In a bid to bolster its economy and stabilize its currency, Nigeria, the largest economy in Africa, has taken significant steps to address its financial challenges.

The nation’s currency, the naira, recently experienced a sharp decline on the black market, prompting concerns over its impact on inflation and overall economic stability. This decline followed the loosening of trading restrictions on the official market two months prior.

President Bola Tinubu held a crucial meeting to discuss strategies for increasing dollar liquidity on the official market. Acting central bank governor, Folashodun Shonubi, announced that the central bank would soon implement actions aimed at influencing the currency markets.

While President Tinubu expressed unease over the black market rate’s influence on domestic use and inflation, specific measures to be taken were not detailed.

The reforms, spearheaded by President Tinubu, have marked a significant departure from the norm. The removal of a costly fuel subsidy and the devaluation of the naira were among his boldest initiatives.

These moves garnered the attention of foreign investors, offering a ray of hope to a nation grappling with mounting inflation and surging debt-servicing obligations.

The situation underscores Nigeria’s determination to strengthen its economic landscape and restore confidence in its currency. The government’s proactive approach in engaging with central bank authorities and exploring methods to boost dollar liquidity is a pivotal move towards restoring stability.

As the country navigates these transformative reforms, global investors keenly watch the unfolding developments, anticipating potential opportunities for investment and growth.

While the precise actions to be taken by the central bank remain undisclosed, the nation’s commitment to addressing currency challenges and enhancing economic prospects remains resolute.

As President Tinubu’s reforms continue to shape Nigeria’s financial trajectory, the world awaits further updates on the nation’s progress in achieving its economic objectives.

In a move aligned with the sanctions imposed by West African neighbors of Niger, Nigeria has cut off its electricity supply to the country, as reported by a source close to the management of the Nigerien Electricity Company (Nigelec).

The decision comes in the wake of a recent coup that saw President-elect Mohamed Bazoum being ousted from power.

The high voltage line that carried electricity from Nigeria to Niger was disconnected on Tuesday, leaving many neighborhoods in the Nigerien capital, Niamey, subject to power cuts.

However, local production is currently supplying the capital, offering some relief in an otherwise aggravated situation.

The Economic Community of West African States (ECOWAS), under the leadership of Nigerian President Bola Tinubu, took decisive action against the coup leaders by imposing several sanctions.

Alongside freezing all service transactions, including energy transactions, ECOWAS also demanded a restoration of constitutional order within a week and suspended financial transactions with Niger.

Nigeria had been a significant source of electricity for Niger, accounting for approximately 70% of its total electricity supply, with most of it purchased from the Nigerian company Mainstream. The electricity was predominantly generated by the Kainji dam in western Nigeria.

To reduce its reliance on neighboring Nigeria for energy, Niger has been diligently working to complete its first dam, the Kandadji dam, by 2025.

Located approximately 180 km upstream from Niamey, the Kandadji dam is expected to generate an annual capacity of 629 gigawatt hours (GWh).

The imposition of sanctions by ECOWAS is expected to hit Niger hard, as it remains one of the world’s poorest countries and heavily relies on support from foreign partners in various sectors.

Nigerian Prime Minister Ouhoumoudou Mahamadou expressed concern about the severe impact of these sanctions on his country during an interview on France 24.

As the situation unfolds, Niger continues to face challenges in meeting its energy demands and securing a stable power supply for its citizens.

The completion of the Kandadji dam holds promise for a more self-reliant and sustainable future, but until then, the effects of the electricity supply cut from Nigeria will be felt deeply by the people of Niger.

In a significant development surrounding the #EndSARS movement, Nigerian local authorities have announced a mass burial for 103 individuals who lost their lives during the October 2020 protests against police violence in the country.

The decision comes after the leak of a Ministry of Health document on social media, reviving painful questions about the scale of repression and violence faced by demonstrators in Lagos.

The protests, which were held in major cities across Nigeria, aimed to denounce the rampant police brutality and misconduct, particularly attributed to the notorious Special Anti-Robbery Squad (SARS).

During the peak of the #EndSARS demonstrations, a tragic incident occurred on October 20, 2020, at the Lekki tollgate in Lagos. Witnesses reported that the security forces opened fire on peaceful protesters, resulting in casualties.

Numerous eyewitness accounts claimed that the security forces took away the bodies of the victims in pick-up trucks, further fueling public outrage.

An independent panel of inquiry investigating the events later referred to the incident as a “massacre.”

However, Nigerian authorities have consistently denied any loss of life at the Lekki tollgate, which has sparked anger and frustration among the country’s youth, who actively participated in or supported the protests and have been demanding justice.

The 103 bodies to be buried were not associated with the Lekki toll incident, according to the authorities.

Instead, they were collected in various parts of Lagos, including Fagba, Ketu, Ikorodu, Orile, Ajegunle, Abule-Egba, Ikeja, Ojota, Ekoro, Ogba, Isolo, and Ajah, following incidents of violence and communal clashes during the #EndSARS protests.

The announcement of the mass burial is the first official recognition of a significant death toll related to the protests that escalated into riots.

The news has further intensified public scrutiny of the government’s handling of the situation and calls for accountability for the lives lost during the demonstrations.

Reacting to the revelation, Rinu Oduala, a prominent figure in the #EndSARS movement, expressed frustration on Twitter, stating, “They asked us where the bodies are? Yet the bodies were with them from the start.”

The sentiment echoes the sentiments of many young Nigerians who seek truth, justice, and accountability for the tragic events that unfolded during the protests.

As Nigeria prepares to lay the victims to rest, the nation grapples with the painful memories of the #EndSARS movement, which brought to the forefront deep-rooted issues of police brutality and the urgent need for systemic reforms.

The mass burial serves as a poignant reminder of the sacrifices made by those who sought change and galvanized a nation to stand against injustice.