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What Osinbajo Said About Naira Devaluation, What It Could Mean For The Future
Nigeria is on auto-replay. Events of the past find a clever way of repeating themselves. Very few things that happen in this African giant are new.
Conversations around the naira and dollar are definitely not new, and we are back at a familiar junction: let’s call it the naira devaluation avenue.
On Monday, at the midterm review of President Muhammadu Buhari’s second tenure in office, the conversation about naira devaluation found a good place to grab centre stage.
For about 45 minutes, Vice-President Yemi Osinbajo explained how the country’s Economic Sustainability Plan helped Nigeria get out of recession.
At the end of his presentation, Osinbajo told a hall full of ministers, captains of industries, diplomats, and civil servants, how he expects the Central Bank of Nigeria to devalue the naira to reflect the state of the market.
The professor of law did not mince words when he said the CBN’s demand-management strategy needs a rethink.
“As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply,” Osinbajo said.
“We can’t get new dollars into the system, where the exchange rate is artificially low. And everyone knows by how much our reserves can grow. I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view.”
The boldest part of Osinbajo’s call for devaluation was that he did it right before his principal, President Muhammadu Buhari. Buhari is known to be against the devaluation of the naira, even when market forces clearly necessitate the shift.
WHAT HAPPENED WHEN OSINBAJO CALLED FOR DEVALUATION IN 2016
When Buhari and Osinbajo took office in 2015, one of the first demands of the investing community was for the government to devalue the naira and maintain a single exchange rate system. President Buhari strongly opposed this position. He famously said he will not kill the naira.
Osinbajo stood with Buhari. He told diplomats that Nigeria will not be devaluing the naira, suggesting that devaluation was not the solution to the currency crisis.
“I don’t agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution — we are not exporting significantly. And the way things are, devaluation will not help the local economy,” he told ambassadors from Italy and Canada, who visited him in October 2015.
Some months down the line, the vice-president who chairs major economic committees in the Buhari government, called for a “substantial revaluation for the foreign exchange policy”.
“There has been a sharp decline in foreign exchange earnings. The executive is not responsible for monetary policy but we have made the point clearly that demand management will not take us out of the woods,” he said in May 2016.
Just as Osinbajo said in 2016, he has said again in 2021 that the CBN’s “demand management” strategy needs to be reevaluated.
A month after Osinbajo’s call in 2016, the CBN removed its peg on the naira from 197 per dollar. The local currency went as high as 283 per dollar in a matter of hours.
Osinbajo said this would help boost dollar supply and encourage capital inflows. He was right. Nigeria recorded a 138.7 percent increase in inflows. But the story did not end there.
WHAT 2016 TEACHES US ABOUT 2021
If we follow the 2016 script to the letter, then the authorities would walk back on this call for devaluation starting from today. We would find many reasons why devaluation is bad for the economy. But the devaluation will eventually happen.
Look at it like this; we are back at that time in 2015 when the official rate of the dollar was N197, and the parallel market rate was N260. There was more than a 20 percent gap between the parallel market and the official side. Today we have 411 vs 570, which is also more than a 20 percent gap.
If the CBN goes with Osinbajo’s suggestion to “move our rates”, what immediately happens is that we see a devaluation at the official market, which may drive up prices of goods and services in the short term.
If the CBN employs some of the lessons from the past, it can strengthen the naira at the parallel market. The naira will dramatically recover from N570 per dollar to anywhere between 450 and 500.
There would be a unification of rates at a new midpoint. But the big question is: what happens next?
After the 2016 devaluation and some sort of unification, the parallel market began to shift again. The CBN adjusted for unification. By 2017, the parallel market had taken the naira to 520 per dollar. CBN had to devalue again to 360 to firm up rates.
The naira recovered from 520 to 360 at the parallel market. But this was not sustainable due to the nature of the Nigerian economy.
Since 2017, we have moved from a unified 360 to 570 as of Monday. If we devalue again, the naira will firm up for a bit, and if we don’t do something different with the economy, we would be back again at devaluation avenue in a few years. That is how the Nigerian auto-replay works.
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Ignore Fake February 2 Sit-at-Home Order, IPOB Lawyer Tells South-East Residents
A human rights lawyer and lead counsel for the Indigenous People of Biafra, Sir Ifeanyi Ejiofor, has urged South-East residents to completely ignore what he described as a “fraudulent” sit-at-home order allegedly scheduled for Monday, February 2, 2026, by a faction of the group.
Recall that the pro-Biafran group, through its spokesman Emma Powerful, had directed a sit-at-home on February 2 across the region in solidarity with traders at the Onitsha Main Market.
Powerful said the total shutdown in Biafraland is a direct, peaceful, and unified response to the actions of Anambra State Governor, Prof. Chukwuma Soludo, who ordered the closure of the Onitsha Main Market for one week.
But in a counter statement released on Saturday, Ejiofor said the source behind the directive, operating under the guise of “Emma Powerful,” has been compromised and is acting against the collective interest of Ndi-Igbo.
He insisted that IPOB has formally and decisively distanced itself from the false sit-at-home order and directed Ndi-Igbo to go about their lawful activities without fear.
The statement read in part: “Once again, the well-worn theatre of misinformation has opened its curtains, this time with a particularly lazy script and an insultingly predictable cast.
“Late yesterday, a report was widely circulated alleging that a total lockdown of Ala-Igbo had been ordered under the guise of a sit-at-home directive purportedly issued by ‘Emma Powerful,’ slated for Monday, February 2, 2026.
“Let it be stated clearly, unequivocally, and without ambiguity: this directive is fake, a phantom, a calculated falsehood.
“Upon careful inquiry and diligent verification, especially considering the delicate and hard-won calm presently returning to our homeland, it became glaringly obvious that the so-called ‘Emma Powerful’ platform has been fatally compromised.
“It has been hijacked by vested interests whose business model thrives on fear, disruption, extortion, and the cynical exploitation of vulnerable communities.
“The peaceful global movement of the IPOB has formally and decisively disowned this fabricated publication, categorically distancing itself from the false sit-at-home order and directing Ndi-Igbo to go about their lawful and normal activities without fear.
“Going forward, the message from IPOB is unmistakable: any publication attributed to ‘Emma Powerful’ should be treated with extreme suspicion, if not outright contempt.
“Frankly, one cannot but express astonishment, bordering on disbelief, that at such a critical juncture, when relative peace is cautiously resurfacing in Ala-Igbo, anyone would recklessly circulate information capable of reopening wounds and inviting criminal infiltration.
“History has taught us, at unbearable cost, what happens when fake directives fall into the hands of violent opportunists masquerading as enforcers.
“It is therefore no longer sufficient to merely advise our people to ‘ignore’ publications from this source. The time has come for greater clarity and firmness. The platform known as ‘Emma Powerful,’ in its current corrupted state, has positioned itself as an adversary to Ala-Igbo’s peace, progress, and collective well-being.”
According to Ejiofor, the peaceful global movement must go further by publicly and definitively explaining why this source has become unreliable, compromised, and hostile to the collective interest of Ndi-Igbo. Silence, ambiguity, or polite distancing, he said, only leaves room for further abuse.
“A masquerade that dances with fire should not be mistaken for a messenger of truth,” the statement concluded.
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Joint Task Force Crushes Terrorist Cells In North East, Heavy Weaponry Seized
In recent operations across the North East, troops of the Joint Task Force Operation HADIN KAI (OPHK) have neutralized scores of terrorists and recovered a significant cache of arms and ammunition.
Lieutenant Colonel Sani Uba, Media Information Officer, Headquarters Joint Task Force (North East) in a statement said intelligence has confirmed the killing of JULAIBIB, a top ISWAP commander operating within the Gujba axis of the Timbuktu Triangle, during an encounter around Kimba, Damboa LGA of Borno State, on 30 January 2026.
According to the statement, the elimination of the terrorist leader has thrown ISWAP elements in the area into disarray, with several fighters reportedly neutralised during the operation.
In a related operation, troops of OPHK, working in collaboration with the Civilian Joint Task Force, neutralised 3 terrorists during a well-coordinated ambush between Ngazalgana and Lamusheri communities in Borno State.
It said the operation followed credible intelligence on insurgent movements in the area, as troops laid an ambush along the identified route and engaged the terrorists with effective firepower, resulting in the neutralisation of 3 insurgents, while others fled with gunshot injuries.
The statement said troops recovered two AK-47, adding that the operation forms part of sustained efforts to deny terrorists freedom of movement and degrade their operational capabilities across the Theatre.
It said troops also recorded multiple successes in Adamawa State, adding that on 29 January, 2026, troops responded swiftly to a distress call from Barama community, Mubi North LGA, foiling an armed robbery attempt. Two armed robbery suspects attempting to attack a student of the Federal Polytechnic, Mubi, were arrested. One suspect sustained a gunshot wound to the thigh while attempting to confront the troops and was evacuated to the Federal Medical Centre, Mubi, for treatment.
The suspects were subsequently handed over to the Nigeria Police for further investigation. Items recovered include 3 cutlasses, 2 laptops, 4 mobile phones, and one power bank.
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Appeal Court Affirms Death Sentences for Five Offa Bank Robbery Convicts
The Court of Appeal sitting in Ilorin, Kwara State has affirmed the death sentences passed on five 2018 Offa robbery convicts.
The court dismissed their appeals as lacking merit.
The Director of Public Prosecution (DPP) in the state, Mohammed Akande, who witnessed the proceedings, said that the three Appeal Court judges unanimously agreed on the judgement and affirmed the verdict of the state High Court condemning the five persons to death by hanging.
“The Court of Appeal, Ilorin Division comprising of Hon. Justice Ridwan Maiwada Abdullahi JCA, Hon. Justice Gabriel Kolawole JCA and Hon. Justice Abdul Dogo today, Friday affirmed the judgment of Hon. Justice H. A. Saleeman of the Kwara State High Court, that sentenced the Appellants: Niyi Ogundiran, Salawu Azeez, Ibikunle Ogunleye, Ayoade Akinnibosun and Adeola Abraham to death by hanging for the involvement in the Offa Bank Robbery”.
Another official of the Court also said that the appellate court rejected all the grounds of appeal filed by the convicts and ordered their immediate return to prison custody.
“The court dismissed all their grounds of appeal and upheld their convictions. They have been taken back to prison,” the official said.
The official said that the arguments raised at the Court of Appeal were unconvincing and may not succeed if repeated at the apex court.
It is recalled that Ayoade Akinnibosun, Azeez Salahudeen, Niyi Ogundiran, Ibikunle Ogunleye and Adeola Abraham were convicted of armed robbery, illegal possession of firearms and culpable homicide.
A sixth suspect, Michael Adikwu, a retired police officer, died in custody before the commencement of the trial.
At least 32 people were killed, including nine police officers, two of whom were women, making it one of the deadliest bank robberies in Nigeria’s history.
Justice Haleemah Saleeman of the Kwara State High Court had earlier sentenced the five convicts to death by hanging after a trial that lasted about six years and attracted nationwide attention.
In her judgment, which lasted over four hours, Justice Salman held that the prosecution proved its case beyond reasonable doubt.
She said the convicts “acted contrary to the law and allowed their connections with those in power at the time to lead them astray”.
In addition to the death sentence, the trial court also sentenced them to three years’ imprisonment for illegal possession of firearms, in line with provisions of Nigeria’s penal laws.
Lead prosecution counsel, Rotimi Jacobs (SAN), described the appellate court’s decision as thorough and well considered, despite the prolonged delays that characterised the trial.
On the defence side, Abdullah Jimba, counsel to one of the convicts, said that preparations were underway to pursue a final appeal at the Supreme Court.
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