The Naira on Wednesday depreciated in the Nigerian Foreign Exchange Market, (NAFEM) to N1,300.15 per dollar, exceeding the parallel market rate by N45.15.
Data from the FMDQ indicated that the exchange rate rose to N1,300.15 per dollar from N1,234.49 per dollar last Friday, indicating N65.66 depreciation for the Naira.
Similarly, the Naira depreciated to N1,255 per dollar in the parallel market from N1,1250 per dollar on Monday.
Consequently, the margin between the parallel market and NAFEM rates widened to N45.15 per dollar from N15.51 per dollar the previous day.
Gov Bago Comes Under Heavy Backlash For Throwing Naira Notes At Supporters
Meanwhile, the governor of Niger State, Mohammed Umar Bago, has come under heavy backlash after a video of him throwing naira notes at his supporters surfaced online.
In the video, he was spotted standing through the roof of a moving vehicle and throwing the notes in the air as his supporters scrambled to pick them up.
His actions have infuriated citizens of the state, including civil society, opposition political parties, and clerics.
They described his action as unacceptable, wrong, dehumanizing, and constituted the abuse of the Naira.
Speaking on the development, the North Central Zonal Chairman, Campaign for Democracy, Human Right Advocacy Civil Society of Nigeria, Mohammed Abdullahi Jabi, told Daily Post that the governor seemed unaware of the consequences of his actions.
Jabi noted that though the governor had immunity, his actions could breed potential beggars in the state.
The activist said, “His action is sad and unfortunate. It is dehumanizing, shameful, and making a mockery of an already bad situation.
“There is the need for Governor Bago to show maturity like his counterparts in other states in learning the rudiments of governance and decorum. It is on this note that we are calling on him to desist from this zealousness that is negatively affecting his image and that of the state.”
Also, the Niger North Zonal chairman of the Peoples Democratic Party (PDP), Yahaya Ability, while speaking with newsmen, condemned the governor’s public spray of money and blamed his Special Advisers on Security and that Political Affairs who he claimed were not adequately performing their responsibilities as they ought to.
According to him, “We condemn in strong terms the unrepentant action of degrading the masses by Governor Bago. It’s unfortunate that because he has access to the public fund he has decided to use it to the detriment of those who elected him.
“We believe this is not the only way to make himself popular among the people as a sitting governor of the state. He should treat people with dignity, respect as well as have listening earsears to their cries”.
Lambasting Bago, a former Commissioner for Information and Strategy, the Tambarin Kagara, Umar Danladi Abdulhamid, observed that Bago had violated the nation’s constitution.
“Let the Governor look for better ways of sharing public funds in a more mature manner rather than endangering the lives of the people as they struggle at once for the money he throws around, ” he said
