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We must root out bad actors’ — Cardoso on Naira exchange rate against dollar

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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says the apex bank must sustain its fight against foreign exchange speculators to ensure Naira stability against the dollar.

Cardoso disclosed in a statement from the February 2025 Monetary Policy Committee meeting released on Tuesday on the apex bank’s website.

The apex bank boss harped on the need to maintain a heightened level of surveillance in the country’s foreign exchange market by rooting out bad players.

“Given the importance of the exchange rate in the fight against inflation and the sustenance of economic recovery and broader financial stability.

“We must maintain a heightened level of surveillance in our foreign exchange market and root out any bad actors and practices that threaten the smooth functioning of the market and stability of the exchange rate. The Central Bank has an unwavering commitment to this objective.”

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His comment comes as the Naira on Tuesday returned to depreciation, closing at N1,532.39 per dollar from N1,531.19.

Meanwhile, at the black market, the naira remained flat at N1,570 per dollar on Tuesday, the same rate as the previous day.

FX data from across official and parallel foreign exchange showed that fluctuation of the Naira persisted despite Central Bank of Nigeria policy intervention.

The most recent of the apex bank interventions are the launch of the Electronic Foreign Exchange Matching System (B-Match) and the Nigeria Foreign Exchange Code — initiatives designed to increase transparency, foster ethical conduct, and improve operational efficiency.

Recall that at the February monetary policy meeting, the committee retained 27.50 percent of interest in an effort to reduce Nigeria’s inflation, which stood at 23.18 percent in February after the consumer price index rebase in 2025.

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Lagos Police arraign driver over death of Bumpa co-founder

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The Lagos State Police Command has arraigned Biola Adams-Odutayo in connection with the tragic death of Adetunji “Teejay” Opayele, co-founder of the Nigerian tech start-up Bumpa.

Opayele, a 32-year-old software engineer, lost his life in a fatal accident on 4 March 2025 along Ozumba Mbadiwe Road, Victoria Island, Lagos. Reports indicate that he was riding his power bike when he was allegedly struck by a vehicle driven by Adams-Odutayo, a healthcare professional working at an insurance brokerage firm.

Following the incident, a petition demanding justice for Opayele surfaced on Change.org, urging authorities, including the Inspector-General of Police and Lagos State officials, to take immediate action. The petition also alleged that Adams-Odutayo refused to assist the injured Opayele after the crash, fearing that her car would get stained.

The case sparked widespread outrage, with many Nigerians calling for legal action against the driver.

On Saturday, Lagos police spokesperson Benjamin Hundeyin confirmed in a post on X that Adams-Odutayo had been arraigned and granted bail.

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“We can confirm that following a thorough investigation, Abiola Odutayo ‘f’ was arraigned in Court 1, Tinubu, on 12 March 2025, after she was discharged from hospital, for driving on a ‘public highway in a reckless and careless manner without due care and attention to other road users and causing the death of one Tunji Opayele ‘m’ aged 32 and thereby committed an offence,” Hundeyin wrote.

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N’Assembly upheld emergency rule to prevent anarchy in Rivers – Senate Leader

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The Leader of the Senate, Senator Opeyemi Bamidele, has said that the decision of the National Assembly(NASS) to endorse the declaration of state of emergency in Rivers State by President Bola Tinubu, was in the interest of the nation.

Defending the declaration, Bamidele said,,” Emergency is an extraordinary measure, and it must be treated as such in the interest of peace and without subjecting to the scrutiny of some parochial interests.”

Bamidele made the remarks on Saturday at the 29th convocation ceremony of the Ekiti State University(EKSU), Ado Ekiti, where he was conferred with a honorary doctorate degree, Doctor of Law (Honoris Causa).

Others who were also honoured at the ceremony include, the Executive Chairman, Federal Inland Revenue Service, Dr Zacch Adedeji who received Doctor of Business Administration (Honoris Causa) and the Chairman, Board of the Bank of Industry, Dr Mansur Muhtar, who was conferred with Doctor of Finance (Honoris Causa).

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The Senate Leader who explained that the proclamation in Rivers State pacified political tension in the state, noted that NASS should be commended and not vilified for taken the decision.

“What exactly do we want as a people? A federation that functions for all? Or a federation that relapses into an intractable crisis? We must recognise that emergency rule is an extraordinary measure, and it must be treated as such in the interest of peace and security.

“As stipulated in Section 305 of the 1999 Constitution (as amended), the National Assembly is required to provide its details. The provisions of the 1999 Constitution cannot be interpreted casually without proper understanding of the Nigeria Interpretation Act. 2004.

“As a responsible and responsive parliament that sees peace and stability as a catalyst of growth and development, we were inaugurated into office to promote a nation that works for all and that guarantees the peaceful coexistence of all.

“This desire defines our resolve to ratify the proclamation of the state of emergency in Rivers State with far-reaching provisions. One of such provisions is the constitution of the National Peace Committee to midwife the peace process between the Executive and Legislature in the state.

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“We should be commended for this laudable initiative and not be vilified by some political actors, who do not bother about what happens to our national security, but about their parochial interest. Regardless of their unpatriotic moves, we firmly stand for the peace and stability of Nigeria.

“We shall continue to leverage the Authority of the National Assembly to guarantee her peaceful co-existence. Our decision, as an institution, is taken purely in the national interest. If any interest is unsatisfied with it, they can as well seek redress in the law court.”

The Senate Leader decried the barrage of attacks by the opposition parties against the National Assembly, saying the attacks “are purely based on emotions and not reasons; sentiments and not substance.”

He said, “Regardless of baseless and needless attacks our critics are throwing at the National Assembly, we are undeterred because we are truly on a rescue mission. The essence of the mission aims at bringing our fatherland from the abyss of regression to the path of progression through the enactment of pro-people legislations and by cultivating strategic collaboration with other arms of government.

“Collaboration, in this sense, does not suggest the erosion of the independence of the National Assembly for any reason. Rather, in reality, it reinforces the spirit of interdependence that constitutional democracy entails in order to resolve hydra-headed issues that often clog the mechanism of accountable governance.”

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He expressed that the National Assembly is focused on building a federation that enjoys internal stability and that rests solidly on the rules of law through the instrumentality of legislation, oversight and representation.

“We are also committed to creating a system that will enable quality education; that will guarantee limitless placements for all our graduates; that will prioritise access to decent houses nationwide; that will significantly reverse our nation’s reports of untold misery and that will, most importantly, remove all barriers to gender inequality.

“How can our nation attain this lofty status without a strategic collaboration being forged among various arms of government? This is the exact question that our hardened critics have failed to ask themselves. Anyway, we have left them to their politically motivated attacks.

“This does not suggest we are afraid of criticisms as the foremost democratic institution. We are not and we will never be because we believe democracy naturally thrives on public criticisms. But such criticisms must be constructive and well structured with the intention of providing alternative, credible and patriotic initiatives.”

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Police dismiss alleged attack on Igbo passengers in Kano

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Kano State Command of the Nigeria Police has dismissed a viral claim allegimg an attack on an 18-seater bus carrying Igbo passengers in the state.

They said the report is totally false and misleading.

In a statement released on Saturday by the Police Public Relations Officer in the state, Abdullahi Haruna Kiyawa, the police urged the public to discoutenance the viral claim.

The statement also urged the public to avoid spreading unverified information that could incite panic and unrest.

“The news being circulated is entirely false. We advise residents to refrain from sharing misinformation and hate speech that could cause tension,” the statement read.

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The police assured the public of their commitment to maintaining law and order while ensuring the safety of all residents, irrespective of ethnicity or religion. Authorities have also launched an investigation to identify the source of the fake news and promised to take necessary legal action against those responsible.

The statement further urged the public to report any suspicious activities or individuals spreading false information to the nearest police station.

“We must work together to uphold peace, harmony, and security in Kano State,” the police said.

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