Joseph Moody for cyber-related offences.

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BIG STORY

Ibadan Stampede: Court To Decide Bail For Ooni’s Ex-Wife, Oriyomi Hamzat January 13

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A high court in Ibadan has fixed Monday, January 13, 2025, to rule on the bail applications filed by Naomi Silekunola, ex-wife of Ooni of Ife, Oriyomi Hamzat, CEO of Agidigbo FM, and Fasasi Abdullahi.

Abdullahi serves as the principal of Islamic High School, the site of the stampede incident in Ibadan.

The trio are standing trial over their alleged roles in a stampede at a funfair in December, which claimed the lives of over 40 people, most of them children.

The defendants were remanded at Agodi correctional centre on December 24 after being charged with conspiracy, negligence causing harm, and failing to provide adequate security and medical facilities.

At the hearing on Tuesday, their legal representatives presented separate arguments for bail.

Silekunola was represented by Musibau Adetunmbi, while Hamzat and Abdullahi were represented by Adekunle Sobaloju.

The prosecution, led by Abiodun Aikomo, Oyo state attorney-general and commissioner for justice, opposed the bail applications.

He asked the court to deny the defendants temporary release.

After hearing the submissions of both defendants and prosecutor, Kamarudeen Olawoyin, the presiding judge, reserved his ruling for January 13.

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BIG STORY

NDLEA Arrested Over 18,500 Suspected Drug Traffickers In 2024 — Agency Chairman Marwa

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Buba Marwa, the chairman of the National Drug Law Enforcement Agency (NDLEA), says operatives of the agency arrested over 18,500 suspected drug traffickers and seized 2.6 million kilograms of illicit drugs in 2024.

Marwa spoke in Lagos on Tuesday during the inauguration of the NDLEA central exhibit office.

The US government donated the NDLEA central exhibit office located at the agency’s headquarters annex in Ikoyi.

Marwa said the steady operational successes being recorded by the agency in its drug supply and demand reduction efforts were attributable to the support given to it by the US government and other partners.

“Today, I am particularly pleased to acknowledge one of such gestures, namely the donation of the office for our central exhibit custodians,” he said.

“This donation acknowledges the critical need for efficient and secure handling of evidence, which is essential for the successful prosecution of drug-related cases.

“This contribution will not only strengthen our operational framework but also set a new standard for accountability and transparency in drug law enforcement

“It is an investment in the security and the future of our nations.”

Marwa said in spite of the agency’s improved performance, its personnel recognised that the war against drug trafficking and abuse is far from being over.

“As an organisation, we are committed to surmounting the challenges,” he said.

The NDLEA chairman noted that tremendous successes had been recorded on all fronts against the drug menace despite many challenges.

“So far, the results have been justifying. In 2024, we seized over 2.6 million kilograms of illicit drugs across the country,” he said.

“We arrested more than 18,500 drug trafficking offenders and got over 3,250 convicted, including 10 drug barons, with more than 220 hectares of cannabis farms destroyed.

“While in the same breath, we counselled and rehabilitated over 8,200 drug abusers.

“We organised more than 3,000 sensitisation and advocacy programmes across the country in schools, markets, motor parks, worship centres, workplaces, and communities, among others.”

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