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Experts Commend FG as Naira Appreciates

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Some financial experts have commended the Federal Government for some of its monetary policies that have led to the steady appreciation of the       Naira against the dollar.

Reports says on Thursday in Abuja that the Naira exchanged for as high as N1,900 to the dollar in February.

But the currency has gradually appreciated after the last Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN).

It exchanged at N1,405 to the dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window and N1,450 to the dollar at the parallel market on Monday.

According to a past president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, the aggressive monetary policy tightening adopted by the CBN appears to be paying off.

Unegbu urged the apex bank to continue its monetary policy tightening, while improving in the forex liquidity.

“A lot of people criticised the aggressive monetary policy tightening on the CBN, but it seems to be paying off.

“It is not yet time to celebrate, though I urge the CBN to do more to improve dollar liquidity and further push down the dollar exchange rate,’’ he said.

He said that the action against Binance, a global company that operates the largest crypto currency exchange, had also yielded positive results.

Dr Wunmi Bewaji, a securities and financial regulation expert, said that the current momentum of Nigeria’s Naira against the dollar was sustainable.

According to Bewaji, the dollar is likely to decline rapidly at a point in time in the next few weeks.

He traced the recent noticeable success of the Naira to some drastic steps taken by the Federal Government, most noticeably on Binance.

“I think this momentum is sustainable and the dollar is likely to decline rapidly at a point in time in the next few weeks,’’ he said.

Mr Bismark Rewane, the Chief Executive Officer of Financial Derivatives, a Business Management Consultancy firm, said that the exchange rate was sustainable as long as the right things were done.

“Interest rates have been increased, therefore, the propensity to save has increased, and the propensity to consume has reduced. People are consuming less and saving more.

“The government itself is consuming less and saving more,” he said.

He said that there was a need for new money.

“New money is a function of confidence. Confidence is a function of consistency in policy. These are the things that the government has to come to terms with,’’ he said.

According to Prof. Uche Uwaleke, the Director, Institute of Capital Market Studies at the Nassarawa State University, Keffi, inflationary pressure has persisted in spite of moderation in exchange rate.

Uwaleke complained that headline inflation had remained stubbornly elevated, climbing above 30 per cent, way ahead of the CBN’s target of 21.4 per cent for 2024.

He urged the apex bank to stop further tightening of the rates.

Dr Chijioke Ekechukwu, an economist, said that the improvement in exchange rate came from an increase in foreign currency supply.

“We need to isolate the impact of the recent tightening, in or order to determine the impact of the other factors on the exchange rate and inflation rate,’’ he said.

Meanwhile, the CBN said that it had successfully resolved all valid foreign exchange backlogs by addressing inherited claims amounting to seven billion dollars.

According to the apex bank, a last verified payment of 1.5 billion dollars was made last week to settle obligations to bank customers, thereby, clearing the remaining balance of the FX backlog.

Also, the government has warned currency speculators to desist from unpatriotic act against the national currency, saying racketeers would have their fingers burnt.

The Special Adviser on Information and Strategy to the president, Mr Bayo Onanuga, cautioned currency traders speculating on foreign exchange to sell their dollar holdings, adding that the Naira was expected to increase in value soon.

He advised speculators to sell off their dollars to prevent potential losses.

“With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears,’’ he said. (NAN)

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ASUSS Opposes NUT Strike in FCT, Urges Teachers to Ignore Stay-at-home Directive

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By Laide Akinboade, Abuja

The Academic Staff Union of Secondary Schools (ASUSS), Federal Capital Territory (FCT) Chapter, has dissociated itself from the indefinite strike declared by the Nigeria Union of Teachers (NUT), FCT Wing, directing secondary school teachers and education officers to report to their classrooms and proceed with their normal duties.

 

The union’s stance was made public in a press statement issued on Wednesday by its State Executive Council (SEC) following an emergency meeting to review the industrial action called by the NUT FCT Wing.

 

Rejecting the stay-at-home order, ASUSS argued that the academic destiny of students should not be compromised over industrial disputes, describing the strike action as premature and detrimental to educational stability in the territory.

 

Addressing the specific demands raised by the NUT, ASUSS offered counter-positions on the three primary issues driving the dispute.

ASUSS stated that the vacancy requirement remains a statutory provision of the Public Service Rules (PSR) governing establishment control and financial planning, emphasizing that altering career structures requires administrative dialogue rather than coercion. 

The union clarified that the administrative framework for affected teachers has already been resolved, noting that the 2025 promotion process is set to run concurrently with the 2026 promotion cycle under the FCT Civil Service Commission, as outlined in circulars released in September 2026. 

ASUSS maintained that the redeployment of education agency directors to classrooms falls within management’s statutory prerogative to maintain administrative order. 

ASUSS further alleged that the strike action was calculated to disrupt the scheduled 2025/2026 promotion examinations for FCT Education Officers. 

In its final directive, the union urged all eligible Education Officers to participate in the upcoming promotion examinations according to the published timetable, while calling on parents and guardians across the FCT to send their children to school, assuring them that academic activities will continue uninterrupted. 

Furthermore, the ASUSS FCT Chapter issued specific directives to secondary school principals, vice-principals, and education officers: 

“All secondary schools must remain fully open for academic and administrative activities without interruption.

 “Ensure that all teachers report to their respective classrooms to execute their normal duties and teach students diligently.

 “Disregard any directives or instructions from unauthorized bodies aimed at disrupting the academic calendar.

“Monitor attendance and ensure a safe, conducive learning environment for all students who are innocent victims of unnecessary industrial disruptions.”

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Edo Varsity Lecturer Dies after Sex Romp in Hotel

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A senior lecturer at the Ambrose Alli University, Ekpoma in Edo State, Dr. Matthew Uwuigbe, has died under mysterious circumstances following an alleged sex romp with a sex worker in a hotel in Edo State.

It was learnt that the lecturer lodged in the hotel with the 21-year-old commercial sex worker identified as Angela Defa Jacob.

However, tragedy struck after the university don suddenly slumped and died during the encounter at the hotel located in Mosco area of Ekpoma, Esan West Local Government Area of Edo State.

The Edo State Police Public Relations Officer (PPRO), Eno Ikoedem, confirmed the incident on Tuesday.

She disclosed that three persons have been arrested in connection with the incident.

The command spokesperson said, “On October 5, 2026, at about 8 pm, the command received a report that Matthew Uwuigbe, a lecturer at Ambrose Alli University, Ekpoma, had lodged at a hotel in Ekpoma and engaged the services of a 21-year-old sex worker, Angela Defa Jacob.

“He subsequently sent the woman to purchase water for him, and upon her return, she found him lying dead in the room.”

She added that the hotel owner, the manager and the sex worker have been detained over the incident as investigation continues.

Ikoedem said the corpse of the victim has been deposited at the Oriaifo Memorial Hospital mortuary.

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Over 84 Per Cent Nigerians willing to Vote During 2027 Elections – Yiaga

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Yiaga Africa said 84 per cent of Nigerians intend to vote during the 2027 general elections, urging political parties to mobilise citizens to ensure they vote in spite of insecurity, distrust and vote buying threat to turnout.

Yiaga Africa Board Chairman, Hussein Abdul said this on Wednesday while unveiling its third National Voting Intentions Survey, based on interviews with 2,470 Nigerians across 36 states and FCT.

He said, Yiaga’s third voters’ intention study examines Nigerians’ readiness, motivations and expectations ahead of the 2027 general elections.

Abdul said insecurity, fears of election-related violence and low confidence in INEC, judiciary and security agencies could influence citizens’ decisions to vote.

He said the findings were not verdicts, but wake-up calls requiring INEC, security agencies, political parties, civil society organisations and other stakeholders to address identified concerns.

Abdul urged political parties to mobilise voters and strengthen civic education, saying low turnout undermines democracy in spite of more than 100 million registered voters.

The findings showed that 61 per cent of the respondents’ feared violence could prevent them from voting, rising to 78 per cent in the North-East, while 83 per cent wanted improved security.

The survey showed declining trust in INEC, with only 34 per cent confident of credible elections, while 63 per cent had little or no confidence in judicial resolution of electoral disputes.

It said 54 per cent disapproved of the President’s performance, while 71 per cent rated the economy poorly, with 49 per cent seeking leadership change as a voting motivation.

The report urged government and security agencies to strengthen election security, while INEC, judiciary, parties, media and civil society should improve credibility, voter confidence and combat vote buying.

Speaking on the report, Safiya Bichi, Head, Knowledge Management and Learning, Yiaga Africa, said: “Nigerians have not given up on democracy, but wanted votes to count.

Bichi said they see elections as their duty and they believe their votes can make a difference.

“What stands between that willingness and the ballot box is fear, distrust and money.

“Low turnout in Nigeria is a conversion problem, not an apathy problem and the responsibility for fixing it lies with the institutions and actors who control security, credibility and logistics.” Bichi said.

In a panel discussion featured at the launch, Ene Obi, Executive Director, Ene Obi Centre for Development said Nigeria would get it right and there would be more confidence if citizens vote and guard their votes.

The panel discussion was focused on ‘Intensions, Commitments and Pathways to Increasing Turnout’.

“We need to encourage citizens to go out and vote because this is their country, for civil society we are not worried about who wins but about the process, because the process must be fair and transparent.

“We must also take cognisance of those in the IDP camps and the areas they call ungovernable.”

Also speaking at the panel discussion, Chief Ezenwa Nwagwu, Executive Director Peering Advocacy and Advancement Center in Africa (PAACA), called on the media to highlight the positive side of the report of 84 per cent willing to vote.

He also called for investment in political reforms and not only electoral reforms, adding that the values and attitudes of politicians also affect election integrity.

Speaking on behalf of INEC, Victoria Efa-Mesi, Director Voter Education and Publicity called on Nigerians to do the right thing at all times, affirming that INEC was prepared for the 2027 elections.(NAN)

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