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Allow market forces to determine naira value, not politics, ex lawmaker urges FG

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Stephen Olufemi Oni, Ilorin

Former Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Dr. Rafiu Adebayo Ibrahim, has urged the federal government and regulatory agency on monetary policy to put politics aside and allow the

economics to rule and reign on the issue of naira exchange rate, adding that they should allow the market forces to determine naira’s fair value both at the time of boom and otherwise.

Senator Ibrahim, who spoke in Ilorin at the 30th edition of Media Parliament of the Kwara State Council of Nigeria Union of Journalists (NUJ), explained that politicisation of the exchange rate only empowers the political class to do more harm to the nation’s economy.

In his paper titled: “Naira Devaluation by Central Bank of Nigeria: How Did We Get Here? What Are The Challenges and Prospective For Us As Nation?”, the former legislator opined that Nigeria being a monolithic economy was enough reason for it to be financially disciplined and futuristic in its savings and investment policies.

The former senator advocated promotion of local production and industrialisation, particularly of products that are highly in demand, adding that the time was ripe to diversify the economy under a truly long-term strategic plan that would turn around the fortunes of the nation away from being mono-product.

He also called on the government to address the seemingly intractable insecurity which has adversely the economic life of the nation, warning that its devastating effects, if unattended, would worsen the value of the nation’s currency.

“It is important to state that the politicisation of the exchange rate of the naira is an unhealthy obsession in Nigeria. It only gives politicians an incentive to wage war against reality by doing things that are economically harmful.

“Attempts made in the past to embrace liberalization is a step in the right direction, but should have been also backed with some high level of financial discipline that would provide savings for a rainy day. The very act of trying to fiddle with the currency whenever we run into trouble is what really needs to be re-examined.

“Knowing that we are a monolithic economy is enough reason for us to be futuristic in our savings and investment policies. The moment oil prices crash, businesses and transactions that were perfectly legal suddenly become ‘unpatriotic’ and everybody becomes an expert in economics with pressure of the policy makers who are in most cases obviously ill-prepared, policy-wise for such situations.

“It is only in Nigeria that you see a situation where we pray and hope for high oil prices to sustain our spending pattern without saving, while we want to keep the exchange rate ‘stable’ even when revenues have collapsed dramatically.

“We all know that it is not possible to have all these things at the same time, as you cannot eat your cake and have it at the same time”, Ibrahim said.

In his remarks, the Chairman, Kwara State Council of NUJ, Abdullateef ‘Lanre Ahmed, said the volatility of the exchange rate was baffling, hence the urgent need to address it, especially its adverse effects on the local economy.

Ahmed traced the problem to the summersault of the Central Bank of Nigeria on the nation’s monetary policy, which has consistently weakened naira in the global economy and in turn affected the purchasing power of the masses.

“At the moment, the exchange rate of naira for one dollar in the black market is over N550, and getting forex at the designated commercial banks is a herculean task. This is just as the CBN continues to act in a manner that suggests that our naira would further experience devaluation.

“And out of curiosity, you begin to wonder whether the monetary policy of the apex bank is congruous with the reality beyond policy documents that are often bandied around to divert attention.

“There is no doubt to posit that Nigeria’s economy is haemorrhaging. No thanks to the policy summersault of the CBN on monetary policy that has, in significant way, weakened naira in the global economy and in turn reducing the purchasing power of the populace. And you are attempted to ask this nagging question. In whose interest is CBN formulating its policies?

“Similarly, the penchant of the federal government for external borrowing is now at an alarming proportion, thus accentuating claims and counter claims on the desirability or otherwise of the government’s step”, Ahmed said.

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Banditry: Rep member condemns attack on Kwara community

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Stephen Olufemi Oni, Ilorin

The Member representing Ekiti/Isin/Irepodun/Oke-Ero Federal Constituency in the National Assembly, Hon. Raheem Tunji Olawuyi Ajuloopin, has strongly condemned the recent attack in Idofin Odo-Ashe, Oke-Ero Local Government Area of Kwara State, describing it as a cowardly act that seeks to disrupt the peace and stability of the community.

Hon. Ajuloopin, in a statement personally signed by him, expressed deep concern over the unfortunate incident and sympathised with the victims, their families, and the entire community affected by the dastardly attack, emphasising that acts of violence have no place in a civilised society, and therefore urged security agencies to intensify efforts in bringing the perpetrators to justice.

While commending the swift response of both the federal and Kwara State governments, as well as the security agencies and local vigilante groups, the lawmaker reiterated that the fight against insecurity requires collective responsibility, calling on traditional rulers, community leaders, and residents to remain vigilant and cooperate fully with security operatives by providing timely and credible information.

“Security is everyone’s business. We cannot afford to leave the safety of our communities solely to government agencies. Every citizen must be actively involved in safeguarding our environment and ensuring that peace prevails,” Hon. Ajuloopin admonished.

He reaffirmed his commitment to continued collaboration with relevant authorities to ensure that lasting peace in all parts of Kwara South and beyond.

Hon. Ajuloopin also appealed for calm, assuring that both the federal and state governments are working tirelessly to address the root causes of insecurity and prevent future occurrences.

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Governor Namadi Attends High profile Ministerial Meeting On Self-Sufficiency In Cairo

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From Hassan Taiye

Governor Umar Namadi is currently in Cairo,Arab Republic of Egypt, attending the Third High-Level Ministerial Meeting on Rice Self-Sufficiency, holding from October 7th to 9th, 2025, in Cairo and Sakha.

The meeting, themed “Towards Rice-Based Agri-Food Systems Transformation and Delivering on Rice Self-Sufficiency through Peer-to-Peer Learning: The Case of the Arab Republic of Egypt,” is jointly organized by the Egyptian Ministry of Agriculture and Land Reclamation, AfricaRice, the Arab Organization for Agricultural Development (AOAD), and other key continental partners.

This high-level gathering brings together African Ministers of Agriculture, State Governors, and agricultural leaders to share practical experiences on achieving rice self-sufficiency and agricultural transformation.

The event will showcase Egypt’s remarkable progress in achieving rice self-sufficiency despite its limited water and land resources, offering valuable lessons adaptable to other African contexts.
Namadi is participating alongside top policymakers, agricultural experts, and private sector players from across Africa to discuss innovations, policy reforms, and strategic investments aimed at strengthening food security and transforming the agricultural sector on the continent.

Over the three-day programme, delegates will engage in high-level ministerial sessions, technical discussions, and a field visit to Egypt’s renowned Rice Research and Training Centre (RRTC) in Sakha.

During the visit, participants will interact directly with Egyptian scientists and farmers to learn about the country’s advancements in high-yield rice varieties, efficient irrigation systems, and modern post-harvest technologies.

Jigawa State’s participation in this important forum underscores the state’s commitment to agricultural transformation, food self-sufficiency, and consolidating Jigawa’s position as one of Nigeria’s leading hubs for rice production and agribusiness development.

The meeting is expected to conclude with a Ministerial Declaration setting a continental roadmap for achieving rice self-sufficiency through collaborative research, policy coordination, and targeted investment across the rice value chain.

Governor Namadi is accompanied by senior officials from the Jigawa State Ministry of Agriculture and related agencies.

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There’s Political Genocide Against Christians in Northern Nigeria – Aisha Yesufu

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By: Fabian Apechihin

Sociopolitical activist Aisha Yesufu has accused Nigerian political leaders of perpetuating what she described as a “political genocide” against Christians in Northern Nigeria.

Yesufu made the remark on Tuesday in response to American comedian and TV host Bill Maher, who recently alleged that Nigerian Christians are facing coordinated attacks.

Maher, speaking on his HBO show, said, “I’m not a Christian, but they are systematically killing Christians in Nigeria. They’ve killed over 100,000 since 2009 and burned 18,000 churches. These are the Islamists, Boko Haram.”

Reacting via her X handle, Yesufu criticized what she called hypocrisy among Nigerian politicians who express concern over Christian persecution yet supported the Muslim-Muslim presidential ticket during the 2023 elections.

“You are shouting that Northern Christians are being persecuted, but you championed a Muslim-Muslim ticket! Their Christianity was not Christian enough for you during the 2023 election,” she wrote.

She concluded by calling for greater attention to what she termed the “political genocide” against Northern Christians, urging consistency in both words and actions when addressing religious and political marginalization in Nigeria.

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