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Blomberg’s recent report has revealed that Nigeria’s currency, the naira, has emerged as the world’s worst performing currency in the past month.
The currency took a downturn after its recent gains and wonderful performance last month, when it was ranked as one of the best-performing currencies globally as of April 2024.
According to the report, the reversal in Naria’s gains has placed increased pressure on the Central Bank of Nigeria (CBN) to continue raising interest rates.
Naria’s depreciation to 1,466.31 against the dollar was reported to be its weakest level since March 20.
The Bloomberg report released on Friday explained that the recent development is attributed to scarcity of USDollar in the local markets, with only $84 million available on Thursday, half of the previous day’s supply.
However, Tribune Online reports that the nation’s currency plummeted to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market in March.
Razia Khan, the Chief Economist for Africa and the Middle East at Standard Chartered, who spoke with Bloomberg, estimated that $1.3 billion in naira futures will mature at the end of this month, potentially dampening market sentiment and expected to create more demands for dollars.
She said, “When the currency appreciated very fast, there had been a bout of profit-taking by offshore investors, and this meant that the dollar-naira exchange rate backed up again.
“This is completely in line with the functioning market.”
Continuing, the report by Bloomberg stated that the naira’s current performance is expected to intensify pressure on the country’s apex bank, leading to implementation of another rate hike after its upcoming policy meeting on May 21.
Meanwhile, the CBN was reported to have increased rates by a total of 600 basis points in February and March, adding that this aided the naira in rebounding from its low of 1,627 naira on March 8 to 1,072 in mid-April.
The naira, on Friday, also depreciated by 0.9% to N1,468 against the dollar in the unofficial market.
The Kano State Shari’ah Court, sitting in Kura, has sentenced a 30-year-old man, Haruna Abdulkarim, to receive 10 lashes as punishment for deceiving others by falsely claiming to be a Muslim in the process of converting to Islam.
Abdulkarim was arrested following a tip-off, as he had been attending daily and Friday mosque prayers, masquerading as a Christian seeking to embrace Islam and soliciting funds under the guise of almsgiving.
The Hisbah Commander in Kura LGA, Alhaji Ali Alkasim Kura, subsequently transferred him to the Police for further investigation and legal action.
During his court appearance, the accused admitted guilt and asserted his insolvency despite numerous obligations on his part.
Abdulkarim pleaded for leniency, vowing not to engage in such deceitful acts again.
After receiving the prescribed 10 lashes, the Court cautioned that any recurrence of the offense would result in the imposition of the harshest penalty.
The offender, Abdulkarim, appealed for forgiveness from all Muslims, particularly those who had supported him. He then assured that he would not engage in such behavior again. Moreover, driven by a genuine sense of remorse, he expressed his intention to seek guidance from Islamic scholars to deepen his religious understanding.
The average price of refilling a 12.5-kilogram Cylinder of Liquefied Petroleum Gas, Cooking gas, has surged by 55.22 per cent to N15,929.04 in March from N10,262.56 the same month last year.
The National Bureau of Statistics disclosed this in its latest March Cooking Gas Price Watch.
On a month-on-month basis, the price of cooking gas surged by 5.77 per cent to 15,929.04 in March 2024 compared to 15,060.38 in February.
On state profile analysis, Sokoto recorded the highest average retail price for the refilling of a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N17,833.33, followed by Osun with N17,588.46 and Anambra with N17,417.65.
Conversely, the lowest average price was recorded in Katsina at N12,400.00, followed by Kebbi and Bauchi with N13,137.50 and N14,484.25, respectively.
Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N16,859.85, followed by the South-East with N16,734.87. In contrast, the North-East recorded the lowest price with N14,943.48.
The development comes amid the soaring inflation in Nigeria.
NBS plans to release April’s inflation next week.
Meanwhile, the country’s headline and food inflation increased to 33.20 per cent and 40.01 per cent in March 2024.
A 300-level student of Ajayi Crowther University, Oyo State, in the Department of International Relations, has reportedly been raped by two university sheriffs in a classroom.
Vanguard gathered that the said 300-level student was in class with her boyfriend at about 7 pm on Thursday when the university sheriffs walked in and demanded N5,000 from them, of which they only had N1,500.
A close friend and hostel mate of the victim, who pleaded strict anonymity, shared with Vanguard that the sheriff sent the boyfriend away and before he could return she was already raped.
Explaining to Vanguard in a WhatsApp chat and phone call, the friend said of the victim, “My friend came back to the hostel crying, and when we asked her what happened, she said she was raped by two sheriffs in the class. They came and demanded N5,000 but we only had N1,500 with us and we transferred to their bank account. After that, they sent my boyfriend away and did not allow me to leave.
“Currently, she is depressed because when we took her to the medical centre, she was being blamed. She wrote to us that they are traumatizing her at the medical centre. They’re blaming me. They are calling me all sorts of names. They said I will never get married. They said I would be stigmatized in this school, that I would be a disgrace to everyone in school. They said I deliberately allowed them.”
However, the university management has initiated an investigation into the matter. In a press release sighted by Vanguard on their official X page formerly known as Twitter and signed by the Public Relations Officer, Ajayi Crowther University Oyo, Mr Olufemi John Atoyebi said action will be taken as the suspects have been handed over to the state police.
“Management of Ajayi Crowther University, Oyo, received with shock a report of an alleged rape of one of our female students last night, Thursday, May 9, 2024, by two members of our vigilance group.
“The Management promptly handed over to the police the two people alleged to have committed the crime, while the university has set up its internal panel of inquiry to investigate the allegation.
“The Management wishes to assure all stakeholders that ACU will not tolerate any act of misconduct capable of tarnishing its enviable image.
“Raising Godly intellectuals is our primary goal in ACU, and we will not allow any act of misconduct capable of diverting our attention from our goal. Heavy penalties await anyone who is found culpable after our thorough investigation.”
Efforts to reach the Public Relations Officer of the Oyo State Police Command, SP Wale Osifeso, proved abortive, but a text was sent to him.
Following the ongoing trials of naira abusers, vendors and event planners have decried its effect on the event industry.
They lamented that the ban had killed the fun and glamour at social functions, thereby affecting their trade negatively.
Recall that the Economic and Financial Crimes Commission, EFCC, recently intensified its crackdown on individuals who abuse naira notes.
A Federal High Court, sitting in Ikoyi, Lagos, on Friday, April 12, 2024, sentenced Idris Okuneye, a.k.a Bobrisky, to six months imprisonment with no option of fine over mutilation of the Naira notes.
A few days after, the anti-graft agency arraigned a socialite, Pascal Okechukwu, a.k.a Cubana Chief Priest, on a three-count charge bordering on abuse of the Naira before Justice Kehinde Ogundare sitting at the Federal High Court, Ikoyi, Lagos.
Unlike Bobrisky who pleaded guilty to the charge, Cubana Chief Priest pleaded not guilty to the allegation of naira abuse.
Speaking on this development, the convener of Ogun event vendors, Bola Ayedun-Solate said, although the ban has affected the event planning industry, Nigerians are beginning to adapt to the new development.
Ayedun-Solate spoke in Abeokuta, Ogun State capital, at the weekend.
She said, partygoers, musicians and event planners have invented other means of “spraying naira” at parties for fear of being arrested and prosecuted.
The event planner applauded the EFCC for protecting the naira notes, insisting that Nigerians don’t have to abuse the naira to display their affluence at social gatherings.
“For us as event planners, the ban on spraying of naira at parties has removed the glamour from parties, but we are finding our way around it and the people are beginning to get used to the new norm.
“Our clients don’t need to come in front of musicians to abuse naira, we now have money bags printed where money is dropped for our clients.
“There was also a time that the association of event planners in Nigeria had makeshift money, something like money vouchers sprayed at parties instead of the naira notes.”
She, however, implored vendors to make use of money bags and embrace other options instead of abusing the naira at parties.
A middle-aged man, Abdullahi Sani from Unguwar Makara Huta, has been sentenced to death by stoning by a Sharia Court in Ningi, the headquarters of Ningi Local Government Area of Bauchi State, for alleged homosexuality.
The judgment was delivered by Sharia Judge Abdullahi Aliyu Doya during a court session on May 10, 2024, with Sani found guilty of the offence as charged.
The Sharia Judge stated that the Court commenced hearing on the case on 02/05/2024 and closed it on Thursday, 09/05/2024, for judgment and sentence, after listening to various arguments.
He explained that based on witness testimonies and the defendant’s admission of guilt, Abdullahi Sani was found guilty and sentenced to death by stoning in accordance with the provisions of sections 131, 132, and 133 of the Bauchi State Administration of Criminal Justice, 2001.
Recall that on July 1, 2022, a Sharia court delivered judgment and sentenced three people to death by stoning for a similar offence.
Dana Air has laid off several of its workers weeks after suspension by the Nigerian government.
In a statement on Saturday, the Head of Corporate Communications for the airline, Kingsley Ezen, blamed the development on the ongoing audit by the Nigerian regulatory authorities.
“In light of the ongoing audit, Dana Air has decided to temporarily disengage some staff members pending the conclusion of the audit,” Ezenwa said.
“The Management of Dana Air extends its sincere appreciation to all staff members for their resilience and dedication during this period of uncertainty. It recognises the difficulties that staff have had to endure and assures them that every effort is being made to resolve the situation promptly,” it added.
Recall that on April 24, the Nigerian Civil Aviation Authority suspended the Air Operators Certificate of Dana Air 24 hours after the airline’s plane from Abuja landed at the Lagos airport runway and veered off into a nearby field.
Reacting to the development, the Minister of Aviation and Aerospace Development, Festus Keyamo, said the airline has been operating in an unhealthy status.
After a five-day search, rescue authorities in Lagos State found a Lagos Metropolitan Area Transport Authority (LAMATA), worker, Tajudeen Amololo, dead.
Naija News had earlier reported that one of the workers with the LAMATA, was on Monday, trapped in an underground drainage at the Onipanu area of the state while trying to clean the debris.
It was learnt that the male adult worker was part of the team working on dislodging and evacuating waste from the underground drainage in the area.
Although rescue agencies had initiated a search and rescue operation, the drainage worker unfortunately passed away after five days.
“After five days of painstaking, tedious, and energy-sapping operation, the team remained determined on focused on the rescue operation. At about 5:53 pm on Friday 10th May 2024 the victim was recovered dead from the underground drainage/tunnel.
“The recovered body was immediately bagged by the Agency’s officials and handed over to LAMATA Drain Ducks,” the Permanent Secretary of the Lagos State Emergency Management Agency (LASEMA) Olufemi Damilola Oke-Osanyintolu said in an update.
After the incident, LASEMA recommended that safety measures be implemented in the operations of the drain ducks.
The Naira’s woes against the US dollar continued as the currency lost a significant N160 in seven days at the foreign exchange market.
Mistila Dayyabu, a Bureau De Change operator in Wuse Zone 4, told DAILY POST that the Naira was sold at N1450 per Dollar on Friday compared to N1,290 the same day last week.
In the parallel market section, the Naira lost a whooping N160 weekly.
Similarly, FMDQ data showed that the Naira closed at N1466.31 per dollar on Friday compared to N1400.40 it traded last Friday.
This represents an N65.91 or N4.5 per cent Naira depreciation against the dollar weekly.
The development comes despite the daily turnover of dollars settling at $113 million on Friday from $84.38 the previous day.
After weeks of decline, Nigeria’s foreign reserve surged to $32.369 billion as of May 6, 2024.
The Speaker of the Niger State House of Assembly, Abdulmalik Sarkindaji, has made an announcement regarding his plans to arrange the marriages of 100 female orphans who tragically lost their parents in a series of banditry attacks.
Sarkindaji shared this information with journalists in Minna, the state capital, on Friday, stating that as part of his commitment to this cause, he will cover the dowries for the bridegrooms and has already obtained all the necessary materials for the mass marriage ceremony.
Naija News learnt that the selection process for the girls who will be married off was conducted meticulously from a pool of 170 girls whose names were submitted.
However, Sarkindaji did not disclose the age range of the orphaned girls who hail from Mariga Local Government Area of the state.
Representing the Mariga Constituency, the Speaker considers this initiative a vital part of his constituency empowerment project, which has the primary goal of alleviating the suffering of the impoverished.
To ensure the well-being of the female orphans during the mass marriage ceremony, the Niger State Governor, Mohammed Umar Bago, and the Emir of Kontagora, Alhaji Mohammed Barau, have graciously agreed to serve as their guardians.
Furthermore, the event, scheduled for May 24 at Bangi, the headquarters of Mariga Local Government Area, will be attended by Sheikh Aminu Daurawa, the Kano State Commander General of the Hisbah Board.
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The Economic and Financial Crimes Commission (EFCC) has issued a strong warning to foreign missions operating in Nigeria, prohibiting them from conducting transactions in foreign currencies and requiring them to use the Naira for their financial activities.
Furthermore, the EFCC has instructed Nigerian foreign missions located abroad to accept the Naira for their financial operations.
The EFCC said this decision becomes necessary to combat the dollarization of the Nigerian economy and the devaluation of the Naira.
In an advisory titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” sent to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the anti-graft commission expressed its concerns and dissatisfaction with the practice of some foreign missions invoicing consular services to Nigerians and other foreign nationals in the country using the United States dollar.
In a letter dated April 5, 2024, addressed to the Minister of Foreign Affairs, the Chairman of the EFCC, Ola Olukoyede, expressed disappointment regarding the invoicing of consular services in Nigeria in dollars by foreign missions.
The EFCC referred to Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates the currencies issued by the central bank as the only legal tender in Nigeria.
The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).
“This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.
“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.
“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.
“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”
The EFCC recently announced its plan to clamp down on schools, hotels, supermarkets, and other business outfits in Nigeria that charge customers in dollars and other foreign currencies.
The EFCC said such action is unacceptable as it puts pressure on the Naira.
The EFCC Head of Media and Publicity, Dele Oyewale, emphasized that it is against the law for business outfits and organizations to charge and accept foreign currencies including dollars, pounds, yen and others for such local transactions
According to him, the anti-graft agency has set up a task force of 7,000 individuals to tackle dollar fraudsters and other illegal foreign exchange transactions in the country.
“The task force is not just to monitor naira abuse alone but for the whole economy. So, the EFCC is working to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them.
“Yes, everyone knows that it is illegal to charge in other denominations apart from the naira. Whether in Chinese or American currency, any transaction that is not denominated in naira in Nigeria, the EFCC is against it.
“So, the task force is in place to check that and Nigerians should be happy about that. It is not just schools, hotels but other entities across the country that are doing this must come back to the naira as our legal tender.’’
“Naira is the symbol of our economy and everything that has to do with the economy in Nigeria must be done in naira,” Oyewale told Punch on Thursday.
An Ode to my Grandfather: Chief Obafemi Jeremiah Awolowo SAN GCFR, 37 years on - Segun Awolowo
Admin
FOREVER REMEMBERED , FOREVER ADORED
In the quiet of my thoughts, I see your face,
Thirty-seven years have slipped away,
Yet your presence lingers, day by day.
With wisdom deep as the ocean's vast,
You steered our ship through the tempests past.
In your footsteps, I learned to tread,
Guided by the words you once said.
With courage and grace Papa, you led the way,
Inspiring generations to seize the day.
Forever remembered, Forever adored
Your legacy, a beacon so bright,
Illuminated the darkest night.
In each decision, I still hear your voice,
Guiding me to make the right choice.
Oh, how I long for one more day,
To sit with you and hear you say,
Stories of old, lessons so profound,
In your wisdom Papa, was solace found.
Forever remembered ,Forever adored
In the tapestry of time, your threads are sewn,
A legacy of love and truth you've sown.
Though you've journeyed to a distant shore,
Your very essence lives forevermore.
Forever remembered, forever adored,
Obafemi Awolowo, continue to rest in perfect peace
So Papa, on this day,
I stand on the shoulders of your name,
I carry forth your eternal flame.
With gratitude and reverence, I honor thee,
For the gift of your legacy, forever free.
Forever remembered, Forever adored
Your grandson , Olusegun Awolowo 2nd
An undergraduate student at Ladoke Akintola University of Technology, Ogbomoso in Oyo State, simply identified as Adedokun Olamilekan was stabbed to death by yet-to-be-identified people at the Under G area in the town on Thursday night.
Olamilekan, a 200-level student of the Department of Information Science, was said to be running a business outfit known as Dcrown Unisex Salon at Under G before he was murdered by his assailants during an argument.
He was reportedly stabbed by yet-to-be-identified colleagues and later rushed to a nearby hospital, where he gave up the ghost.
One person who witnessed the incident said, “He was rushed immediately to the nearest hospital where he was confirmed dead.
“The case has been reported to Owode Police Station, Ogbomoso, Oyo state.”
All efforts to get the state Police Public Relations Officer, Adewale Osifeso’s reactions were unsuccessful as his telephone mobile number was not reachable.
Also, the Public Relations Officer of the institution, Fadeyi was not reachable as of press time.
A non-governmental organization, identified as the Association of Legislative Drafting and Advocacy Practitioners (ALDRAP), has initiated a court process seeking an order to compel 40 Nigerian lawmakers to vacate their seats at the National Assembly.
The group argued that it is wrong for the lawmakers in question to hold concurrent membership of the National Assembly and ECOWAS Parliament as well as the Pan-African Parliament and be receiving emoluments from them all.
Naija News understands the organization had earlier called on the President of the Senate, Godswill Akpabio, to declare the seats of the affected lawmakers vacant for belonging to multiple parliaments at the same time.
The body went ahead to serve a pre-action notice on the Senate President and copied the Clerk of the National Assembly, indicating its readiness to seek judicial redress if the call was not heeded.
The body, in the letter dated April 8, signed by its Secretary, Tonye Clinton Jaja, warned that in the event that the Senate President fails to comply with its request within seven working days from the date of the letter, it shall commence a lawsuit to seek the interpretation of a court of law.
The group insisted that the practice of serving both parliaments violates Section 68(1) of the 1999 Constitution and Article 18, Supplementary Act of the ECOWAS Parliament, 2017, which prohibits a serving member of a parliament from serving with it and collecting emoluments.
In the suit filed at the Federal High Court, Abuja, ALDRAP asks the court to determine whether, having regard to Section 68 (1) (a) of the 1999 Constitution (as altered), any member of the National Assembly who wishes to take a seat at the ECOWAS Parliament and/or the Pan-African Parliament, ought to first resign from the National Assembly.
“In the alternative: whether having regard to Section 12 of the 1999 Constitution (as altered), the provisions of the ECOWAS Parliament legislation, which allocates 35 seats to Nigeria, has not yet become legally operative within Nigeria considering that both the National Assembly and state Houses of Assembly have not subjected the said parliament to the legislative procedure prescribed under Section 12,” the suit read.
They prayed the court to make a “Declaration that the 5th defendant (Clerk of the National Assembly) shall immediately discontinue the payment of salaries and all forms of remuneration to all 40 lawmakers who were recently inaugurated as either members of the 6th Assembly of the ECOWAS Parliament and/or the Pan-African Parliament.”
It also prayed for an order directing the Clerk of the National Assembly to immediately discontinue the payment of salaries and all forms of remuneration to all the 40 lawmakers who were recently inaugurated as either members of the 6th assembly of the ECOWAS Parliament and/or the Pan-African Parliament.
The group, in the same vein, asks the court to order the 6th defendant (INEC) to immediately conduct bye-elections within 30 days from the date of the vacancy to fill all 40 vacant seats at the National Assembly.
Naija News recalls over thirty members of the National Assembly were, in April, inaugurated as members of the ECOWAS parliament.