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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

Lagos Partners MTN To Redevelop Obalende Under-bridge Into Eco-Friendly Bus Park

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The Lagos state government has partnered with MTN Nigeria to redevelop the Obalende under-bridge into a modern transport hub to be known as Y’ELLO bus park.

Tokunbo Wahab, commissioner for environment and water resources, announced the project in an X post on Tuesday.

Wahab said the redevelopment would transform the previously degraded space into a functional, secure, and community-centered facility.

According to him, the new bus park will feature an organized and regulated transport terminal, a recycling drop-off station, a road camp for officials of the Lagos Waste Management Authority (LAWMA) and security agencies, over 60 public toilet facilities, kiosks, and other amenities for commuters and residents.

He said the project prioritizes safety, health, and aesthetics, noting that solar-powered lighting will improve night-time visibility, enhance closed-circuit television (CCTV) coverage, and help curb criminal activities in the Obalende axis.

The commissioner added that a biodigester system will be installed to manage wastewater sustainably, while a dedicated recycling station will discourage illegal waste disposal.

Wahab said the redevelopment will also include solar panels to support energy efficiency and reduce carbon emissions, as well as tree planting to improve air quality and beautify the environment.

He described the project as part of the state government’s efforts to reclaim public spaces and make them functional, sustainable, and safe for residents.

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BIG STORY

JUST IN: Dangote Refinery Increases Petrol Price By N100, MRS To Sell At N839

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The Dangote Petroleum Refinery has increased the ex-gantry price of its premium motor spirit, also known as petrol, to N799 per litre.

The price of the product was increased by N100, from N699 per litre to N799 per litre, effective on December 12, 2025.

In a statement on Tuesday, the refinery said MRS retail outlets will now sell the product at N839 per litre — up from N739 per litre.

“With the festive period concluded, PMS prices have been modestly realigned to sustainable levels to support long-term market stability and affordability,” the refinery said.

“Under the current alignment, the PMS gantry price is N799 per litre, while MRS retail outlets are selling at N839 per litre.”

The refinery reaffirmed its commitment to market stability and an uninterrupted nationwide supply of petrol.

“During the recent festive period, the Refinery implemented a deliberate and temporary price support intervention to cushion Nigerians at a time of heightened household spending,” the plant said.

Despite the price reduction, the refinery accused “many filling stations” of failing to “reflect the new price at the pump,” thereby denying Nigerians the benefits of the slash.

“As a domestic producer, Dangote Petroleum Refinery continues to shield the Nigerian market from import-related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector,” the plant said.

Dangote refinery reaffirmed its commitment to providing energy security, price stability, and long-term value for Nigerians.

Speaking on the development, David Bird, chief executive officer (CEO), said the refinery is currently supplying about 50 million litres of petrol to the domestic market daily, with nationwide distribution running smoothly.

He explained that the refinery’s flexible design allows it to process different types of crude and intermediate feed stocks, making it possible to maintain petrol supply even during scheduled maintenance.

Bird added that this ensures that domestic fuel availability remains stable and uninterrupted.

“This marked the second consecutive festive season in which the Refinery absorbed significant costs in the national interest, including logistics support in 2024 and a price reduction in 2025 to promote affordability and market calm.”

 

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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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