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Naira Nosedives To N1,625.88/$1 At NAFEM, Worst In Six Months

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By Mario

The naira recorded its worst performance in six months at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, September 4, 2024, where it exchanged for N1,625.88 to the dollar.

This marks the lowest exchange rate since March 8, 2024, when NAFEM recorded a performance of N1,627.4/$1, despite an improved FX turnover of $205.76 million – one of the highest since August 12, 2024, when dollar supply hit $246.44 million.

Data from the FMDQ website on the NAFEM window showed that naira’s depreciation on August 4 represents a 0.89% decline from the previous day’s rate of N1,611.34/$1.

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Intra-day activity showed that the naira traded at a high of N1,640/$1 and a low of N1,400/$1, indicating significant volatility in the foreign exchange market before settling on the equilibrium of N1,625.88.

The $205.76 million FX turnover for the day was a marginal drop of 1.84% compared to the previous day’s $209.61 million – the highest since August 12, 2024.

The drop in exchange rates indicates an uncertain trend as the Nigerian government announced a 45% increase in the pump price of petrol on September 3, 2024.

This is believed to spark a high inflation rate which would herald a wave of renewed hardship for the citizens, households and businesses.

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Nigeria’s headline inflation rate fell in July for the first time in well over two years – dipping to 33.40% in annual terms from 34.19% recorded in June.

Food inflation rate in July 2024 was 39.53% points higher compared to the 12.55% rate recorded in July 2023

This crash occurred amid a reported hike in petrol prices across the country, which may add to the plights of businesses and ordinary Nigerians, further worsening inflation.

The Nigerian official foreign exchange (FX) market experienced a marked decline in turnover in August, despite the initial Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN).

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The troubled naira is a reflection of the drop in the nation’s foreign exchange reserves, which fell to $36.32 billion as of August 29, 2024, marking a decline from the year’s peak of $36.70 billion recorded on July 29, 2024.

The CBN has intensified efforts towards achieving a stable rate of the domestic currency which industry experts believe is not sustainable given the import-dependent nature and the poor productive base of the economy.

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SAD: Ex-Deputy Gov of Kogi state is dead

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By Kayode Sanni-Arewa

The government of Kogi State has announced the passage of a statesman and former deputy governor, Chief Patrick Adaba.

Adaba passed on at the age of 79.

The Kogi State Commissioner for Information and Communications, Kingsley Femi Fanwo, in a statement, expressed profound sorrow over Adaba’ death, noting that he, exemplified exceptional leadership, service, and a steadfast dedication to the advancement of both Kogi State and Nigeria.

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Late Adaba served as Deputy Governor under the late Governor Abubakar Audu, demonstrating integrity, patriotism, and an unwavering commitment to the State’s development.

“His contributions to governance, his statesmanship, and his role in shaping the early foundation of Kogi State will never be forgotten.

His passing is not only a loss to his family, the Ebira nation and his political associates, but also to the entire state and the nation at large. We will forever remember his selfless service, his passion for the people, and the legacy he leaves behind.

“On behalf of the Government and the good people of Kogi State, His Excellency Alhaji Ahmed Usman Ododo, the Chief Servant of Kogi State, extends his deepest condolences to the Adaba family, the people of Kogi State, and all who were touched by Chief Adaba’s life and leadership.

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“He fuelled his dream of a great Kogi State with an unblemished patriotism and great service to our dear state in and out of office as we continued to consult him to tap from his wealth of experience. He will be sorely missed.

“We pray that the Almighty grants his soul eternal rest and gives his family the strength to bear this great loss.

“We pray that his legacy continues to inspire generations to come,”

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Pastor sentenced to 10 yrs imprisonment for defiling four-year-old girl in Abia

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By Kayode Sanni-Arewa

A Magistrate Court in Umuahia North Magisterial District has sentenced Pastor Uche Arua Kalu, 40 years old, to 10 years imprisonment without an option of fine for defiling a four-year-old girl in Amaogudu Abiriba, in Ohafia Local Government Area of Abia State.

The judgment was delivered on Friday, March 7, 2025, by His Worship Onuoha U.C. after the defendant pleaded guilty to the crime.

During the hearing, the Investigating Police Officer, ASP Iweajunwa, who was called upon to present the facts of the case, was able to convincingly establish a case against the defendant after the defendant, Pastor Uche Arua Kalu had denied knowledge of his offence, thereby contradicting his earlier guilty plea on December 20, 2024.

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The prosecuting counsel, Chinedu Ikpa Esq., from the State Criminal Investigation Department, Umuahia, had reminded the court that the defendant had already confessed in the charge sheet, admitting that he had no idea what came over him when he committed the grievous crime.

The prosecution had presented undeniable evidence against the accused, including his confession and the IPO’s investigative report.

Citing the case of Uket v. The State (2024) LPELR – 80009 (CA), the prosecution emphasised that for a defilement case to be proved, three key elements must be established, including that the victim must be underage, the accused must have engaged in sexual intercourse with the child and that the child’s consent is irrelevant in such cases.

In a desperate plea for leniency, the defendant fell to his knees, begging the court for mercy and a reduced sentence and expressed his fears of facing life imprisonment under Section 7(1)(2) of the Violence Against Persons Prohibition Law 2019, under which he was charged.

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Earlier, the mother of the victim, a widow, Madam Ugo Obasi, had narrated that the defendant was close to the family, and had taken advantage of her absence to work that day to lure the girl to his house where he defiled the minor.

According to her, on coming back from work, the victim was lying critically ill and unable to eat, bathe and walk well. Upon enquiry, the little girl, name withheld, informed the mother of what happened, stating that the defendant was initially unrepentant until the maternal father of the victim stepped into the matter, having reported it to the police.

She pleaded with the government at all levels to come to her assistance.

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Nigeria, UAE ready to resolve visa issues

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By Kayode Sanni-Arewa

Nigeria and the United Arab Emirates are set to meet in the coming days to resolve ongoing issues concerning visa applications of Nigerians seeking to travel to the UAE.

The decision was made following a courtesy visit by the UAE Ambassador to Nigeria, Salem Alshamsi, to the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, at the Ministry of Foreign Affairs.

This is according to a statement signed by the minister’s media aide, Magnus Eze, on Sunday.

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Nigerians have faced challenges in obtaining UAE visas, particularly for tourism purposes.

In 2022, the UAE imposed a visa ban on Nigeria due to various diplomatic disputes.

Dubai’s Emirates Airline halted flights to Nigeria because the Central Bank of Nigeria couldn’t remit an estimated $85m in revenue to the UAE.

However, in July 2024, the Federal Government announced that UAE had lifted the visa restriction following an agreement between both countries.

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The Minister of Information and National Orientation, Mohammed Idris, said Nigerian passport holders could now travel to the UAE without any hindrance.

He also asked Nigerians seeking information on the updated UAE visa conditions can visit documentverificationhub.ae for further details.

During the meeting with the UAE ambassador, Odumegwu-Ojukwu acknowledged the strong diplomatic relations and strategic partnerships between Nigeria and the UAE.

She emphasised that Nigeria had remained committed to nurturing this relationship, which has spanned several years.

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Odumegwu-Ojukwu noted that Dubai has become a popular destination for many Nigerians, with approximately 12,000 Nigerians living in the UAE.

These individuals, she noted, range from unskilled workers to professionals and students.

According to the statement, in 2015, nearly one million Nigerians visited the UAE, spending between $100m and $150m on visas alone and over $1bn on shopping, tourism, and other related economic activities.

The minister pointed out that the economic relations between both countries appeared to be largely one-sided and called for more areas of collaboration that could better serve Nigeria’s economic interests.

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She also addressed concerns raised by Nigerians, including government officials, about the status of UAE visas, requesting clarification on whether new visa policies had been introduced.

There have been numerous concerns about the status of visas for the UAE. Even some top government officials are worried, and they raise their concerns.

“Is there a new visa policy for UAE? You need to let Nigerians know. We need to know what to tell our citizenry. Nigerians have invested massively in property in UAE, hosting conferences and tourism.”

Additionally, Odumegwu-Ojukwu revealed that a joint commission would soon be hosted in Nigeria, following the one held by the UAE in 2022.

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This meeting will address various bilateral issues, such as power, renewable energy, and other areas of collaboration.

The minister expressed hope that the joint commission would provide an opportunity to finalise outstanding memoranda of understanding and make progress on shared economic goals.

“We want to reciprocate by hosting the joint commission in Nigeria. There are several bilateral issues such as power, renewable energy and the rest things that we need to deliberate.

“We hope that with the joint commission, we will be able to handle those MoUs that have not been treated. And we will achieve a lot,” the minister said.

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She also thanked the UAE for its recent donation of relief materials to Nigeria’s flood victims and vaccines for chickenpox patients, which have supported the country’s health institutions.

In his remarks, Ambassador Alshamsi congratulated Odumegwu-Ojukwu on her recent appointment and expressed his satisfaction with the achievements in Nigeria-UAE relations over the past 50 years.

He assured the minister that he had issued numerous visas to both government officials and private individuals and stated his commitment to resolving the visa challenges facing Nigerians.

Since his arrival in Nigeria over a year ago, Alshamsi said he had issued over 700 tourism visas and would continue working to improve the process.

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He also mentioned that several agreements had already been signed, with more planned before the Nigerian President’s scheduled visit to the UAE in the second quarter of the year.

The envoy noted, “We have increased visa issuance through the agent. I have had zero visa rejections since I came to Nigeria. Since I arrived a year and a half ago, I have made sure that I issue visas. We have issued over 700 tourism visas from July 2024.

“Sometimes, we might disagree on some issues, but there is nothing personal. But we could still resolve and agree. We want you to see us as part of your team; we are partners.

“We have signed three or four agreements and would soon sign another major agreement. We must try and sign more agreements before our President’s visit to Nigeria in the second quarter of this year.

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“But we would hold a meeting to resolve these issues.”l

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