News
EFCC goes after dollar speculators, CBN slashes banks allocations
Deposit Money Banks are battling dollar shortage after the Central Bank of Nigeria slashed their foreign exchange allocations.
Multiple bank officials told one of our correspondents they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.
The gap between demand and supply has become worsened. The CBN will intervene and supply more forex soon, “ a top official of a tier-1 bank.
“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.
The CBN on Monday said it would introduce measures to curb the naira slide.
However, the naira gained at the parallel market on Tuesday, after the central bank said it would intervene in the continued depreciation of the local currency.
On Monday, while speaking after briefing President Bola Tinubu on what the bank was doing to halt the naira slide, the Acting Governor, CBN, Folashodun Shonubi, said the fluctuation in the parallel market was not solely driven by economic factors, but also speculative demand.
However, some Bureau de Change Operators said the naira which was earlier exchanged to the dollar at 956/$ on Monday, exchanged at 925/$ on Tuesday.
A BDC operator, Alh Alli Kareem, said, “Today, we bought and sold the naira at 915/$ and 925/$. They are saying they will pump more dollars into the economy but, we are still waiting.”
On the Investors & Exporters window, trading of the naira commenced at 785.89/$ and reached a high of 799.90/$ before closing at 774.77/$ on Tuesday; it closed at 764.68/$ on Monday.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, the intervention announced by the CBN might be a short-term one, adding that might not be sustainable.
He said, “People don’t have confidence in naira again; when people have money, they go to the BDCs and buy the dollar and keep. The best intervention they can do is to see how they can get the economy to be productive, but now, we are importing a lot.
“If they are saying intervention, is it the dollar you have or the one you don’t have? I don’t worry that the CBN floated the naira, but it cannot defend it.”
It would be recalled that in July 2021, the CBN discontinued dollar allocation to the BDCs, but continued through the Deposit Money Banks.
Meanwhile, the Federal Government may in the coming weeks clamp down on Bureau De Change operators.
Sources close to the matter, hinted to our correspondent that the operatives of the Economic and Financial Crimes Commission might go after currency speculators whose activities have been putting pressure on the local currency.
“The Federal Government is planning to clamp down on operators of Bureau De Change across the country. Although they are businessmen, they are also part of the problem due to the rate at which they greedily hike rates to make profits. The current rates are not market driven but speculative, and that is why the government said they would intervene,” the source said.
EFCC could not verify the plan as of press time.
News
Niger Speaker Lauds Army, DSS, and Security Agencies for Successfully Dislodging Bandits in the State
Speaker of the Niger State House of Assembly, Rt. Hon. Abdulmalik Mohammed Sarkin-Daji, has commended the Nigerian Army, the Department of State Services (DSS), and other security agencies for what he described as remarkable successes recorded against bandits in Mariga LGA and parts of the Niger North senatorial district of the state.
The Speaker described the operation as a major breakthrough in the fight against insecurity in the state, noting that the bravery, professionalism, and commitment demonstrated by the security personnel resulted in the death of several bandits, while others were successfully arrested by the security agencies.
The Speaker’s commendation was contained in a statement issued on Sunday by the Assembly’s acting head, Directorate of Media and Public Relations, Mairo Adamu Mani.
The Speaker “stated that this decisive action has greatly weakened the activities of criminal elements in the affected areas and restored confidence among residents who had lived in fear for a long time,” noted the statement.
“Rt. Hon. Abdulmalik Mohammed Sarkin-Daji further praised the tireless efforts of the security agencies, especially special forces and DSS operatives, for their continuous sacrifices in protecting lives and property across Niger State and Nigeria at large.
The statement quoted the Speaker as commending the joint clearance operations by the Army and the DSS, which he said was based on intelligence, and resulted in the rescue of over 70 kidnapped persons in the state.
“He acknowledged the risks involved in such operations and expressed deep appreciation to the officers and men who put their lives on the line to ensure peace, stability, and the safety of citizens, especially in vulnerable communities.
“The Speaker assured the security agencies of the unwavering support and cooperation of the Niger State Government, emphasizing that the state will continue to provide all necessary assistance to strengthen security operations,” further stated the Assembly spokesman.
Niger state government, remarked the statement, “remains fully committed to working closely with all security stakeholders to ensure that the lingering challenges of insecurity are completely addressed and brought to an end.
“The Speaker “also appealed to all Nigerlites to remain calm, vigilant, and law-abiding, assuring them that the government considers the security of lives and property as its topmost priority.
“The Speaker encouraged residents to continue to support security agencies by providing credible and timely information that will aid ongoing and future operations aimed at sustaining peace and stability across the state,” the statement declared.
News
President Tinubu Celebrates Fela Kuti’s Historic Posthumous Grammy.
President Bola Ahmed Tinubu has hailed the posthumous conferment of the Grammy Lifetime Achievement Award on Afrobeat pioneer Fela Anikulapo-Kuti as a landmark recognition of African musical excellence and cultural influence.
In a personally signed statement issued today, the President described the honour bestowed by the Recording Academy during the Special Merit Awards Ceremony in Los Angeles on January 31 as a historic first for an African artist.
“The world of music has honoured a giant: Fela Anikulapo-Kuti,” President Tinubu declared. “Fela was more than a musician. He was a fearless voice of the people, a philosopher of freedom, and a revolutionary force whose music confronted injustice and reshaped the global sound.
“The award, presented alongside other legends including Whitney Houston, Cher, Chaka Khan, Carlos Santana, and Paul Simon, marks the first time an African musician has received this prestigious Lifetime Achievement honour.
Fela’s family, including children Yeni, Kunle, Shalewa, and Femi Kuti, accepted the award on his behalf.President Tinubu emphasized Fela’s enduring legacy, noting that his courage, creativity, and conviction not only defined a generation but continue to inspire artists, activists, and audiences worldwide.
Invoking Yoruba cultural reverence, he added: “In Yoruba mythology, he has transcended to a higher plane as an Orisa. He is now eternal.
“The President highlighted Fela’s creation of Afrobeat a powerful fusion of African rhythms, jazz, funk, and highlife infused with sharp social and political commentary and its profound impact on contemporary music.
“He defined Afrobeat, and you can hear and see his influence in generations of Nigerian musicians, in the global rise of Afrobeats, and far beyond,” Tinubu stated.
He described the Grammy recognition as “an affirmation of his enduring global influence and the foundational role he has played in the evolution and impact of Africa on modern music.”
This latest honour builds on prior accolades, including the 2025 induction of Fela’s seminal 1976 album Zombie into the Grammy Hall of Fame.
Nearly three decades after his death in 1997, Fela’s music and activism remain a symbol of resistance and cultural pride. President Tinubu’s tribute underscores national pride in the icon’s global validation.
News
Tinubu returns to Abuja from Ankara State Visit
President Bola Ahmed Tinubu has returned to Abuja after concluding a successful state visit to Türkiye, where he held high-level talks with President Recep Tayyip Erdoğan and signed multiple bilateral agreements.
The President arrived in Abuja on Saturday evening, January 31, 2026, around 8:30–8:55 p.m. local time, following his departure from Türkiye.
Tinubu departed Abuja on Monday, January 26, 2026, for the state visit to Ankara, Türkiye’s capital.
The trip focused on strengthening Nigeria-Türkiye relations in areas including trade, defense, security, energy, education, media, and technical cooperation.
Key highlights included the signing of nine Memoranda of Understanding (MOUs), aimed at boosting economic ties, defense collaboration (including potential training for Nigerian Special Forces), and a targeted increase in bilateral trade volume. Both leaders described the engagements as ushering in a “new era” of strategic partnership.
The visit drew public attention, including an incident during the official welcome ceremony in Ankara where President Tinubu briefly stumbled but continued without issue, with aides confirming he was in good health.
Upon his return, focus now shifts to implementing the signed agreements, including the activation of joint committees on trade and other sectors.
The Presidency has emphasized the visit’s role in advancing Nigeria’s diplomatic and economic interests on the global stage.
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