Editorial
Saving The Naira
Given the apparent dwindling fortune of the Naira, the House of Representatives recently asked the Central Bank of Nigeria (CBN) to quickly put in place a policy to check further devaluation of the Naira to the United States dollar and other international legal tenders. The House decried that while the Nigerian currency was relinquishing value, others in Africa were appreciating.
The CBN officially devalued the Naira to N410.25 per dollar after the country’s currency defied all interventions to retain its value. However, some financial experts have said that the new exchange rate would lead to inflation and increase the poverty level in the country. Justifying the diminishing value of the currency, Governor of the CBN, Godwin Emefiele, said that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.
Curiously, while the value of the Naira relative to the dollar had declined by a whopping nine per cent in the last six months, the South African rand and Ghanaian cedi had appreciated by 11.4 per cent and one per cent, respectively. To save the Naira, the CBN adopted multiple exchange rates in 2020, in a bid to avoid an outright devaluation without success.
It has become profoundly disturbing that the frequent devaluation is already causing inflation since imports have become more prohibitive. Any imported goods or raw material increases in price and the increase in aggregate demand causes demand-pull inflation. Firms and exporters have less incentive to cut costs because they can rely on the devaluation to improve competitiveness.
It is equally unsettling that the long-term devaluation is already leading to lower productivity because of the decline in incentives. Also, the depreciation of the Naira makes it more difficult for Nigerian youths, especially in the Information Technology (IT) sector, whose businesses are online and must necessarily transact businesses in the US dollars. In a period of low wage growth, a diminishment that causes rising import prices will make many consumers feel worse off as is being experienced.
A hasty look at the direction of Nigeria’s international trade shows the problems of the strong currency syndrome in a single source foreign exchange earning dominated economy. In 2018, Nigeria exported a total of $59.5 billion worth of goods. Crude ($44,8bn) and petroleum gas ($8.61bn) alone accounting for nearly 90 per cent of export. In the same year, Nigeria imported goods totalling $48.7bn with refined petroleum ($9.95bn) alone accounting for over 20 per cent of all imports.
Similar trends were recorded before and even after the referenced year. It is, therefore, not difficult to see that there is nothing to achieve from devaluation since the main product we export (crude oil) is already priced in USD, and we will not relish any benefit from increase in demand following price drop, since our production volume is closed off in OPEC quota.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, had declared that the regular devaluation of the Naira would result in imported inflation because importers would get more expensive forex from the Bureau de Change. He said, “Prices of goods and services will keep on going up; inflation will keep on going up because anyone who is importing, either raw material or finished goods, the prices will be very high. The agricultural sector that is supposed to be cushioning the situation, the people cannot do anything because of the insecurity issues. They cannot go to farm; so we are unable to take advantage of the comparative advantage in agriculture because of activities of bandits.”
Similarly, a Professor of Economics, Babcock University and past President, Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, noted that the CBN had been trying to defend the value of the Naira to achieve some stability. However, he said there was little the apex bank could do because of the exposure to the foreign market. According to Ajibola, “The implication is, we are likely to witness cost push inflation because inflation will rise and they will pass that to the end users that are consumers, so the overall impact is that it will likely worsen poverty. The poverty index is likely to rise.”
Truth is, the greatest casualty of Naira’s incessant devaluation is our industrialisation drive which becomes more expensive to finance and further delays the take-off of the much desired private sector-led industrialisation. Former British Prime Minister, late Margaret Thatcher, in 1990, was once quoted to have said that “to destroy a country, first debauch their currency”. Regrettably, this is what we are ignorantly doing to ourselves.
Unfortunately, constant devaluation has put the Naira among the worst performing currencies globally in the last four decades. Despite the systematic devaluation in the last 40 years, Nigeria and Nigerians are yet to experience the benefits of currency depreciation advocates promised. It appears that Mark Carney, a former Governor of Bank of England, might be right when he emphatically stated that currency “depreciations are how you make the economy poorer”.
Economists and financial experts have often warned that currency devaluation is a bad monetary policy for a nation with no significant export industries. Knowing where we are currently in terms of power generation, logistics, infrastructure and technological know-how, Nigeria would not likely have a competitive export-oriented industry soon, more so when the huge domestic market is yet to be dominated by our home-based industries. Until Nigeria’s market is largely monopolized by locally produced goods, the nation is unlikely to see any gain in the continued devaluation of the national currency.
Particularly troubling is the reported targeting of National Youth Service Corps (NYSC) members, who play a vital role in Nigeria’s electoral process. Many serve far from home and undertake sensitive assignments at polling units and other electoral locations. As civilians, they should not be exposed to intimidation, abduction or violence without adequate protection. If election workers are vulnerable, the safety of other officials, observers and voters cannot be guaranteed.
Nigeria’s electoral history offers painful lessons. Human Rights Watch reported in Nigeria’s Post-Election Violence, published in May 2011, that more than 800 people died in the violence following the 2011 general elections. NYSC members serving as electoral officials were among the victims. This tragedy underscores the deadly consequences of political tension, incitement and disputed outcomes. Nigeria must act on the latest warning before another preventable disaster occurs.
INEC deserves recognition for uncovering the alleged plot, while the DSS and other security agencies merit commendation for their reported assistance. However, arrests are only the beginning. Investigators must establish the suspects’ identities, motives, networks and intended targets, ensuring that evidence is admissible in court. The process must remain impartial and free from political interference. Credible public updates are also necessary, provided they do not compromise investigations or operational security.
The authorities must adopt a comprehensive, intelligence-led security strategy for 2027. INEC’s proposed security conference should produce practical measures developed in collaboration with the Inter-Agency Consultative Committee on Election Security (ICCES), the police, the DSS and other relevant agencies. Threat assessments should guide personnel deployment, secure transportation, emergency communications, evacuation procedures and rapid response. Protection must extend beyond polling day to the distribution of sensitive materials, collation centres and the safe return of ad hoc personnel.
Those who provide intelligence must also be protected from retaliation. Confidential reporting channels and appropriate safeguards should be established for informants and others assisting investigations. Equally, security deployments must not intimidate voters or facilitate political repression. Personnel should act professionally, impartially and proportionately, within the law. Clear mechanisms for reporting misconduct and investigating abuses are essential to maintaining public confidence.
The threat also highlights broader concerns about trust in the electoral system. The European Union Election Observation Mission’s June 2023 final report identified shortcomings in transparency and operational implementation during Nigeria’s 2023 general elections, alongside concerns about the legal framework and electoral dispute resolution. Credible elections require more than security; they depend on transparent procedures, accountable officials and consistent enforcement of electoral laws. INEC must demonstrate measurable progress in addressing previously identified weaknesses.
Voter apathy presents another challenge. INEC’s published figures indicate that approximately 25 million people voted in the 2023 presidential election, out of about 93.5 million registered voters, a turnout of roughly 26.7 per cent. Although insecurity is not the sole cause of low participation, threats against electoral personnel can heighten public anxiety and discourage voters from exercising their franchise. INEC should strengthen civic education, improve polling accessibility and communicate procedures clearly. Political parties, civil society and the media must promote peaceful participation and reject electoral intimidation.
Misinformation and manipulated digital content pose additional risks. False reports, fabricated announcements and deepfake videos can inflame tensions, impersonate officials and mislead voters. INEC should establish a well-resourced, rapid-response communication system supported by verified digital channels and timely public statements. Collaboration with credible media organisations and fact-checkers would help counter falsehoods without suppressing legitimate criticism. Clear, consistent communication is indispensable, as administrative confusion and delayed explanations often allow rumours to spread.
Electoral integrity must also begin within INEC itself. The chairman’s warning against partisanship, negligence, extortion and ethical misconduct deserves serious attention. Security measures cannot compensate for officials who abuse their positions or disregard established procedures. INEC should strengthen staff training, ensure transparent recruitment and deployment, provide secure channels for reporting misconduct and enforce disciplinary rules consistently. Allegations of bribery and political interference must be investigated regardless of rank, while ad hoc personnel should receive adequate briefing, support and prompt payment.
The legal framework also requires clarity and consistent enforcement. INEC should explain the precise provisions and applicability of Section 26 of the Electoral Act 2026, including the obligations of electoral officials and security personnel, and publish authoritative guidance on neutrality and professional conduct. Complaints by opposition parties that they have been prevented from campaigning in certain states must likewise be investigated impartially. Any established violations should attract appropriate corrective action. Electoral fairness requires not only impartial polling officials but also lawful campaigning, access to competing viewpoints and freedom from intimidation.
The alleged plot against INEC’s ad hoc personnel is a warning against complacency ahead of the 2027 general election. Governments, security agencies, INEC, political parties and civil society must work together to prevent violence, punish misconduct and protect citizens’ participation. The commission should communicate its security priorities, maintain accessible threat-reporting channels and provide periodic updates on preparedness. Nigeria’s democracy cannot be safeguarded by assurances alone; it requires demonstrable preparation, impartial law enforcement and an unwavering commitment to free, fair and credible elections.
Nigeria joined the world in commemorating the International Day of the Girl-Child on 11 March 2026, an observance dedicated to advancing girls’ rights and amplifying their voices. This year’s theme, “End Child Marriage and Invest in Girls’ Rights,” confronts a deep-rooted injustice and demands an end to sacrificing girls’ futures to prejudice and expediency.
The focus is child marriage, not as an unavoidable misfortune but as a preventable injustice. Though prevalent in many societies, the practice remains particularly troubling in parts of northern Nigeria, where it has become normalised. Reports of girls aged 10 to 13 being married off are disturbing. The controversy surrounding a Nigerian senator and former governor who married a 13-year-old girl further exposed the practice to global scrutiny, yet accountability at home appeared limited. When lawmakers disregard the law, society’s moral compass is compromised.
UNICEF’s statistics reveal the scale of the crisis. Globally, an estimated 650 million women and girls alive today were married before turning 18, while more than 12 million girls enter marriage annually before adulthood. In Nigeria, about 33 per cent of girls marry before 18 and 11 per cent before 15. The prevalence reportedly reaches 63 per cent in Jigawa and Zamfara States and 61 per cent in Sokoto and Katsina. These figures represent millions of childhoods interrupted and futures imperilled.
These statistics explain why the United Nations continues to campaign against child marriage and advocate investment in girls. The consequences are devastating. Girls whose bodies are not fully developed face increased risks of maternal death, obstetric fistula, sexually transmitted infections and psychological trauma. The economic cost is equally significant. A 2017 World Bank and International Centre for Research on Women Study estimated that ending child marriage could generate an additional $7.6 billion in earnings and productivity for Nigeria, as early marriage deprives girls of education, skills, and opportunities to contribute to national development.
Educating a woman benefits the entire society. As a mother, she often becomes her children’s first teacher and a vital influence on their character. An educated mother helps raise enlightened children, just as one candle can light many others without losing its flame. Denying women education undermines families and communities. To expect wisdom while deliberately withholding knowledge is to demand the impossible.
Several reasons are offered for marrying off young girls, including economic hardship, cultural practices and religious beliefs. In some households, daughters are treated as commodities, married early so that their bride price can finance their brothers’ education. While boys enter classrooms, their sisters are sent to matrimonial homes. This discriminatory practice is shortsighted, depriving the nation of half its human potential. A country cannot expect to run effectively after deliberately crippling one side of its capacity.
Beyond these justifications lies the entrenched belief that women ultimately belong in the kitchen, regardless of their education. This outdated notion is demonstrably false. Countries where women lead governments, businesses, research institutions and other sectors show what investment in female talent can achieve. Rwanda’s substantial female parliamentary representation is one example. Confining women to domestic roles limits not only their ambitions but also the nation’s progress.
A girl-child must not surrender her childhood to poverty or prejudice. Some traditions discourage women from attaining educational heights comparable to or greater than those of men, driven by the baseless fear that educated women will disrespect their husbands. Such thinking equates enlightenment with insubordination and empowerment with threat. This patriarchal mindset perpetuates inequality and keeps society trapped in backwardness.
Consequently, some parents consider educating their daughters a waste of resources, likening it to watering another man’s garden. This attitude is deeply misguided. Every girl deserves the opportunity to learn, grow and pursue her dreams. Early marriage mortgages her future, stifles her potential and traps her in circumstances she might otherwise overcome. No society can justify sacrificing a child’s prospects to outdated customs or immediate financial gain.
Ending child marriage must, therefore, go hand in hand with investing in girls’ education, safety and rights. Every girl should have the opportunity to realise her potential. This requires more than annual declarations, billboards, posters and seminars held in air-conditioned halls. Awareness without action is like a cloud without rain: promising, yet incapable of nourishing the ground.
The campaign must move beyond tokenism to practical intervention, particularly at the state level, where the problem is acute. Governments should formulate policies that protect girls and make education accessible. Scholarships, bursaries, conditional cash transfers, school feeding programmes and other incentives can help keep girls in school. When education is affordable and adequately supported, more girls can choose the classroom over the bridal chamber.
Civil society organisations, faith-based groups, and traditional institutions must intensify efforts to challenge child marriage and dismantle harmful beliefs disguised as religious or cultural obligations. Parents must also uphold their responsibility to protect and educate their daughters, despite economic pressures. A society that educates its girls invests in its future; one that marries them off in childhood mortgages that future at an incalculable cost.
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