Editorial

CBN’s E-Naira Gamble

Published

5 years ago

August 30, 2021

Is Nigeria putting out its Bitcoin? Will the Naira equal the value of the dollar? Shall we conserve our Naira on crypto exchanges? These and many other concerns need to be raised and addressed as the Central Bank of Nigeria (CBN) lays the groundwork to launch a digital currency for the country this October. Financial connoisseurs say that over the past two years, CBN has researched the technology and made portentous progression.
During the Monetary Policy Committee (MPC) meeting on Tuesday, 27 July 2021, the CBN Governor, Godwin Emefiele, confirmed the start date of Central Bank Digital Currencies (CBDCs) for October 2021. Since 2017, the CBN has been researching CBDCs alongside over 80 per cent of central banks, and only the Bahamas, Eastern Caribbean and China have enforced them.
Emefiele claimed the economy was going digital and “cash cannot play in that space,” adding that “e-Naira which will represent the digital equivalent of cash will be used as fiat currency for transactions”. On how the e-Naira will work, the CBN boss stated: “If you choose to convert some of the Naira in your account to e-wallet or digital currency, we will support that.
“When this starts, the CBN will move some of the balances in CBN to those banks into digital currency. You go to your bank, you decide to move N2 million from the N10 million you have in your account to digital currency, they will debit your account and move it into your e-wallet. Then you have N2 million digital currency which you can spend across countries”.
According to Emefiele, “the use of cash is declining all over the world,” noting that “with the advent of digital currency, more and more people are adopting the use of electronic money to facilitate little commerce”. He believes that cryptocurrencies are private funds that are not regulated, so using them is a personal decision.
Recall that the Central Bank banned and warned players in the financial ecosystem against conducting any crypto transactions or facilitating payments for crypto trades in a circular dated 5th February 2021 and circulated to financial institutions. In addition, the CBN called on all financial institutions to immediately shut down the accounts of any individual or business involved in or operating cryptocurrency businesses. With the ban, Nigerians have turned to peer platforms that bypass these rules.
In support of that decision, the apex bank had previously issued an avowal that digital assets developed by unregulated and unregistered companies raised legal concerns. The CBN further says that crypto assets are used to support a variety of illicit activities, including money laundering and terrorism. Hence, the e-Naira is a step in the direction of satisfying people’s demands for a digital currency in this technology-driven age.
CBDCs are issued by the government. Whereas they may share similarities with crypto currencies (such as operating on a “blockchain”), they are not necessarily the same. Cryptocurrency transactions can be done with the aid of decentralised “blockchain” technology. With the CBN as the primary controller, the CBDC has a mainline topology. Moreover, cryptocurrency is not recognised as legal tender in Nigeria, but the CBDC will be acknowledged by the CBN as legal tender. That is, CBDCs are the direct responsibility of the Central Bank, but cryptocurrency is not the liability of the apex bank or its regulated institutions.
A CBN source revealed the stages of carrying out the plan, saying the first stage of the proposal would be assessment and socialisation, including setting goals. CBDC design is the next step, meaning the technical infrastructure required to purchase and manage digital currencies. The third stage is to undertake a feasibility and viability analysis using a proof of concept. CBN will then take training and information steps to introduce the CBDC. Ultimately, the apex bank will ensure that CBDC is fully implemented across the country.
We fully maintain any action to reanimate the Naira to enhance its global value in exchange and promote a rapid growth of the economy. However, several questions remain unanswered about the upcoming project. We are unsure what to expect, in particular how cross-border payments will operate; how the confidentiality and security of the digital currency will be guaranteed.
The question is whether e-Naira will be treated as an essential national infrastructure to protect against operational and cybersecurity risks. Again, will there be a co-existence of traditional payment systems and the CBN Digital Currency to address interoperability risks that might be associated with the implementation?
For the policy to function effectively, there is a need for adequate awareness and education of the masses on its benefits. A further challenge in implementing this programme is the high rate of illiteracy. Many in remote villages are not financially literate enough to understand how cashless or digital transactions can work, particularly bearing in mind that those at the hinterland often lack entree to the banking system.
CBN has indexed the benefits of the digital currencies, including macro-management and growth, facilitating cross-border trade, financial inclusion, monetary policy effectiveness, increased payment efficiency, revenue tax collection, increased remittances, and targeted social interventions. Other benefits are lower costs of minting and printing physical currency, less fraudulent activity, circulation of counterfeit currency and armed robbery.
Although the apex bank has not expressed the flaws of this idea, the reality is that the proposed digital currency cannot be without obstacles. Some obvious defects are that quite a few Nigerians are not proficient in the use of technology, and most considerably, transactions may be subject to unrestricted monitoring.

Editorial

Kula Tragedy, Needless Loss Of Lives

Published

5 days ago

November 2, 2026

The Tide

The reported drowning of about ten young men in the creeks of Kula, Akuku-Toru Local Government Area of Rivers State, during an alleged confrontation over an oil spill at OML-55 is an avoidable tragedy. What began as a protest against environmental degradation and demands for remediation and compensation ended in a fatal collision between a community boat and a gunboat operated by personnel in military attire. The incident, which occurred amid efforts to halt a commercial vessel, underscores the persistent tensions between host communities and oil operators in the Niger Delta.

According to community accounts, including those of Chief Anabs Sara-Igbe, a former spokesman of the Pan Niger Delta Forum, residents sought to suspend operations pending cleanup and compensation. The arrival of armed personnel reportedly heightened tensions, resulting in the community boat capsizing. Recovery efforts were ongoing when initial reports emerged, while the Nigerian Army’s 6 Division and the Rivers State Police Command had yet to issue formal statements. Such delays in official communication only deepen public anxiety and suspicion.

This unfortunate situation is not an isolated incident. The National Oil Spill Detection and Response Agency (NOSDRA) recorded 4,184 oil spill incidents in Rivers State between 2015 and July 2025, the highest among Nigeria’s states. Nationally, 589 spills were recorded in 2024, releasing approximately 19,000 barrels of crude. Although sabotage and theft account for many incidents, operational failures remain significant. Since commercial oil production began in the late 1950s, millions of barrels have reportedly polluted the Niger Delta, devastating mangroves, fisheries, and livelihoods.

The conduct of some youths in dealing with oil companies requires sober reflection. While grievances over pollution, inadequate remediation, and unfulfilled obligations are legitimate, physically obstructing vessels or confronting armed security personnel rarely produces constructive results. The Ogoni struggle of the 1990s, associated with Ken Saro-Wiwa, demonstrated the power of organised, non-violent advocacy. Subsequent militant violence, however, exacted devastating costs on communities. Youths must, therefore, prioritise dialogue, petitions, traditional institutions, and lawful complaints over dangerous confrontations.

This tragedy could and should have been prevented. Existing laws provide avenues for addressing community grievances. The Petroleum Industry Act (PIA) 2021, for instance, requires settlors to contribute three per cent of their preceding year’s actual operating expenditure in upstream petroleum operations to Host Communities Development Trusts. These trusts are intended to support infrastructure, education, healthcare, and environmental protection, providing structured mechanisms for handling development deficits and community concerns without risking lives.

Oil operators must equally demonstrate restraint and environmental responsibility. Where pollution occurs, as alleged at OML-55, companies must ensure transparent investigation, remediation, and meaningful engagement with affected communities. Deploying armed personnel at the first sign of resistance often escalates disputes rather than resolves them. Host communities are stakeholders, not adversaries, and legitimate environmental concerns must never be treated as threats warranting intimidation or excessive force.

Both sides must respect the rule of law. Youths should avoid dangerous confrontations with armed operatives, particularly on waterways, where accidents can quickly become fatal. Operators, in turn, must not take unilateral actions that disregard community concerns or environmental obligations. Properly implemented, the PIA’s Host Communities Development Trust framework and applicable environmental regulations offer avenues for resolving disputes and grievances.

Regulators, particularly the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NOSDRA, must act more decisively. Effective monitoring, prompt investigation of spills, and strict enforcement of remediation and compensation obligations would help prevent recurring confrontations. Although improvements in spill management are possible, persistent pollution, unrecovered crude, and community alienation demand stronger institutional commitment. Laws are meaningful only when enforcement delivers tangible results to affected populations.

Security agencies must also establish clear protocols for handling disputes between oil operators and host communities. Reports that uniformed personnel allegedly left the scene after the Kula incident raise serious questions requiring investigation. The police and military must establish what happened, under whose authority the personnel acted, and whether failures of judgment or communication contributed to the tragedy. An independent, transparent inquiry is essential to establish accountability, restore public confidence, and prevent recurrence.

Sustainable peace in oil-producing communities depends on mutual respect, environmental justice, and genuine partnership. Youths must pursue organised, peaceful advocacy; oil operators must prioritise remediation and equitable community benefits; and regulators must ensure that existing laws translate into timely action. Above all, the reported Kula tragedy must not be reduced to another statistic or forgotten after public outrage subsides. Only through accountability, restraint, and institutional diligence can the Niger Delta break free from the destructive cycle of pollution, protest, and preventable death.

Editorial

INEC’s Threat Alert Deserves Urgent Attention

Published

1 week ago

October 30, 2026

The Tide

The Independent National Electoral Commission’s (INEC) disclosure of an alleged plot to target its ad hoc personnel ahead of the 2027 general elections demand urgent national attention. The reported arrest of suspects, with intelligence support from the Department of State Services (DSS), is encouraging, but must not breed complacency. Any attack on electoral workers threatens not only human lives but also Nigerians’ constitutional right to choose their leaders through credible elections. The alleged conspiracy must be thoroughly investigated, its sponsors identified and all those found culpable prosecuted.
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.

Editorial

That Call to End Girl-Child Marriage

Published

2 weeks ago

October 26, 2026

The Tide

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.