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CBN Moves To Stabilise Naira

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The Central Bank of Nigeria has said it is set to take new measures to stabilize the naira against the dollar.

Acting Governor of the CBN, Folasodun Sonubi disclosed this to State House Correspondents after briefing President Bola Tinubu on the bank’s plan to halt the slide on Monday at the State House.

He said President Tinubu expressed his concern about the impact of recent developments in the foreign exchange market, particularly on ordinary citizens.

He said: Mr President is very concerned about some of the goings on in the foreign exchange market. One of the things we discussed is what could be done to stabilise and what could be done to improve the liquidity in the market and also the goings on in the various other markets, including the parallel market.

“He’s concerned about its impact on the average person, since, unfortunately, a lot of activities that we do, which are purely local, are still referenced to exchange rates in the parallel market.

“We’ve discussed and I’ve shared with him what we’re doing to improve supply. If you look at the official market, you’ll find that that market has been fairly stable and the spreads of the difference have not fluctuated as much.

“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are touched by speculative demand from people.

“Some of the plans and strategies, which I’m not at liberty to share with you, means sooner rather than later, the speculators should be careful because we believe the things we’re doing, when they come to fruition, may result in significant losses to them.

“But my presence here is more about the concerns the President has and his needs to know that we are doing something about it, assurances of which I have given him totally.

“So I hope this helps. We are looking at it and we’re doing things which will significantly impact the market in a few days time and we will all see it.

“The intention is to ensure the environment operates at a level that’s more efficient, but also that is also very reasonable and does not have a negative impact to the best that we can on the lives of the average person.”

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Suspects Faked Court Fainting for Drama — IG

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Inspector-General of Police Kayode Egbetokun has revealed that the courtroom fainting episodes involving six suspects before their arraignment were intentionally staged to gain negative publicity.

Egbetokun emphasized that medical assistance was immediately given, highlighting the police force’s dedication to ensuring the well-being of all individuals in its custody.

On Friday, 76 suspects—many of them minors appearing visibly undernourished—were brought to court in connection with the #EndBadGovernance protest. During the session, six suspects collapsed and had to be carried out for urgent care.

Despite the drama, the court set bail for each minor at N10 million, sparking widespread criticism, both at home and abroad.

In a statement dated November 1 and signed by Force Spokesperson Muyiwa Adejobi, the Inspector-General underscored that anyone who has reached the age of criminal responsibility must answer for their actions under Nigerian law, regardless of their age.

Egbetokun stated, “Today, an unexpected incident in court saw six of the suspects suddenly rush out and faint, drawing media attention in a deliberate and scripted manner to attract negative attention.

“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.”

 

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Nigeria Charges 76 with Treason Over Protests

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Nigeria has charged 76 individuals, including 30 minors, with treason and incitement of a military coup following deadly protests in August over economic hardship, according to court documents released on Friday.

The protests erupted across Abuja, Lagos, and other cities as people voiced anger over economic reforms that have fueled runaway inflation and deepened everyday struggles.

Despite the backlash, President Bola Tinubu has defended the reforms as essential for stabilizing the country.

Amnesty International reported that at least 13 people lost their lives in clashes with security forces on the first day of the demonstrations.

A rights organization revealed that the minors involved have been detained by police since August for joining protests aimed at highlighting the worsening insecurity and economic difficulties that many Nigerians are facing.

Court documents indicated that investigations into the suspects took place between July and August. Police representatives did not respond to requests for comment on the prolonged detention of the minors.

Lawyers representing the minors stated that bail has been granted, and the trial is scheduled to begin in January.

Nigeria continues to battle a severe cost-of-living crisis and persistent insecurity.

The ongoing instability, particularly in the northern region, has hampered agricultural productivity and led to a wave of kidnappings by armed groups, targeting residents and schoolchildren for ransom.

 

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