1.            Naira Shed 2.6% in March Despite $668m CBN intervention .

In March 2025, the naira lost value, falling by 2.4% at the official market and 2.6% at the parallel market. It traded at N1,536.82/$ in the Nigerian Autonomous Foreign Exchange Market and N1,530/$ in the parallel market. Despite the Central Bank of Nigeria injecting $668.8 million to stabilize the currency, strong demand for dollars continued to push the naira down. Reports from Afrinvest and AIICO Capital confirmed that the pressure in the foreign exchange market was the main reason for the naira’s decline, signaling ongoing challenges in maintaining currency stability amid high dollar demand. Read more

 

ATHENA COMMENTARY

The naira’s 2.97% drop, despite a $668.8m intervention, shows deep-rooted market imbalance where demand far exceeds supply. In stronger economies like Singapore or South Korea, central banks manage currency pressure with tighter capital controls, stronger reserves, and consistent investor confidence. These countries also benefit from stable macroeconomic policies and diversified exports, which help support their currencies. Nigeria’s heavy reliance on dollar demand from investors and businesses highlights the need for broader reforms—like boosting local production, improving export capacity, and building trust in fiscal policies—to create a more resilient and self-sustaining foreign exchange market.

2.            Edo APC chairman Tasks INEC on Legislative Bye-elections.

Edo APC Chairman, Jarret Tenebe, has called on INEC to urgently conduct bye-elections for two vacant legislative seats, which have left Edo Central and Ovia North East/South West without representation for over three months. The vacancies followed the resignations of Senator Monday Okpebholo and Hon. Dennis Idahosa. Tenebe criticized the delay as unconstitutional and harmful to democracy, urging INEC to act or hand over the responsibility to the Edo State Electoral Commission if financially constrained. He emphasized that continued inaction denies citizens their rights and weakens democratic participation and trust in the electoral process. Read more

 

ATHENA COMMENTARY

The delay in conducting bye-elections in Edo State raises serious concerns about democratic accountability. For over three months, constituents have been left without representation, which undermines their rights and weakens trust in governance. Timely elections are essential to ensure citizens are heard and their interests protected. If INEC is facing financial or logistical challenges, it should seek emergency funding or collaborate with state electoral bodies like EDSIEC as a temporary measure. In stable democracies like the UK, Canada, or Germany, bye-elections are conducted promptly, often within weeks to ensure no constituency goes without representation. 

3.             Itsekiri Group Petition INEC over ‘Biased’ Warri Ward Delineation.

The Itsekiri National Development Initiative (INDI) has accused INEC of conducting a flawed and biased ward delineation in the Warri Federal Constituency. In a petition, INDI claimed the exercise lacked transparency, was rushed despite a pending appeal, and favored non-indigenous groups with fake ward names. They alleged that INEC officials were compromised and acting on a hidden agenda. INDI also criticized the unequal distribution of polling units and demanded the removal of the officials involved. They called for civil society oversight to ensure fairness, stressing that such manipulation threatens peace, representation, and justice in the region. Read more

 

 

 ATHENA COMMENTARY

The issue raised by INDI highlights serious concerns about fairness and transparency in INEC’s ward delineation in Warri. Allegations of bias, lack of consultation, and unequal ward structure violate Section 42 of the Nigerian Constitution, which prohibits discrimination, and Section 15, which promotes unity and fairness. Such actions risk ethnic tension and distrust in the electoral process. To fix this, INEC should suspend the current plan, launch an independent review, and involve neutral observers, including civil society groups. Ward delineation must be based on population, geography, and fairness, not ethnicity. Upholding constitutional values is essential for peaceful and credible democracy

4.            Ndume Faults Tinubu’s Appointments, Cites breach of Federal Character.

Senator Ali Ndume has criticized President Bola Tinubu for not following the federal character principle in his political appointments. Speaking on Arise TV, Ndume said the President’s actions go against Section 14(3) of the 1999 Constitution, which requires fair representation of Nigeria’s diverse regions in government roles. He argued that appointments under Tinubu have been unbalanced and shared data to support his claims. Ndume stressed that his concerns are not personal but based on constitutional guidelines, calling for more inclusive governance that respects Nigeria’s ethnic and regional diversity. Read more

ATHENA COMMENTARY.

Senator Ali Ndume’s concern about unfair political appointments touches a key issue in Nigeria lack of inclusion. The federal character principle in the constitution exists to ensure every region feels represented, which builds unity in a diverse country. When leaders ignore this, it breeds distrust and tension. The  presidency must review and adjust appointments to reflect Nigeria’s true diversity. Inclusion isn’t just a legal duty, it’s a tool for peace and national growth. Countries like Canada and South Africa practice balanced representation, which helps build trust in government. Nigeria must learn and apply the same.