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Naira to Dollar: CBN Rate Crashes, Defying Tinubu Govt’s Assurances
By Kayode Sanni-Arewa
The naira to dollar exchange rate has fallen to its lowest point since May. The naira has come close to its all-time low, trading at ₦1,533.99 to the US dollar on the official market on June 25, 2024, a level not seen since May 16, 2024. This represents a significant decline compared to the previous low of ₦1,500.79 per dollar. According to data from the FMDQ Securities Exchange, the naira depreciated by 0.71% on June 25, down from ₦1,490.20 per dollar the previous day.
This drop occurs despite assurances from Central Bank Governor Yemi Cardoso that the naira’s volatility had subsided.
It t fluctuated between a high of ₦1,507/$1 and a low of ₦1,426/$1. It underlined the enormous volatility in the foreign exchange market. This high range of currency revaluation remains evidence of the high instability and unpredictability of the currency market in Nigeria
This development is being watched by economic analysts because if the naira continues to devalue, very soon, the entire economy of Nigeria will be impacted in terms of import cost and inflation rate. Therefore, the Central Bank’s move and intervention strategies in the next few days will hold the key to stabilizing the currency and restoring investor confidence.
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Why we dismissed ex-cop in viral video, by Police
The Nigerian Police Force (NPF) has disclosed that Vincent Makinde, a former officer seen in a viral video, was dismissed from service as an Inspector in 2022 due to extortion and other serious offences.
This clarification was issued on Wednesday by the Force spokesperson, ACP Olumuyiwa Adejobi, via a statement on his official X account. Adejobi refuted the claims made by Makinde in the video, describing them as misleading.
According to Adejobi, Makinde was dismissed after a thorough investigation and an orderly room trial for offences including abuse of office, extortion, gross misconduct, dereliction of duty, and insubordination.
The police also addressed the viral video showing Makinde in leg restraints, where he claimed to be an Assistant Superintendent of Police (ASP) and alleged unlawful detention.
The situation has attracted attention, including calls for his release by renowned legal luminary and human rights activist, Mr. Femi Falana, SAN.
The NPF emphasized that Makinde’s dismissal followed due process, countering the narrative he is pushing online.
The police urged the public to disregard the misleading claims and reaffirmed their commitment to upholding discipline and accountability within the force.
“While awaiting the validation of orderly room proceedings and subsequent prosecution, Vincent Makinde assaulted a senior police officer on duty and subsequently escaped from lawful custody,” he said.
“Around June 2024, he resurfaced, parading himself as a bona fide member of the Nigeria Police Force, adorning the rank of Assistant Superintendent of Police without being previously absolved of his offences or promoted. Being made aware of this, the Police authority issued a directive for his immediate re-arrest.
“The suspect was apprehended while personating himself as an active sworn senior police officer, and armed with a rifle. When approached by police operatives, Vincent Makinde exhibited violent and aggressive behaviour while resisting lawful arrest and detention.
“Upon his arrest, the suspect was restrained using feet restraining devices due to his continuous violent nature coupled with the fact that he had previously escaped from lawful custody in a violent manner.
“The officers deemed it necessary to employ the use of these restraints as a precaution to ensure the safety of the officers on duty, prevent another escape, and secure against any potential harm to him and others around him, that might arise from his aggressive demeanour.
“It is pertinent to note that the use of restraining devices is a global practice for individuals actively, aggressively, or aggravatedly resisting lawful detention”.
Adejobi said Makinde remains a dismissed police officer, serial criminal, and is currently in custody awaiting conclusion of investigations and prosecution.
The police spokesman added that further investigations have revealed his involvement in several other nefarious acts in addition to those which led to his earlier dismissal.
As such, Adejobi said intensive investigation into the circumstances of his current impersonation offence is also ongoing.
He added that the Nigeria Police Force remains dedicated to fostering transparency and accountability within its operations, striving to maintain the public’s trust and confidence.
“Through thorough investigations and strict protocols, the Force is steadfast in the pursuit of truth and justice, while ensuring that its personnel who violate the law are held accountable for their actions. This commitment is evident as the Nigeria Police Force continues to work tirelessly to uphold the rule of law and reinforce the integrity of policing.”
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Jigawa governor sacks special assistant on gender
Jigawa State Governor, Malam Umar A. Namadi, has approved the dismissal of his Special Assistant on Gender, Miss Khadija Sidi Suleiman, from office.
This was confirmed in a statement issued by the Secretary to the State Government, Malam Bala Ibrahim, and made available to reporters by Malam Ismaila Ibrahim, the Public Relations Officer of the office.
The statement reads: “Governor Malam Umar A. Namadi has relieved Khadija Sidi Suleiman of her appointment as Special Assistant to the Governor on Gender, with immediate effect.”
The statement further clarified that all rights and privileges associated with her office have been revoked.
Suleiman is also directed to immediately hand over all government property in her possession to the office of the Secretary to the Government of Jigawa State.
While the statement did not provide any specific reasons for her dismissal, it expressed appreciation for her services to the state and wished her well in her future endeavors.
Miss Khadija Sidi Suleiman, a former staff member of the State Radio and a civil society activist, had been appointed as the governor’s Special Assistant on Gender. She hailed from the same town, Kafin Hausa, as Governor Namadi.
Suleiman’s removal marks the second instance of a governor’s aide being dismissed in the past three months.
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Tinubu, Oborevwori Distribute Cash, Rice, Medical Supplies To Elders In Delta
On Tuesday, the First Lady of Nigeria, Her Excellency Senator Oluremi Tinubu, through the Social Investment Programme of the Renewed Hope Initiative, distributed Fifty Million Naira (₦50,000,000) to 250 elderly men and women from all 25 Local Government Areas in Delta State.
The distribution, which took place simultaneously across all 36 states and the Federal Capital Territory, was conducted at the Banquet Hall of the Government House in Asaba, where beneficiaries from various political affiliations were present.
Deaconess Tobore Oborevwori, the wife of Delta State Governor Rt. Hon. Sheriff Oborevwori, represented Senator Tinubu at the event.
She announced that the Governor supported the First Lady’s initiative by providing 250 bags of rice, while she herself offered free medical check-ups and medications for the elderly participants.
In her speech, Senator Tinubu expressed her enthusiasm for the Renewed Hope Initiative Elderly Support Scheme (RHIESS), which is centered around the theme “Total Wellness: Happy, Healthy, and Prosperous Lifestyle.” She emphasized that this program is aimed at enhancing the well-being of senior citizens annually.
Senator Tinubu highlighted that the initiative seeks to assist 250 vulnerable seniors aged 65 and over from all 36 states and the Federal Capital Territory, including veterans associated with the Defence and Police Officers’ Wives Association.
Furthermore, she mentioned that the Governing Board of the Renewed Hope Initiative decided to increase the financial support for the second edition of the program from ₦100,000 to ₦200,000, to provide additional aid to elderly citizens during this festive season.
The First Lady noted that the total amount disbursed nationwide is One Billion, Nine Hundred Million Naira (₦1,900,000,000), with each beneficiary receiving ₦200,000.
She wished the senior citizens a joyful holiday and a prosperous 2025 while encouraging them to prioritize their health through regular exercise and a balanced diet.
In her welcome address, conveyed by the Deputy Governor’s wife, Lady Catherine Onyeme, Deaconess Tobore Oborevwori expressed gratitude to Senator Tinubu and the Renewed Hope Initiative team for their generous scheme. She remarked, “This thoughtful gesture will significantly contribute to nation-building.”
Responding on behalf of the beneficiaries, Mr. Sunny Onyejose, a stalwart of the APC, extended his appreciation to the First Lady for her kindness and commended Governor Sheriff Oborevwori and his wife for their additional humanitarian contributions to the initiative.
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