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One Month After AbokiFX Shutdown, Naira Fails To Rise

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Almost a month after the Central Bank of Nigeria forced foreign exchange update platform, Aboki FX, to suspend its operations, the naira has failed to rise on the parallel market although it has stabilised, JomogNews Nigeria learnt.

Worse still, the naira dropped by 2.6 per cent to N422 per dollar, hitting an all-time low on the official market on Thursday.

The CBN Governor, Godwin Emefiele, had on September 20, 2021 accused Aboki FX of exchange rate manipulation, describing the platform as illegal and criminal.

Emefiele had said, “I have given instructions to our experts to go after his website and let it be clear that we will go after him, because we can’t allow this to continue.”

The platform had denied the allegations but suspended its updates, saying, “We sincerely hope this suspension will lead to the naira appreciation from next week.”

Nearly a month later, however, the exchange rate has continued to fluctuate between N570/$1 and N575/$1.

Our correspondent was informed that in Abuja on Thursday, the exchange rate stood at N572/$1 and N780/£1

The greenback crossed the N500 mark in July 2021 and continued to rise, hitting N570 in September.

Speaking with Saturday PUNCH on Thursday, a former Director-General of the Lagos Chamber of Commerce and Industry, Mr Muda Yusuf, said the development was evidence that Aboki FX was not the problem but more fundamental issues.

Yusuf, who is the Chief Executive Officer, Centre for the Promotion of Private Enterprise, said, “The CBN needs to give the market a chance. Its current approach would continue to deepen distortions in the economy, perpetuate round tripping, fuel speculation, suppress Forex supply and boost underground economy. The problem is not with Aboki FX. It is essentially a policy matter.”

Yusuf attributed current happenings in the foreign exchange market to consequence of the CBN policy choice of a fixed exchange rate regime and administrative allocation of Forex.

“It is a policy regime that has created a huge enterprise around foreign exchange – round tripping, speculation, over-invoicing, capital flight etc. The action of the apex bank amounts to tackling the symptoms rather than dealing with the causative factors, which is not a sustainable solution.

“It is regrettable that the CBN does not believe in the market mechanism. Yet market systems are time-tested as instruments of efficient resource allocation in leading economies around the world. Of course, market failures are recognised in economics, and these are exceptions that can be identified and dealt with,” the former LCCI boss said.

The economist argued that suppressing the market is like swimming against the tide which is a difficult battle to win.

Yusuf added that moving retail Forex transactions from bureau de change operators to the banks is like kicking the can down the road.

“The same issues would manifest even with the banks,” he said.

 

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COAS Shaibu Hits Jos To Restore Peace, Public Confidence

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The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, visited Jos, Plateau State, on Thursday, April 2, 2026, to lead a high-powered security assessment following recent security breaches.

The visit was aimed at strengthening public confidence and reinforcing ongoing efforts to stabilize affected communities.

Colonel Appolonia Anele, acting Director, Army Public Relations, said in a statement that the visit forms part of ongoing efforts to restore calm and entrench lasting peace across the state.

According to the statement, upon arrival, the COAS was received by the Executive Governor of Plateau State, Caleb Mutfwang, in a clear demonstration of strong civil-military cooperation and a shared commitment to addressing emerging security challenges.

The statement said the COAS received a comprehensive operational briefing from the General Officer Commanding 3 Division and Commander, Joint Task Force Operation ENDURING PEACE, Major General Folusho Oyinlola, who highlighted ongoing operations and proactive measures being implemented in synergy with other security agencies to contain threats, protect lives and property, and stabilise affected communities.

“As part of his engagements, Lieutenant General Shaibu also interacted with community leaders and residents, reassuring them of the unwavering commitment of the Nigerian Army to safeguarding all law-abiding citizens.

He urged residents to remain calm, vigilant and supportive of security agencies by complying with the curfew and cooperating fully with ongoing operations and investigations, while going about their lawful activities.

The chairman of Jos North Local Government Area, Hon. Dachung Bagos, commended the COAS for the timely visit, noting that the presence of the nation’s top military leadership would boost public confidence and reinforce trust in ongoing security efforts.

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President Tinubu Appoints New PTDF Executive, Reappoints TCN Head

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President Bola Ahmed Tinubu has appointed Professor Shu’aibu Shehu Aliyu as the new Executive Secretary of the Petroleum Technology Development Fund (PTDF) and renewed the tenure of Engineer Sule Ahmed Abdulaziz as the Managing Director/CEO of the Transmission Company of Nigeria (TCN).

Announced by Special Adviser Bayo Onanuga, these appointments are effective immediately.

Aliyu is said to replace Ahmed Galadima Aminu, who recently resigned to participate in the 2027 governorship election in Adamawa State.

In a statement by one of the President’s Spokespersons, Bayo Onanuga, on Thursday, April 02, Tinubu also renewed Engineer Sule Ahmed Abdulaziz’s appointment as the Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN) for a second and final term.

These appointments are said to take effect immediately.

The statement reads: “President Bola Ahmed Tinubu, GCFR, has appointed Professor Shu’aibu Shehu Aliyu as the Executive Secretary of the Petroleum Technology Development Fund (PTDF). He replaces Ahmed Galadima Aminu, who recently resigned to participate in the 2027 governorship election in Adamawa State.

“President Tinubu has also renewed Engineer Sule Ahmed Abdulaziz’s appointment as the Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN) for a second and final term.

“Both appointments take immediate effect.

“Professor Aliyu, the new PTDF helmsman, is a distinguished academic and seasoned administrator with extensive experience in research, education, and institutional leadership. His appointment underscores the President’s commitment to strengthening key institutions in the petroleum sector and advancing capacity development for Nigeria’s energy industry.

“The President expects him to leverage his wealth of experience to reposition the PTDF for greater impact in human capital development, innovation, and strategic support for the oil and gas sector in line with national priorities.

“President Tinubu renewed Engineer Abdulaziz’s appointment following a comprehensive assessment of his performance and leadership of the nation’s transmission network.

“Under his stewardship, TCN has recorded notable improvements in grid stability, transmission capacity expansion, and system modernisation, reinforcing its critical role in Nigeria’s electricity value chain.

“Engr. Abdulaziz brings over three decades of experience in the power sector and has also strengthened regional electricity integration through his leadership in the West African Power Pool (WAPP).

“President Tinubu urges both appointees to discharge their responsibilities with diligence, integrity, and a strong sense of national service, in alignment with the Renewed Hope Agenda.”

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United Nigeria Airlines Staff Suspended After Viral Amputee Abuse Video

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The Management of United Nigeria Airline on Wednesday says it has suspended a female staff member for alleged unprofessional treatment of Ms. Doris Akonanya, an amputee passenger.

The airline, in a statement signed by Chibuike Uloka, its Public Relations Officer, on Wednesday, also said it had commenced investigation into the incident which happened on March 30.

Akonanya, an amputee, had lamented through a viral video that she received subhuman treatment while trying to catch a flight from Abuja to Yenegoa, Bayelsa State.

She said she arrived at the airport early and bought her ticket but was denied the assurance that she needed by a particular staff member who was supposed to process her boarding.

The passenger exonerated the Airline for the dehumanising treatment but demanded that the female staff member involved should be called to order.

The airline, however, condemned the incident and expressed unreserved apology to the lady and members of her family for the ugly incident.

The company said the action did not reflect the ethics, values and vision of the company, noting that the safety, dignity, and well-being of all passengers remained their priority.

“United Nigeria Airlines wishes to confirm receipt of an incident report involving a passenger with reduced mobility, Ms. Doris Akonanya, during the check-in process for Flight UN0526 from Abuja to Yenagoa on March 30.

“The report includes allegations of unprofessional conduct by a particular staff regarding her condition.

“The staff member involved has been suspended and a full investigation commenced,

“We are engaging all relevant parties to establish the facts and will take appropriate action in line with our policies of zero tolerance to any form of misconduct.

“We are particular about passengers with reduced mobility who require additional care and support,” he said.

The airline said it had been in direct contact with the passenger and her family, to whom it had extended apologies, and assured them that their concerns would be addressed.

It said it operated a zero-tolerance policy for any form of misconduct, discrimination, or abuse, and is firmly committed to providing safe, respectful, and accessible travel for all.

“We will continue to strengthen our training, processes, and oversight to prevent a recurrence,” he said.

(NAN)

 

 

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