News
Naira Tumbles By 51.95% Despite CBN’s Defence Measures
The value of the Naira to the Dollar fell from 196.99 in December, 2015 to 410 in April, 2021, reflecting a 51.95 per cent decline despite the various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to strengthen the currency.
According to a monthly document obtained from the CBN’s website, the value of Naira at the inter-bank forex market stood at N196.99 as of December, 2015.
Last month, the CBN adopted the NAFEX exchange rate of N410.25/$1 as its official exchange rate, devaluing the Naira from N379/$.
In a move to achieve exchange rate stability and preserve the country’s forex reserves, the CBN in 2015, reviewed downwards the spending limit on the usage of Naira-denominated debit cards for transactions abroad.
In a circular issued in April, 2015, signed by the then Director of Trade and Exchange, Olakanmi Gbadamosi, the bank said the limit had been reduced from $150,000 to $50,000 per person annually, while daily cash withdrawals per person was pegged at $300.
After six months of implementing the policy, the value of Naira in the official window remained stable at 197/$, but fell from 210/$ to 258/$ at the parallel market.
In June, 2015, the CBN announced that it was stopping the supply of forex to 41 items that could be easily produced in Nigeria, a development that brought about the forex exclusion policy.
The implication of the policy is that importers of items on the forex restriction list would not be able to get forex directly from the windows created by the apex bank to bring the products into the country.
A circular issued by CBN said, “The implementation of this policy will conserve foreign reserves as well as facilitate the resurrection of domestic industries and improve employment generation.”
However, after about a year of implementation, the value of Naira plummeted at both markets, falling from 197/$ to 232/$ and 218/$ to 351/$ at the official and parallel markets, respectively.
In 2017, the exchange rate at the official window fell to the N300/$1 threshold, ranging between N305 to N306 to a Dollar.
This was despite the introduction by the CBN of a new window for investors, exporters and end-users aimed at driving liquidity in the forex market.
From January, 2020 to April, 2021, the Naira continued in a downward trend at both markets, falling from 307/$1 to 381/$1 in the official window and 361/$1 to 481/$1 at the parallel market.
Within this period, the CBN adopted new forex rules.
For instance, in November, 2020, the bank announced that recipients of Diaspora inflows could receive their funds in foreign currency or have it transferred to their domiciliary accounts where they also have options to withdraw in cash or transfer.
In March, 2021, the CBN introduced an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations, as part of its reforms to boost the inflow of foreign currency in the country.
The incentive was termed ‘Naira-4-Dollar scheme’.
Speaking on the CBN policy, an economist and the current Chairman of Foundation for Economic Research and Training, Prof. Akpan Ekpo, said the idea behind the Naira-4-Dollar scheme was to shore up the exchange rate.
Responding to a question on why the Nigerian forex continued to depreciate despite the policies, an investment strategist at Afrinvest, Omosuyi Temitope, said, “The reason the policies are failing is because they are makeshift policies; they can’t address the fundamental factors that have kept the Naira under water.
“The major factor that needs to be addressed is the external trade condition – that is the current account; so long as the Nigerian current account continues to suffer major setback, particularly when we have huge imports over exports, then Naira will remain likely subdued.
“Between 2018 and 2020, for instance, we have continued to witness consistent deceleration in the current account balance; last year alone, the current account balance was negative, $17billion, from about $14billion in 2019.
“We also saw the performance of the foreign reserve; as a result of deceleration in current account, foreign reserve also went down, and in the last few months, foreign reserve has continued to plummet. So, if we don’t address our external trade position – that is, if Nigeria doesn’t export enough to get foreign earnings, we will continue loss in terms of Naira depreciation.”
He added Nigeria must produce sufficiently to meet local demand in order to reduce the Dollar demand for importation of consumer goods.
News
RSG Reaffirms Commitment To Quality Education
News
RSUBE Holds Training For 1,000 New Teachers
The Rivers State Universal Basic Education Board (RSUBE) has trained 1,000 newly recruited teachers with a view to raising standards in public primary and junior secondary schools in the state.
The two-day orientation and capacity building programme held in Port Harcourt introduced the teachers to civil service rules, classroom management practices, and professional conduct expected of educators in the state.
The State Commissioner for Education, Dr. Peters Nwagor, told the newly recruited teachers that teaching demands more than academic qualifications, and called for discipline, diligence, and a strong commitment to service.
He described teaching as a noble profession that is central to the development of the state.
The recruitment, he said, reflects the government’s investment in children and long-term development.
“Education is the foundation of societal progress, and basic education is where that foundation is laid,” Nwagor stated.
He urged the teachers to shape the values and character of pupils during their most formative years.
He pledged continued support from the Ministry of Education through training, resources, and an environment that allows teachers to perform effectively.
Nwagor directed RSUBEB to reject transfer requests from rural to urban schools, saying the newly employed teachers have an obligation to serve where they are posted and help strengthen education in those communities.
In his opening remarks, the RSUBEB Chairman, Hon. Sam Oge, explained that the recruitment process began in 2023 under the previous board, adding that after assuming office, he consulted widely and secured Governor Siminalayi Fubara’s approval to complete the exercise.
Oge said the selection was competitive, with 1,000 candidates chosen from more than 5,000 applicants, and urged the teachers to treat the opportunity seriously and avoid lobbying for reposting.
He directed the teachers to resume at their assigned schools immediately, saying request for reposting will not be entertained.
The former RSUBEB Chairman, Ven. Dr. Fyneface Akah, who delivered the keynote address, described the orientation as the teachers’ formal entry into the civil service.
He urged them to be creative, purposeful, and open to learning on the job.
Akah stressed that teachers have a role in restoring values lost to moral decline, and urged them to model national values and see their work as a calling with lasting impact on the society.
He thanked the State Government for approving the recruitment, noting that the exercise will improve access to quality basic education across the State.
Akujobi Amadi
News
INEC To Deploy 1.4m Corps Members For 2027 Elections
The Independent National Electoral Commission (INEC) has disclosed that no fewer than 1.4 million members of the National Youth Service Corps will be deployed for the 2027 general elections.
The Chairman of the commission, Prof Joash Amupitan (SAN), made this known on Monday during a courtesy visit to the Director-General of the NYSC, Brig Gen Olakunle Nafiu, at the Yakubu Gowon House, headquarters of the scheme, in Abuja.
Amupitan, in a statement signed by his Chief Press Secretary and Media Adviser, Adedayo Oketola, described the meeting with the NYSC senior management team as more than a formal courtesy visit, saying it was also a mission of gratitude.
According to him, the NYSC remains a critical pillar in Nigeria’s democratic process.
He noted that corps members had participated in virtually every election cycle since 1999, stressing that, “INEC cannot conduct elections in Nigeria without the NYSC.
“As the Chairman of the Independent National Electoral Commission, I am honoured to discuss our collaborative efforts toward ensuring seamless and credible elections in Nigeria.
“You provide the heartbeat of our field operations. When we speak of election manpower, we are essentially speaking of corps members.
“They are the most dedicated, educated and patriotic election duty staff we have, and their presence at polling units brings a level of neutrality and public confidence that is irreplaceable.
“They form the backbone of our election processes, especially as ad hoc staff, whose dedication, discipline and patriotism are critical to the success of our elections,” he added.
Amupitan said institutional data from the 2023 general election showed the importance of the partnership between INEC and the NYSC.
He explained that INEC deployed about 1.2 million ad hoc staff for the 2023 elections, with over 70 per cent, nearly 850,000 personnel drawn from corps members and student volunteers.
Speaking on preparations for the 2027 elections, the INEC chairman said more than 1.4 million ad hoc staff would be engaged, with corps members making up the majority.
“For the 2027 general election, we will require 707,384 ad hoc staff for the Presidential and National Assembly elections scheduled for January 16, 2027.
“The same number will be needed for the governorship and Houses of Assembly elections on February 6, 2027, making a total of 1,414,768,” he said.
He added that INEC would also require 52,446 corps members for the Ekiti and Osun governorship elections, as well as by-elections in Nasarawa, Enugu, Rivers, Ondo, Kebbi and Kano states.
Amupitan said corps members accounted for nearly 90 per cent of Registration Area Officers and Presiding Officers in many states during previous elections.
“These young Nigerians did not just facilitate voting; they protected the sanctity of the ballot in 176,846 polling units across some of the most difficult terrains in the country,” he said.
He further praised the corps members for their role in off-cycle elections, particularly the Anambra governorship election and the FCT Area Council polls.
According to him, their digital proficiency contributed significantly to the seamless operation of the Bimodal Voter Accreditation System.
“In those exercises, it was the digital proficiency of corps members that ensured the seamless performance of our BVAS, proving they are the tech-savvy backbone of our modern democracy,” he added.
Amupitan acknowledged the sacrifices made by corps members during elections and assured that INEC would continue to work with the NYSC and security agencies to strengthen safety measures and welfare packages for them.
As the 2027 general election approaches, we are committed to ensuring adequate mobilisation and preparedness of NYSC members for this important national assignment,” he said.
He also noted that the Ekiti and Osun governorship elections, scheduled for June 20 and August 15, respectively, alongside several by-elections, would serve as tests for innovations ahead of the 2027 elections.
Responding, Brig. Gen. Nafiu thanked INEC for its continued collaboration with the scheme.
He recalled that the Memorandum of Understanding between both organisations was signed in 2011 and had been periodically renewed.
Nafiu described corps members as credible, reliable and easily trainable manpower.
“The last batch of millennials will soon exit the scheme, leaving behind Gen Z corps members known for their digital savviness, which will benefit INEC,” he said.
He assured the commission of the NYSC’s continued support in both the 2027 general elections and upcoming off-cycle elections.
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