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Inflation Makes N20, N10, And N5 ‘Irrelevant’ In Nigeria’s Economy
Inflation Makes N20, N10, And N5 ‘Irrelevant’ In Nigeria’s Economy....KINDLY READ THE FULL STORY HERE▶
As inflation continues to bite harder, lower denominations of the Naira currency, such as N20, N10, and N5, are becoming increasingly irrelevant in Nigeria’s economy, according to a report by Abdul Seye……..READ ALSO
Previously, these lower denomination notes were commonly used for small transactions, such as purchasing a sachet of pure water or settling small fees. However, their purchasing power has significantly diminished over the years due to the rising cost of goods and services.
A market survey highlighted by DAILY POST revealed that more than half of Nigeria’s legal tender notes can no longer make meaningful purchases. For example, a sachet of pure water now sells for N30, while candies like Tom Tom are retailed at two pieces for N50.
Despite the Central Bank of Nigeria (CBN) recognizing these lower denomination notes, their practical utility has diminished as prices are now often rounded up to 50 or 100 Naira, making the smaller denominations irrelevant.
The report also discusses the depreciation of the Naira against the dollar, with $1000 now worth more than a million Naira based on the current exchange rate. This disparity further emphasizes the diminishing value of lower denomination notes.
Experts interviewed in the report suggest discontinuing the printing of lower denomination currencies due to their declining utility and high production costs. Some propose adopting a re-denomination policy similar to Ghana’s, which removed zeros from their currency to streamline denominations.
While previous attempts by the Nigerian government to introduce higher denomination notes or coins faced public backlash, experts argue that the economic landscape has changed, necessitating a reevaluation of currency policies.
In conclusion, the report underscores the need for a comprehensive review of Nigeria’s currency denominations to align with economic realities and address the challenges posed by inflation and currency depreciation.
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Why EFCC Really Revoked Malami’s Bail — Explosive New Clarification Emerges.
According to Nivo News, the Office of former Attorney-General of the Federation, Abubakar Malami, SAN, has clarified that the revocation of his bail by the Economic and Financial Crimes Commission was solely linked to his presence at a political event in Kebbi State, and not due to any alleged breach of bail conditions....KINDLY READ THE FULL STORY HERE▶
In a statement issued on Thursday, Malami’s Special Assistant on Media Affairs, Mohammed Doka, dismissed reports claiming the former AGF failed to comply with his bail terms. He described such reports as inaccurate and at odds with the established facts.
The statement explained that Malami had met all the requirements earlier set by the EFCC in relation to allegations of money laundering and abuse of office—claims he has consistently denied. It added that the anti-graft agency later imposed additional conditions, including restrictions on media engagements and a ban on participating in political activities within Kebbi State.
Doka maintained that Malami committed no violations, arguing that the EFCC withdrew the bail only after he attended a political gathering in his home state, which did not constitute a legal or procedural breach. He further noted that prohibiting Malami from political involvement in Kebbi was unconstitutional and amounted to an infringement on his rights to freedom of movement, association, and political participation.
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Ruger Sparks Outrage As He Claims Women With BBL ‘Have Bad Character’.
A popular Nigerian singer, Ruger, has stirred reactions online after expressing his opinion about women who undergo Brazilian Butt Lift procedures, commonly known as BBL. According to Nivo News, the artist shared his thoughts in a recent post on X, where he claimed that many women with surgically enhanced bodies often display questionable behaviour.....KINDLY READ THE FULL STORY HERE▶
Ruger, writing in pidgin English, suggested that the cosmetic procedure appears to come with what he described as “a little attitude.” His post read: “When I see girl with BBL, I dey straight up think say dem get bad character. Be like the procedure dey come with small attitude and ogba.”
His comment immediately sparked widespread debate across social media platforms, as users questioned why women’s bodies continue to be subjected to harsh scrutiny and judgment in public discourse.
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Benue Boils Again: Fulani Herder Killed, Over 20 Cows Slaughtered In Fresh Wave Of Attacks.
Renewed unrest has erupted in Benue State as coordinated attacks in Otukpo Local Government Area left a Fulani herder dead and more than 20 cattle slaughtered, heightening fears of escalating communal strife. According to Nivo News, the incidents, which occurred between December 4 and 5, spread across the Ondo, Ogobia, Ugboju and Otukpo Nobi communities—areas already burdened by intermittent clashes.....KINDLY READ THE FULL STORY HERE▶
Residents expressed concern over claims that the handling of a key suspect by a security agency may have worsened tensions, raising suspicions of institutional negligence and prompting fears of retaliatory violence.
The crisis intensified on Friday, December 5, when armed individuals from the Ondo community in Ogobia reportedly ambushed a Fulani herder, Hassan Sule, popularly known as Alhaji Foder. Local accounts indicated that he was travelling on a motorcycle with a labourer to inspect his herd when the attackers opened fire. The labourer sustained injuries but managed to escape, while Foder died on the spot.
Panic spread rapidly among Fulani families, who immediately notified troops stationed at the Ogobia military post. Soldiers accompanied the herders to recover the deceased, but the situation escalated when armed men allegedly launched a second ambush, apparently unaware that the military was part of the approaching team. Security sources said troops returned fire swiftly and subdued the assailants.
One of the attackers was reportedly captured alive and disarmed, raising hopes of uncovering those behind the organised assaults. However, the situation took a troubling turn after the suspect was handed over to the Divisional Police Officer of Ogoli/Ogboju. According to multiple sources, the officer allegedly released the suspect less than an hour after taking custody.
Fulani community representatives who confronted the DPO said he dismissed their concerns, allegedly stating that the military had no authority to arrest and transfer suspects to him, insisting he was following his professional judgement.
Community leaders condemned the decision as irresponsible and inflammatory, warning that the release of the suspect has worsened an already volatile atmosphere and could trigger further unrest in the affected communities.
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