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VP Osinbajo To CBN: Harmonize The Official Naira Rate With The Parallel Market

VP Osinbajo

As the nation continues to grapple with the downward spiral of the naira, the number two citizen, Vice-President Yemi Osinbajo has challenged the Central Bank of Nigeria (CBN) to allow the naira to reflect the exact realities of the exchange market.

Presently, while Nigeria’s currency, the Naira, is exchanged for N411 to one dollar official exchange market, it is exchanged at N565 to one dollar at the parallel market – and it is generally believed that the latter figure is actually the true value of the naira.

VP Osinbajo, who was speaking during the midterm retreat of President Muhammadu Buhari’s second tenure, said the disparity between both rates is too wide and would leave foreign investors confused, if not deterred from bringing foreign exchange into the country.

“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. 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. Anyway, all those are issues that when the CBN governor has time to address, he will be able to address in full.”

He pointed out that the nation’s apex bank was competing with ministries, departments, and agencies of government and he urged them to stop the trend as they cannot afford to be in such competition with the fiscal side of the economy.

VP Osinbajo said:

“There must be synergy between the fiscal and the monetary authority. We must be able to deal with the synergy, we must handle the synergy between the monetary authority, the CBN, and the fiscal side. Sometimes, it appears that there is competition, especially on the fiscal side. If you look at some of the interventions, you will find that those interventions are interventions that should be managed by ministries.

“The Ministry of Industry, Trade and Investment should handle MSMEs interventions, and we should know what the CBN is doing. In other words, if the CBN is intervening in the MSME sector, it should be with the full cooperation and consent of the ministry of industry. Sometimes you will get people who are benefiting more than once because we simply have no line of sight on what is going on, on one side.”

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Asake Drops fourth studio album M$NEY, featuring DJ Snake, Tiakola Amongst Others

Four albums in, two Grammy nominations to his name, the most entries on the Billboard U.S. Afrobeats Songs chart, and the most-streamed artist on Spotify Nigeria, Asake drops M$NEY, his fourth studio album released on the 1st of May via GIRAN REPUBLIC and EMPIRE.

The 13-track project is Asake’s most sonically varied to date. It opens with a live choral performance (an unusual choice that immediately signals this is not going to be a straightforward Afrobeats record) and moves through orchestral arrangements, jazz-tinged strings, dance production, and amapiano before it is done.

Speaking on the album, Asake said: “M$NEY is a reflection of my spiritual and creative journey. Everything flows from a place of gratitude to God, and every moment that’s shaped me. I stay true to myself but also weave in new creative expressions from my life experiences and personal evolution.”

Fans got their first taste of the project as far back as February 2025 with ‘Why Love’, followed by ‘Badman Gangsta’ featuring French artist Tiakola, a track built around a reimagined sample of Amerie’s ‘1 Thing’ that turned out to be one of the more interesting sonic swings of his singles run.

Then came ‘Worship’ with DJ Snake, which pushed the project into full cross-continental territory.

The full album expands on all of that. Outside the previously released singles, the album includes ‘Gratitude’, ‘Forgiveness’, and ‘Asambe’, a collaboration with South African amapiano producer Kabza De Small. It’s a pairing that will likely draw attention, given both artists’ standing in their respective markets.

The album artwork was created by Iraqi-Dutch artist Arthar Jabar.

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Tinubu Names Bianca Ojukwu New Foreign Affairs Minister

In a major reform of his administration’s foreign policy team, President Bola Ahmed Tinubu has appointed Ambassador Bianca Odumegwu-Ojukwu as the official Minister of Foreign Affairs. The appointment, announced on Wednesday, April 29, 2026, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, follows the resignation of Ambassador Yusuf Tuggar.

Tuggar stepped down to pursue the All Progressives Congress (APC) governorship ticket in Bauchi State ahead of the 2027 general elections. As part of this move, the President also nominated Ambassador Sola Enikanolaiye as the new Minister of State for Foreign Affairs, pending confirmation by the Senate.

Yusuf Tuggar’s departure marks the first high-profile exit following the presidency’s March 31 deadline for political appointees with 2027 ambitions. Tuggar, who had led the ministry since August 2023, is shifting his focus to the Bauchi State Government House. His resignation paved the way for a reshuffle that moves Ojukwu from her previous role as minister of state to the head of Nigeria’s foreign policy system.

While many recognise her as a former Most Beautiful Girl in Nigeria (MBGN) and the widow of the late Biafran leader and statesman Chukwuemeka Odumegwu-Ojukwu, Bianca Ojukwu. She served as Nigeria’s Senior Special Assistant on Diaspora Affairs and held key postings as the country’s Ambassador to Ghana and the Kingdom of Spain. A trained lawyer with a degree from the University of Nigeria (UNN), she also holds a Master’s degree from Spain, specialising in international relations.

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Alarm Bells As Attorney General asks court to deregister ADC, 4 other political parties

Nigeria’s Attorney General has filed a court case seeking the deregistration of five political parties, including ADC and others, over alleged failure to meet constitutional electoral requirements, sparking concerns about electoral fairness and political freedom.
Concerns about Nigeria’s electoral system are growing after the Attorney General of the Federation, Lateef Fagbemi, asked a Federal High Court in Abuja to order the deregistration of five political parties, a move that critics say could reshape the country’s political landscape ahead of future elections.

The parties listed in the suit include the African Democratic Congress (ADC), Action Alliance (AA), Action Peoples Party (APP), Accord Party, and the Zenith Labour Party (ZLP). In court documents, Fagbemi argued that the continued existence of these parties violates constitutional provisions, insisting that the Independent National Electoral Commission (INEC) is failing in its duty by keeping them on the register.

According to the filing, INEC would “continue to act in breach of its constitutional duty” if the court does not step in.

The case, filed at the Federal High Court in Abuja and marked FHC/ABJ/CS/2637/2026, was brought by the Incorporated Trustees of the National Forum of Former Legislators. Both INEC and the Attorney General are listed as defendants.

The move is already stirring political controversy. Opposition figures have accused the administration of Bola Tinubu of trying to weaken alternative voices in the system.

Some parties allege a broader strategy to shrink the political space, including claims of interference in internal party affairs, though the government has not officially responded to those accusations in this case.

Nigeria currently operates a multi-party system, with over a dozen registered political parties. Analysts say enforcing deregistration rules could streamline the ballot and reduce voter confusion, but it could also limit political diversity if applied selectively.

The Supreme Court had previously ruled in 2020 that INEC has the constitutional authority to deregister parties that fail to meet requirements, leading to the removal of several parties at the time. However, legal debates continue over how strictly those provisions should be enforced.

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