Sunday, May 31, 2026
Home Blog Page 108

Alaigbo Will Be Great Again— Ohanaeze PG

President General of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu has asked Ndigbo not to despair over the current situation of the region, assuring that things would soon turn around for the Igbo.

He spoke at the Cathedral Church of Good Shepherd, Independence Layout Enugu, during a thanksgiving service as part of this year’s Igbo Day Celebration which takes place at the Michael Okpara Square, Independence Layout Enugu, on Friday, September 29,2023.

Iwuanyanwu who was in the church service alongside the leadership of Ohanaeze Ndigbo and other Igbo leaders said the Igbo have the potentials to be great again, noting that his administration was doing everything possible to put them to work.

He commended the governors of the five South East states for their support to him since assumption of office as President General and assured that with such support and that of other Igbo leaders including Ndigbo in the Diaspora, the Igbo would soon regain their greatness.

Iwuanyanwu also thanked Governor Peter Mbah of Enugu State for taking the funding of the Igbo Day celebration off the shoulders of Ohanaeze saying:

“We are here to give thanks to God, we believe in what the preacher said that once you put your trust in God, He will never fail you. My life is a testimony of God’s love.

“Enugu is the home of everybody in Eastern Nigeria. Enugu is the cradle of all the developments in Eastern Nigeria and whenever we come here, we have a sense of home coming, and that is how I feel right now,” Iwuanyanwu said.

Welcoming Ohanaeze Ndigbo to the Cathedral of Good Shepherd, the Archbishop of Enugu Province and the Bishop of Enugu Diocese, Anglican Communion, Church of Nigeria, Most Rev. Professor Emmanuel Chukwuma, urged all Igbo to support Iwuanyanwu’s leadership, explaining that he was a unanimous choice.

He said: “Ohanaeze Ndigbo, Nnayi, Iwuanyanwu, I thank you for coming, my people please this is a new Ohanaeze Ndigbo. It is in this Cathedral compound that I hosted all church leaders, inviting all the Igbo leaders, several times, in order to ensure that Ndigbo have one voice and peace in Ohanaeze Ndigbo. I tried everything to get Ndigbo together and we agreed to be one before Professor Obiozor died, now he is no more. I pray now that there is a new Ohanaeze under the leadership of Iwuanyanwu, we all met and said Iwuanyanwu should become the president-general and we have no more cases, no faction.

“Ohanaeze Ndigbo now is ready to be self-funding, self-supporting. Deputy Governor, tell the governor that all the governors must support Ohanaeze Ndigbo. Chief Iwuanyanwu, all we are doing to make Ndigbo become one, God will help you, all efforts you are making God will help you.”

He, then, called on the President Bola Tinubu-led federal government to release the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, to Ohanaeze Ndigbo and its President General, to restore peace in the South East.

“We must make Tinubu to obey the rule of law, Nnamdi Kanu must be released; they should stop deceiving themselves. Let them release Nnamdi Kanu to Ohanaeze Ndigbo, let them release him to you and see what will happen. Thank God we are overcoming sit-at-home on Mondays, Peter Mbah is trying, insisting that Mondays must not be wasted, Alaigbo must not be wasted. Please all of you should cooperate, let us revive the economy of South East,” Chukwuma stated.

Tinubu’s Academic Records: Nigerians Will Be Shocked— Obaseki

A chieftain of the People’s Democratic Party (PDP) and member of the Presidential Campaign Council (PCC) in the last election, Dr Don Pedro Obaseki, has said Nigerians will be shocked if the Chicago State University (CSU) releases the academic records of President Bola Ahmed Tinubu.

Obaseki who was the Director of Research and Documentation of PDP – PCC in the 2023 election explained that Atiku is seeking an open disclosure of Tinubu’s CSU documents because it is believed that the Supreme Court of Nigeria may be compelled to listen to fresh evidence in the petitions already submitted to it.

Speaking during a zoom conference hosted by Prof. Gold Emmanuel, a psychologist based in London, yesterday, Obaseki said it was because of the nature of the issue and the need for Nigerians to know that the former Vice President Atiku Abubakar is insisting on the full disclosure of President Tinubu’s academic records by the Chicago State University.

He said even though President Tinubu has said the public disclosure of his CSU documents would cause irreparable damage to him, “Nigerians would even be more shocked to know more about the certificate in question.”

He said, “Even when the court of first instance and the appellate court have convicted someone to death minutes before the Supreme Court gives its final judgement and there arose fresh and compelling facts and evidence, the apex court is bound to listen to the fresh facts before making its final judgement.

NYCN Labels Directors Moribund, Invites Interested Persons For Replacement

The leadership of the National Youth Council of Nigeria, NYCN, Anambra State Chapter led by Mr. Emeka Obi, a Surveyor, has called on the general public, especially youths, to express interest in about 30 of its Directorates for immediate appointment.

They are:
1. Directorate of Sports and Recreation
2. Social Affairs
3. Directorate of Agriculture Development
4. Directorate of Health
5. Directorate of Employment and job Creation
6. Directorate of Environment
7. Housing & Ecology
8. Directorate of Petroleum & Solid Minerals
9. Directorate of Art and Culture
10. Directorate of Democratic and Good Governance
11. Directorate of Media and Publicity
12. Directorate of Security and Intelligence
13. Directorate of Disaster Management Safety Matters
14, Directorate of Diaspora & Foreign Affairs
15. Directorate of Legal Matters
16. Directorate of Budget & Economic Planning
17. Directorate of Research & Policy Development
18. Directorate of Public Project Monitoring
19. Directorate of Revenue & IGR
20. Directorate of Science & Technology
21. Directorate of Small and Medium Skill Enterprises
22. Directorate of Student Affairs
23. Directorate of Youth Mobilization
24. Directorate of Contact & Mobilization
25. Directorate of Energy, Water Resources & Drainage Blockade
26. Directorate of Works Engineering
27. Directorate of Talent Hunt & Personal Development
28. Directorate of Trade & Commerce
29. Directorate of Sustainable Development Goal

In a released tittled “NOTICE OF IMMEDIATE REPLACEMENT OF SOME MORIBUND AND INACTIVE HEADS/MEMBERS OF DIRECTORATE OF NYCN, ANAMBRA STATE CHAPTER”, and signed by the Head of Directorates, NYCN, Anambra State Chapter, Comrade IKC Onuorah, the group explained that the call became necessary after a thorough review/ appraisal of performance reports of the Directorates at Management and State Executive Council of the NYCN, Anambra State Chapter.

Interested persons are required to submit their “Credentials and CV” to the Administrative Secretary, NYCN Office, 12 Regina Caeli Road Awka, Anambra State for screening, according to the release.

Nawfia Crisis: Ask your Aides to Stop, Igwe Nawfia Begs Soludo

Igwe Chijioke Nwankwo of Nawfia in the Njikoka Local Government Area of Anambra State, has appealed to the Anambra State Governor, Prof Chukwuma Soludo, to call his Deputy Chief Of Staff/State Chief of Protocol, Mr Chinedu Nwoye (Glamour) and the Transition Committee Chairman of Njikoka Local Government, Mr Clement Aguiyi, to order over their obviously meddlesome roles in the Nawfia traditional stool.

Igwe Nwankwo made the appeal on Saturday at a press conference in his palace in Nawfia.

He said Glamour and Aguiyi were two Government officials fueling the Nawfia traditional stool crisis by their implied and express support of Chief Ogochukwu Daniel Obelle who recently began to parade as the traditional ruler of the community despite a court order stopping him to so do.

He said the tacit consent accorded to Chief Obele by the two government officials ( Glamour and Aguiyi) had emboldened and given him( Obelle) the effrontery to always disobey constituted authorities with the make-believe that the state government was fully behind him in his claim of Nawfia Igweship.

Igwe Nwankwo cited a recent case of Obelle’s purported celebration of New Yam Festival of Nawfia on 22nd September,2023 where Glamour attended and took photographs with him(Obelle),apparently to patent the function, contrary to a public service announcement on radio stations by the Commissioner for Local Government, Chieftaincy and Community Matters, Tonycollins Nwabunwanne, during Obelle’s new yam festival, stating that the Anambra State government position on the Nawfia impasse was that the community had no traditional ruler at the moment pending the determination of their case in that respect in court.

Igwe Nwankwo further said the Njikoka Local Government TC Chairman, Clement Aguiyi, also jettisoned both the court and state government directives by expressly recognizing Obelle in writing as the traditional ruler of Nawfia during Obelle’s New Yam festival on September 22,2023.

Aguiyi’s letter recognizing Obelle as the Nawfia monarch reads : “Anambra State Local Government System. His Royal Highness. Igwe Sir(Dr) Ogochukwu Daniel Obelle. Ezeudo Na Nawfia. Felicitations.

“The Transition Chairman Njikoka Local Government Council and the entire people of Njikoka heartily felicitate with HRH Igwe,Sir ( Dr) Ogochukwu Daniel Obelle, MNI Ezeudo Na Nawfia on the occasion of Nawfia New Yam Festival( Iwaji 2023) celebration.

“It is indeed our pleasure to identify with you at the epoch making event. We pray God to bless and reward Ezeudo Na Nawfia and the good people of Nawfia. Congratulations. Aguyi C.O ESQ Transition Committee Chairman”.

Describing the support of the two Government officials( Glamour and Aguiyi) as an affront on the rule of law, Igwe Nwankwo begged the state governor, Prof Chukwuma Soludo, to call them to order as their actions were capable to cause breakdown of law and order in Nawfia.

Describing Soludo as a man of letters and respecter of the rule of law, Igwe Nwankwo said the actions of Glamour and Aguiyi, if not checkmated ,were capable of giving wrong signals to the public about Soludo’s Government.

On the tantrums threw on his personality by Chief Obelle during his September 22 New Yam Festival press conference, Igwe Nwankwo said it would be indecorous of him to start replying such abuses, stressing that Obelle, like any other Nawfia citizen, would remain his cherished kinsman despite the current conflict about the traditional stool of the community.

He said he had superintended the affairs of Nawfia as its monarch for over 20 years and represented Njikoka LGA as well as Anambra State in that capacity in various occasions,and so his competencies as a monarch were not in doubt.

Recall that Igwe Chijioke Nwankwo was among the 12 traditional rulers suspended by the immediate past governor of Anambra State, Chief Willie Obiano for visiting former President Muhammadu Buhari for an undisclosed purpose.

Within the pendency of Igwe Nwankwo’s suspension, Obiano crowned Chief Obelle as the monarch of Nawfia.

Igwe Nwankwo had to challenge that action in Court wherein Justice Peace Otti of the State High Court, Awka Judicial Division had on June 21, 2022, made an order stopping Chief Obelle from parading himself as the traditional ruler of Nawfia.(Therazor)

Edeoga vs Mbah: Why the judgement of the tribunal cannot stand — Emeka Ugwuonye

I understand that the judgment of the electoral tribunal has caused Governor Mbah and his supporters to feel good. But that judgment will not withstand the appeal. Why? Let me explain to you. I am sure that despite the emotions and sentiments, a really intelligent person will see the problems with the judgment of yesterday. I had always felt that the tribunal would be bought by Mbah, but I never thought the judges would be so daft to give this kind of judgment. Even a first year law student would do better than the judges, going by their judgment. What matters is how the judge rationalizes his opinion. He must make effort to sound logical and reasonable. What happened in this judgment and the analysis of law made is mind-boggling, not because Mbah got the judgment, but that it was so poorly done that it rankles the intellect.

First, there was the question of whether the NYSC discharge certificate Mbah submitted to INEC was forged or not. (By the way, many people, surprisingly, do not know the difference between a photocopy of a document and fake version of that document. They also don’t know the difference between a document being authentic and a document being an original. But let’s leave the lecture for another day).

To this question, the answer should be either that the certificate tendered by Mbah is a true authentic certificate duly issued by the lawful authority, or that it is not. That was the question the tribunal set out to answer. It was so easy to answer this question. First, NYSC said it did NOT issue Mbah ANY discharge certificate. That means there was no certificate from NYSC for Mbah. That means Mbah was not supposed to have any certificate or to tender any certificate. So, for anyone to say Edeoga should show the “original” certificate in order to prove that what Mbah tendered was fake, that person cannot be an intelligent person. Edeoga cannot show or produce something that did not exist. No NYSC certificate ever existed. Evidence that no discharge certificate ever existed is enough evidence to show that any discharge certificate that was tendered by Mbah MUST be fake. It should not be so hard for an intelligent person to know that when something never existed, anything claiming to be that thing must be fake.

Rather than reach the only logical factual finding, the tribunal engaged in a scam. The tribunal claimed that Mbah’s fake discharge certificate which Edeoga obtained from INEC was not certified by INEC. By the way, what does it mean for a document to be certified? It simply means that INEC did not put a stamp on it to say that it was copied from its file. In this case that was not necessary.

Now, consider the following points of law:

(1) Mbah knew the document it gave to INEC as his discharge certificate. If it was authentic or different from the one presented to the court, he had a duty to respond. There is what we call burden of persuasion, which is different from burden of proof. Once the tennis ball of evidence is played into your corner, you must hit it back to your opponent’s corner. Mbah had the burden to persuade the court that he did not submit any discharge certificate. That was his only defense on that point. Since NYSC said they did not issue him any certificate, there was no certificate for Mbah to submit to INEC. So, the only way out for him was for him to show that he did not submit any certificate. If he submitted any certificate, whatever the certificate, it MUST be fake because the NYSC had shown that it did not issue him any certificate and there is nowhere else to get NYSC discharge certificate than NYSC. So, any further inquire as to the exact copy of the certificate tendered by Mbah is immaterial. No copy, no version, no color of NYSC discharge certificate tendered by Mbah could have been authentic. It must be forged. As long as he tendered any, he is doomed on that point.

(2) Also, there are certain presumptions of evidence that the tribunal was bound to make, but which it did not make. It is the law that when a party in possession of a document fails to produce such document upon request, the court must presume that the contents of the document he failed to produce are against him. Mbah was subpoenaed. That is, he was asked to produce documents – his NYSC discharge. certificate. He refused. He failed to. The court ordered him to come. He ignored the court. The court was bound by law to presume that the certificate was fake, which was why he refused to produce it upon demand. This tribunal failed on that.

 

(3) Knowing that its reasoning on this point had no substance, the tribunal jumped into an issue that was never before it. It went into the question of the minimum educational qualification for a person to be governor. And the tribunal pointed out that the minimum educational requirement was school certificate. But that was never in issue. The issue was forgery, not lack of minimum education. If the tribunal had addressed the forgery issue properly, it would not have had any need to dabble into the question of educational qualification.

The second issue the court blundered over was the issue of over-voting. It was very simple: Did that happen or did it not happen? The court answered that question in the most dubious manner possible. It basically said: “Yes, it probably happened, but the way we got that truth is not the way we want to get the truth”.

In all, the tribunal failed so woefully to meet the basic standards of fair and honest adjudication. When a tribunal fails in such a blatant and shameful manner, what is the conclusion to draw? There is only one conclusion to draw – corruption. The tribunal was bought, just as INEC was bought. What a shame!.

You have to understand that this is not about my personal feelings about these two men. We are dealing with the law. We are dealing with justice. Whether you like Edeoga or Mbah, you must love justice more than you love any of them. You must care about truth more than you care about the men. You must care about the fate of Enugu people more than you care about your friendship with either men. Though the entire judicial system in Nigeria is corrupt, I am strongly of the view that on appeal, the appallate judges would not accept this sham. Even if you must favor Mbah, why not do it in an intelligent manner that would not leave the majority of the people aware that your judgment was bought with money?

Igbo Day Celebration: Ohaneze to Host the Largest Igbo Celebration

Thousands of Igbos across the globe to gather in Enugu as Gov Peter Mbah plays host to the historic IGBO DAY CELEBRATION

Theme: IGBO KUNIE
…Many heroes/legends of Igbo Origin to be honoured.
Date: 29th September,2023
Venue: Michael Okpara Square, Enugu
Time: 10: am Prompt.

Under the Distinguished Chairmanship of Engr Prince Arthur Ezeh (Ozoigbondu), Ezenukpo!

Host: His Excellency Barr Dr Peter Mbah Governor Enugu State.
Co Hosts;
HE Governor Hope Uzodinma
Imo State
HE Governor(Prof) Chukwuma Soludo
Anambra State
HE Rt Hon Francis Nwifuru
Ebonyi State
HE Governor Alex Otti
Abia State
HE Governor Sherif Oborevwori
Delta State
HE Governor Simi Fubara
Rivers State

Members of the National Assembly
Hon Ministers of Federal Republic of Nigeria
Eminent Clergymen in Igbo land and Captains of Industry,other great sons and daughters of Ndigbo.

Royal Father of the Day:
His Royal Highness
Igwe Laurence Agubuzo
Chairman South East Council of Traditional Rulers
His Royal Majesty
Igwe Dr Alfred Achebe
Obi of Onitsha
And other eminent Royal Fathers.

A high powered Lecture on IGBO KUNIE will be delivered by His Lordship Most Rev Prof Geoffrey Onah,the Catholic Bishop of Nsukka Diocese.
Date: 28th September
Venue: Old Governor’s Lodge, Enugu
Time: 4:pm prompt.

Let’s come together and discuss our vision and mission as a nation.

Signed:
Chief Sir Emmanuel Iwuanyanwu CFR, OON, MON, President General Ohaneze Ndi-Igbo Worldwide.

Amb Sir Emuchay
Sec General
Ohaneze Ndi-Igbo Worldwide

Sir Alex Ogbonna PhD
Publicity Secretary
Ohaneze Ndi-Igbo Worldwide

Prof Fred Eze
Chairman CPC

Chief Malachy Oche PhD
Secretary CPC

It takes a lot to get credible, true and reliable stories.

As a privately owned media outfit, we believe in setting the pace and leaving strides in time.

If you like what we do, you can donate a token to us here. Your support will ensure that the right news is put out there at all times, reaching an unlimited number of persons at no cost to them.

(The pacesetter)

Free Education: Group Charges SE Governors To Emulate Soludo, Embrace Policies That Prioritize Access To Quality Education

Pro-Biafran group, the Biafra De Facto Customary Government (BDFCG) has described the recent pronouncement of abolition of school fees from Nursery to Junior Secondary School 3 (JSS3) in Anambra public schools as a move that will particularly benefit vulnerable and marginalized communities, empowering them to break the cycle of poverty and create a brighter future for themselves and their families.

It explained that the Governor’s dedication to building a knowledge-based society will undoubtedly lead to the long-term growth and prosperity of Ndi Anambra, and encouraged other state governments in Biafraland to follow Governor’s lead and embrace similar policies that prioritize access to education for all.

In a statement made available to newsmen in Awka, the group noted that by removing the financial burden of tuition and other related fees in the schools, Governor Soludo has taken a significant step towards ensuring that every child has the opportunity to receive a comprehensive education without discrimination or exclusion.

The statement signed by BDFCG Spokesperson, Prosper Odinga noted that the group had advocated for improvement in the quality of public schools because it believes that education is a fundamental right, and that no child should be denied access to quality and affordable education in line with universal basic education Act 2004.

They called on Governor Soludo to extend his gesture to include paying teachers special allowances and making the teaching profession more attractive; as was done in the early 1970s, and to announce and ensure that no child will be unemployed after leaving school.
“We want Mr. Governor to announce housing loans, car loans, feeding allowances, and dressing allowances for teachers in the state, as well as building staff quarters to accommodate teaching and non-teaching staff. BDFCG believes that it is possible to create industrial parks and farm settlements in every school location to match theoretical knowledge with practical knowledge, which would solve the problems of developing economies”.

In line with its previous statement on high and exploitative school fees charged by private and missionary schools, BDFCG equally called on Governor Soludo to consider reviewing the operations of private and missionary schools, and where necessary, pay education subsidy to those that meet Government standard.

Expressing hope that the Governor’s public announcement is not merely to excite the ignorant and naive masses for second-tenure purposes, the Pro-Biafran group promised to continue to advocate for Biafra ideology that guarantees good governance, equity, fairness and justice.

Lagos Police: No Ammunition Was Fired To Disperse Mohbad’s Supporters At Lekki Tollgate

 

The Lagos State Police Command has verified that its officers, on Thursday, used teargas to scatter a gathering of fans of the deceased artist Ilerioluwa Olademeji Aloba, known as Mohbad, at the Lekki tollgate.

This information was disclosed on the official page of the Lagos State Police Command’s account on X, formerly Twitter, signed by SP Benjamin Hundeyin, Lagos police Public Relations Officer. The candlelight procession, which was arranged to pay tribute to the late Mohbad, attracted numerous fans, friends, and fellow musicians, however, it descended into disorder when the police endeavored to scatter the gathering.

The Lagos State Police Command’s statement acknowledges its awareness of the “false narratives” circulating regarding the handling of crowd dispersal at the Lekki Toll Gate on September 21, 2023. It read “The Lagos State Police Command had an agreement with the organizers of the candle light procession that the procession was to end at 8pm latest and should terminate at Muri Okunola, Victoria Island.”

They made this explicit to eliminate any confusion that, with the well-being of all Lagos residents in mind and recognizing the significant use of the Lekki-Epe Expressway, the Lekki Toll Gate would be off-limits.

It also stated, “It, however, became disconcerting that after the procession duly ended at Muri Okunola park as agreed, with the police providing optimal security all through, some persons started gathering at the Lekki Toll Gate with intent to manifest objectives extraneous to the #justiceforMohbad initiative.

“We adopted the least harmful method of crowd dispersal, following the failure of verbal persuasion- the use of teargas. Not a single live ammunition was fired!”

The police authorities also indicated that both law enforcement and the event organizers had previously attempted to encourage a peaceful dispersal of the newly gathered crowd at the Lekki Toll Gate before deployment of the teargas.

“The organizers equally sent out messages on social media asking everyone to go home, clarifying in clear terms that it was not a protest but a procession which had been successfully concluded,” the statement read. The Command stated that the current inquiry into the events surrounding the musician’s death is making good progress, and they kindly ask the public not to generate unnecessary disruptions, to provide the authorities with a peaceful environment to conduct a thorough and timely investigation.

Additionally, there would be an ongoing effort to maintain a collaborative synergy with significant support groups that are backing the #justiceforMohbad initiative while the general public “would be continually updated on the progress of the investigation. ”The police issued a caution to “mischief makers”, emphasizing that anyone or any group causing disruptions in the state, regardless of their pretext, would face swift apprehension and would be subjected to the full legal consequences.

Source : Arise News

Isuaniocha Community In Anambra Blocks Govt House, Demands For Govt Intervention In Monarch , Communal Crises

More than 500 members of Isuaniocha Community in Awka North Local Government area of anambra state have staged a peaceful protest to draw the attention of Governor Charles Soludo to traditional ruler tussle and communal land crisis .

They blocked the entrance to the government house thereby forcing the exco meeting to a sudden end.

They were seen carrying placards with different inscriptions “Governor Soludo please give us peace in Isuaniocha, Isuaniocha need peace not War , Chikodi Anara should steer clear from Isuaniocha for Peace to return, Chikodi Anara and his cohorts like Cosmas Okonkwor, Onyemazi Ngini, Onuora Okoye and others have War machine terrorising Isuaniocha Community among other write ups”.

The leader of the Protesters and Acting President General of Isuaniocha, Mr Fredrick Egwunwa said it was regrettable that government has failed to keep its promise that a committee would be set up to look into the matter during their last protest by the people.

He said that the government failure to set a committee prompted them to block the entrance gate of the government house so that proper attention will be given to the disappointed residents.

Mr Egwunwa said Isuaniocha Community had a laid down procedure of chosing who their traditional ruler will be and never a time was it done through ‘Kangoro’ election.

According to him,the people totally reject the imposition of a Traditional ruler on them by few individuals who he alleged were responsible for the sell of the school land and other atrocious acts in the town.

“The issue that brought us here is about Igweship, in Isuaniocha . we don’t need that Igweship now,what we want is Peace. we have never elected Igwe in the history of Isuaniocha, we have process of choosing our
Igwe not by election and the people that elected him is not people’s choice. The same people that sold the Community Secondary School land, that connived together and imposed Igwe upon us so that they will close up their atrocities,but Isuaniocha is saying no to that, we will never accept that.”he said.

Governor of the state Prof Charles Soludo who addressed the protesters through
the Chief of Staff to the government, Mr Ernest Ezeajuyi said government would look into the land and igweship crises in the Community.
According to him,government will soon restore peace in the community.

The Chief of Staff , accompanied by the Commissioner for local government and Chieftaincy Matters, Mr Tony Nwabunwanne, said the administration of Soludo will not relent in ensuring that there is peace in Isuaniocha and by extension , every Community in the state.

He also commended the people of Isuaniocha for the courage to speak with one voice , noting that the government will have a round table discussion with representatives of the eight villages of the Community including their acting President General , to understand the issues ravaging the town.

BREAKING: Naira Depreciates Beyond N970/$ at the black market

The foreign exchange crisis in the country worsened on Thursday as a dollar exchanged for over N970 at floated exchange market.

Survey at popular black markets in Lagos indicated that a dollar exchanged for between N1,000 and N1,050 in the early hours of Thurday before settling for N990 in the evening, indicating a difference of N252 from the Investors & Exporters FX window, where the naira closed at N738.In Eastern Nigeria , a dollar exchanged between N970 to N990 Friday morning.

The gap between the official and parallel market has steadily widened, since the Central Bank of Nigeria (CBN) announced unification of all segments of the foreign exchange markets in June.

However, despite the unification policy, the parallel market has continued to witness patronage due to the scarcity of the greenback at the official market, according to operators.

“There is scarcity at the market,” a Forex Dealer in Main market Onitsha to BVI Channel 1 Reporter.

“We are now buying dollars for N970 but earlier in the day, it was sold for N990” he said.

“When there is scarcity, the dollar will go up against the naira but we are not happy. We should pray that it will come down because this is not good,” he said.

Meanwhile,Nigeria’s Finance Minister, Adebayo Olawale Edun, has attributed the naira’s incessant decline to approximately $6.8 billion in overdue forward payments within the foreign exchange market.

He insists that addressing this issue is crucial for stabilizing the local currency.

He clarified that the resolution of these unpaid contracts could fortify the naira’s value and open avenues for additional foreign exchange inflow.

Over the course of several months, the Nigerian naira has been on a consistent downward trajectory in terms of its value.

In the currency exchange parallel market yesterday, it neared the threshold of 1000 naira per US dollar.

This depreciation can be attributed to the insufficient supply of dollars by the central bank to this particular market.

Maureen Okafor Reports for BVI Channel 1 online