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BIG STORY

Senate Summons CBN Gov., Emefiele As Naira Falls To N710 Per Dollar

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Naira has weakened by 34 percent in 10 months, closing at N710 to a dollar on Wednesday in the parallel market, with a margin of N280 from the official rate.

This is a pounding headache for manufacturers who are no longer able to get dollars from the official market to import their raw and packaging materials.

At the Investor & Exporter forex window, the naira hit a high of N444 before closing to the dollar at N430. The I&E market recorded a total turnover of $126.69m on Wednesday.

The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, told The Punch on Wednesday evening that, “the rate closed at N710/$.”

Some Bureau de Change operators who spoke to one of our correspondents from Ikeja, Lagos, said a dollar was bought and sold for N700 and N710 respectively.

At Zone 4 in the Federal Capital Territory, Abuja, a dollar hovered between N705 and N710 between 11am and 4pm yesterday.

“Dollar is really very scarce today. You cannot find it anywhere,” said Abu Sani, one of the BDCs operating at the Abuja International Airport.

According to the head of BDCs, Gwadabe, the situation resulted from a drop in dollar supply and an unmet dollar demand, saying these had created a huge backlog, making it easier for unlicensed forex dealers to engage in speculative activities.

Gwadabe said over $20bn dollars was expected to come into the economy from the diaspora this year, with a large part of such funds coming in through unofficial channels because of the control by International Money Transfer Operators and other favored operators.

He noted that the BDC operators had established channels and should be allowed to access funds from the diaspora to add to Nigeria’s dollar liquidity and strengthen the local currency.

Nigeria has failed to leverage oil windfall to drive huge dollar inflows into the economy due to an opaque petrol subsidy regime, oil theft and lack of gas infrastructure. Its non-oil exports last year was merely $10bn, four times less than Vietnam’s $38bn earnings from garments in 2021 and nearly five times less than what the country received for exporting phones ($57.54 bn).

According to Professor of Economics at Nnamdi Azikiwe University, Awka, Anambra State, the situation was created by a demand pressure and politics, stressing that it could also have been fuelled by the rising insecurity.

“Nigeria is not producing anything. Infrastructure for production is not there. Lives are being lost and Nigerians are losing confidence in government. Under the situation, it is possible that people are looking for dollars to move abroad and escape the situation in Nigeria,” he said.

According to those who have sought travel allowances from deposit money banks, it takes months to get as little as $500 from banks. The situation has pushed many of them to the parallel market.

According to Nwogwugwu, Nigeria must now begin to get it right and revitalise the manufacturing sector to produce and earn dollars.

On his part, Gwadabe said apart from remittances, Nigeria needed to build an economy that was a net exporter of valuable goods and services to earn more dollars.

He said, “Now is the time for Nigeria to deepen its manufacturing base with products that will earn forex for the country. Nigeria needs to become a manufacturing hub and export more than it imports. That way, the naira will regain its voice and appreciate against the dollar and other global currencies.”

Gwadabe noted that though the naira was quoted at N710 to dollar at the parallel market, giving more roles to over 5,500 BDC operators would help to reduce pressure in the forex.

Meanwhile the Senate, on Wednesday, resolved to summon the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira.

It also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to assess the impact of CBN intervention funds meant to support critical sectors of the economy.

The resolutions were reached by lawmakers after the upper chamber considered a motion sponsored by Senator Olubunmi Adetunmbi (APC – Ekiti North).

The motion was entitled, “State of CBN Intervention Funds and Free Fall Of Naira.”

Coming under orders 41 and 51 of the Senate Standing Order, as amended, Adetunmbi bemoaned Nigeria’s economic reality amid an urgent call for “extraordinary measures.”

He noted that the CBN, through its numerous multi-sectoral intervention funds, had provided special funds to support critical sectors of the economy.

He explained that in view of such interventions, it had become necessary to assess the state of implementation and effectiveness of the funds deployed for the purpose.

The lawmaker recalled that the CBN, in 2021, placed an indefinite halt on forex bidding by BDC operators and importers over allegations of abuse and mismanagement.

He observed that the halt by the CBN had resulted in a spike of the exchange rate.

According to Adetunmbi, “the two instruments of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) could only serve less than 20 per cent of the total forex demand by travelers and businesses.”

He expressed worry that the import and export window meant to serve the forex needs of business giants, “has become a rare opportunity that only a privileged few can access.”

“These and a number of others have contributed to the excessive scarcity of forex in Nigeria today,” he added.

In his contribution, Senator Sani Musa (APC – Niger East), faulted the Central Bank’s decision to halt foreign exchange biddings, thereby cutting off the parallel market – Bureau de change operators.

According to him, the attempt by the CBN to control the value of the naira with the continuous exclusion of BDCs would only lead to its further depreciation.

He, therefore, advised the apex bank to rather ensure the regulation and monitoring of the parallel market.

“What CBN used to do was to give out $10,000 (USD) to each of these BDCs with a clear directive for it not to be sold above N470 as against the $419 exchange rate. It worked.

“But today, nobody is determining where the rate is going and I can assure you we can’t have that solution because we are only importing,” he said.

On his part, Senator representing Katsina North District, Senator Ahmad Babba-Kaita, said one way to improve the value of the naira was to encourage foreign investments to attract inflow of other currencies into Nigeria.

“The only way we can access the dollar will be determined by other economies and not ours,” he noted.

He, however, attributed the lack of foreign investments into Nigeria to the poor security situation caused by banditry, terrorism, and other criminal activities.

The Senate, in its resolutions, called on the CBN to urgently intervene to stop the rapid decline in the value of the naira vis-à-vis the dollar and other international currencies.

It also mandated the Senate Committee on Banking, Insurance, and Other Financial Institutions to conduct an assessment of CBN intervention funds and the declining value of naira to come up with sustainable solutions.

Credit: The Punch

BIG STORY

Alaafin, Soun Absent As Makinde Kicks Off Oyo 50th Anniversary

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Two prominent traditional rulers in Oyo State—the Soun of Ogbomoso, Oba Olaoye Ghandi, and the Alaafin of Oyo, Oba Akeem Owoade—were conspicuously absent as Governor Seyi Makinde inaugurated the 50th anniversary of the state on Monday.

Family members of former governors, traditional and religious leaders, top government functionaries, and political stakeholders gathered at the International Conference Centre, Ibadan, to celebrate the state, which was created on February 3, 1976, from the former Western Region of Nigeria, with Ibadan as its administrative capital.

The state government had unveiled a week-long programme for the anniversary on January 21, 2026. The events include religious services, cultural exhibitions, an awards and dinner night, and a public lecture titled, “Consolidating The Legacy, Navigating The Present And Reimagining The Future.”

Governor Makinde had appointed Saheed Fijabi, a former member of the House of Representatives, as chairman of the 11-member planning committee for the anniversary.

While the Olubadan of Ibadan and Chairman of Oyo Council of Obas, Oba Rashidi Ladoja, attended the ceremony along with other traditional rulers, the absence of the Alaafin and the Soun drew attention, especially following Makinde’s recent decision to make the chairmanship of the Oyo Council of Obas rotational among the Alaafin, Soun, and Olubadan. Previously, the position had been permanently reserved for the Alaafin.

At Oba Ladoja’s recent inauguration, Makinde stated that the new arrangement had the buy-in of all three monarchs.

However, the Alaafin quickly issued a rebuttal, claiming he was never part of any meeting where such an agreement was reached.

Monday’s event was the first state function since the governor’s decision and the Alaafin’s rebuttal.

Efforts by our correspondent to get the reactions of spokesmen for the Alaafin and Soun, Bode Durojaye and Peter Olaleye, respectively, were not successful as their telephone numbers could not be reached.

Meanwhile, during the event, Governor Makinde cut the anniversary cake and highlighted his administration’s commitment to building a stronger, competitive economy that creates jobs, attracts investments, and expands opportunities for residents.

‘He emphasised that the next 50 years should deliver greater prosperity, fairness, dignity, and hope for all citizens.

Makinde also reflected on the legacy of former Governor Bola Ige, particularly his provision of free textbooks, furniture, and learning materials, which he said helped shape Oyo State’s governance ethos and belief in equal opportunity.

The governor further highlighted the digital tribute platform established for the anniversary, which has collected hundreds of citizen stories illustrating resilience, enterprise, and a sense of belonging.

“Today, one resident runs a business employing eight young people. Another tribute reflects the quiet pride of citizens whose lives have been nurtured and educated in Oyo State. These stories are not just tributes; they are evidence of opportunity, enterprise, hope, and belonging,” he said.

He commended service commanders and security agencies in the state for maintaining peace and security, assuring them of continued government support. Makinde urged residents to actively participate in anniversary activities, with the grand finale scheduled for Tuesday, January 27, 2026.

Earlier, Fijabi, chairman of the planning committee, outlined the historical significance, leadership, and development milestones of the state, emphasizing that the celebration represents both a reflection on the past and a declaration of intent for sustained progress.

Olubadan Oba Rashidi Ladoja, in his remarks, called for recognition of past political leaders and unsung heroes whose contributions laid the foundation for Oyo State’s growth. He reflected on political leadership in the Third Republic, including Chief Kolapo Adewuyi Ishola and his deputy, Ahmed Gbadamosi, as well as subsequent administrations of former Governors Rashidi Ladoja and Otunba Christopher Adebayo Alao-Akala, highlighting their impact on the state’s development trajectory.

Among the citizen stories highlighted was that of Toluwaloju Foluso, a National Youth Service Corps member in 2021, who invested his allowance in learning fashion design during his service year. The story exemplifies the opportunities and enterprise nurtured by the state, reflecting Makinde’s message of resilience, progress, and citizen empowerment.

The absence of the Alaafin and Soun, coupled with their earlier objections to the rotational chairmanship of the Oyo Council of Obas, suggests underlying tensions within the state’s traditional institutions, even as the government pushes forward with anniversary celebrations and governance initiatives.

Governor Makinde, however, stressed that the administration remains committed to inclusive governance, economic growth, and public engagement, asserting that Oyo State’s next 50 years must be defined by prosperity, innovation, and opportunity for all residents.

 

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BIG STORY

JUST IN: Defence Headquarters Finally Confirms Coup Attempt Against Tinubu, Indicted Officers To Face Military Trial

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The Defence Headquarters on Monday said investigations into alleged misconduct by some officers revealed claims of a plot to overthrow the government.

In October 2025, the DHQ announced the arrest of 16 officers over acts of indiscipline and breaches of service regulations.

It was reported on October 18 that the officers — ranging in rank from Captain to Brigadier General — were arrested by the Defence Intelligence Agency for allegedly holding secret meetings to topple the government.

The platform also linked the cancellation of the October 1 Independence Day parade to the alleged plot.

Reacting at the time, the former Director of Defence Information, Brigadier General Tukur Gusau, said the publication was intended to create tension and distrust among Nigerians, adding that the matter was strictly a disciplinary issue handled internally.

“The ongoing investigation involving the sixteen officers is a routine internal process aimed at ensuring discipline and professionalism are maintained within the ranks. An investigative panel has been duly constituted, and its findings will be made public,” the statement said.

Providing an update on Monday, the new Director of Defence Information, Major General Samaila Uba, said a comprehensive investigation had been conducted in line with established military procedures.

He said the findings showed that some of the officers had cases to answer over allegations of plotting to overthrow the government and that the investigation report has now been forwarded to the appropriate superior authority.

The statement partly read, “The Defence Headquarters issued a press statement in October 2025 regarding the arrest of sixteen officers over acts of indiscipline and breaches of service regulations.

“The Armed Forces of Nigeria wishes to inform the general public that investigations into the matter have been concluded and the report forwarded to the appropriate superior authority in line with extant regulations.

“The comprehensive investigation process, conducted in accordance with established military procedures, has carefully examined all circumstances surrounding the conduct of the affected personnel.

“The findings have identified several officers with allegations of plotting to overthrow the government, which is inconsistent with the ethics, values and professional standards required of members of the AFN.”

Uba said those indicted would be formally arraigned before relevant military judicial panels to face trial in line with the Armed Forces Act and other applicable service regulations.

He stressed that the process would ensure accountability while upholding fairness and due process.

He emphasized that the measures being taken were purely disciplinary and formed part of institutional mechanisms aimed at preserving order, discipline, and operational effectiveness within the ranks.

Uba added, “Accordingly, those with cases to answer will be formally arraigned before appropriate military judicial panels to face trial in accordance with the Armed Forces Act and other applicable service regulations. This ensures accountability while upholding the principles of fairness and due process.

“The AFN reiterates that measures being taken are purely disciplinary and part of ongoing institutional mechanisms to preserve order, discipline, and operational effectiveness within the ranks.

“The Armed Forces remain resolute in maintaining the highest standards of professionalism, loyalty, and respect for constitutional authority.”

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BIG STORY

No Party Or Person Can Defeat President Tinubu In 2027, Atiku’s Son Declares

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Abba Atiku, son of former Vice President Atiku Abubakar, has joined the All Progressives Congress and declared that no political party can defeat President Bola Tinubu in the 2027 presidential election.

Abba spoke in Yola on Monday after picking his APC membership registration card at Gwadabawa Ward in Yola North Local Government Area of Adamawa State.

He said he joined the party to contribute to what he described as the best economic and human reforms under the present administration.

“I want to make it very clear that nobody or any political party can stop President Bola Tinubu from returning to Aso Rock come 2027. Nigerians have seen his good work; he is not a tribalist, he don’t make appointments based on religion or region, but his decisions are purely on merit,” he said.

Abba said he was motivated to join the APC due to what he described as massive human and infrastructural development across the country under President Tinubu’s leadership.

“The president needs your support to continue with the good work. We should mobilise more people and beyond party affiliations to support our president,” he said.

The APC Zonal Vice Chairman, Adamawa Central, Alhaji Isa Bagalti, who handed over the membership card to Abba, said his defection had ended speculation that the APC could lose the 2027 election.

“It is now clear to people that there is no party in Nigeria or presidential candidate that can face our president at the poll come 2027,” he said.

Also speaking, a top APC chieftain in Adamawa State, Alhaji Jamil Yusuf, said President Tinubu has no rival ahead of the next presidential election.

He described other aspirants as wishful thinkers, saying they lacked the credentials to challenge the president.

“Majority of those saying that they are going to contest for the office of president see politics as a trade fair venue, where people sell and buy. I advise such people to invest their money in profitable ventures, because the office of the president is no longer for the highest bidder, but for competent people like President Tinubu,” he said.

Adamu Atiku, the first son of the former vice president, is a top member of the Peoples Democratic Party and a serving Commissioner for Works and Energy Development under Governor Ahmadu Fintiri’s administration.

Atiku Abubakar is a presidential aspirant on the platform of the African Democratic Congress, without any of his sons currently in the party with him.

 

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