Economy
Senate Vows To Probe Nigeria’s Economic Crisis
By Modupe Gbadeyanka
Senate President, Bukola Saraki, has revealed steps to be taken by the red chamber of the National Assembly to tackle economic crisis in Nigeria immediately they resume from recess next week.
Mr Saraki, while addressing newsmen on Monday in Kwara State, stated that the time for identifying the cause of the economic recession and those responsible was over and that all political leaders should start working together to find a solution.
He said upon resumption, the Senate would call everyone involved in the management of the economy to address the Nigerian people through the parliament on the steps being taken to get the country out of the mess.
According to the Senate President, they will interrogate what happened to the measures aimed at cushioning the effect of the recession built into the 2016 budget and why they have not been implemented.
Mr Saraki reiterated his call for a broader and bolder economic plan with input from both legislative and executive arms of government, the private sector, professional groups.
All the groups, he said, must work together to put in place interventions that will create more jobs, strengthen the Naira, bring more investment into the country, and diversify the economy.
He said the Senate will respond to the economic crisis with a number of measures which include getting managers of the economy to give account to the people, making tough recommendations to the President on needed changes, formulating necessary legislative framework for economic recovery and wide consultations across the private sector.
Mr Saraki, who served as a Special Assistant to the President on Budget Matters during the Obasanjo administration and Chairman of Governors Forum said, “We are going to have an exhaustive and comprehensive debate on fixing the country’s economy when we resume next week. We understand the pains that Nigerians are feeling and we do not take this for granted.
“Additionally, the Senate intends to invite everybody involved in the management of the economy to address the Nigerian people through the parliament on the steps that are being taken to get us out of this mess. We fully intend to hold all those involved in the economic management of the country accountable – However, we will do so in a manner that is transparent and there will be no cover-up. We will make tough recommendations as necessary.”
Continuing, the Senate President stressed that, “We need to know why the promises of external borrowing has not materialised, why devaluation has not helped to strengthen the Naira, why inflow of foreign currency has continued to dry up and interest rate is still very high.
“Doing this will help us to understand where we are, so that we can determine where exactly we want to go from here.
“In every crisis, there is always an opportunity for positive reforms, in this regard, in order to solve this crisis, all hands must be on deck. Ideas should be sourced from all quarters. All arms of government, people of different political beliefs, from all socio-economic backgrounds and every part of Nigeria must work together at this time.”
He said all political leaders should be worried about the suffering that the ordinary people are going through and that it is necessary for leaders to further empathise with the people. He commended the people for their perseverance and understanding.
While calling on the people to exercise patience and know that political leaders are genuinely concerned about their plight, Mr Saraki said: “The positive attitude demonstrated by our people during the Eid-el-Kabir festival gave me hope that we in the leadership of the country should move swiftly to tackle this economic crisis. We have no option and this we must do without delay. I commend and praise our people for their perseverance and understanding.”
Mr Saraki also appealed to newsmen and women around the country to play a more positive role in reporting on issues that are important to the development of the country, highlighting that the fourth estate has to work harder to inform the public based on facts.
“I want to use this opportunity to advise those politicians who specialise in causing division between the executive and legislature for their personal benefit to know that this is not the right time for them to ply their trade. We need all arms and levels of government to work together with the people because we are in an economic emergency and all hands must be on deck”, he said.
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By Adedapo Adesanya
The Naira further weakened against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the fourth straight session this week on Thursday, February 26.
At the official market yesterday, the Nigerian Naira lost N3.71 or 0.27 per cent to trade at N1,359.82/$1 compared with the previous session’s N1,356.11/$1.
In the same vein, the local currency depreciated against the Pound Sterling in the same market window on Thursday by N8.27 to close at N1,843.23/£1 versus Wednesday’s closing price of N1,834.96/£1, and against the Euro, it crashed by N8.30 to quote at N1,606.89/€1, in contrast to the midweek’s closing price of N1,598.59/€1.
But at the GTBank forex desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,367/$1, and also at the parallel market, it maintained stability at N1,365/$1.
The continuation of the decline of the Nigerian currency is attributed to a surge in foreign payments that have outpaced the available Dollars in the FX market.
In a move to address the ongoing shortfall at the official window, the Central Bank of Nigeria (CBN) intervened by selling $100 million to banks and dealers on Tuesday.
However, the FX support failed to reverse the trend, though analysts see no cause for alarm, given that the authority recently mopped up foreign currency to achieve balance and it is still within the expected trading range of N1,350 and N1,450/$1.
As for the cryptocurrency market, major tokens posted losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback, with Ripple (XRP) down by 2.7 per cent to $1.40, and Dogecoin (DOGE) down by 1.6 per cent to $0.0098.
Further, Litecoin (LTC) declined by 1.3 per cent to $55.87, Ethereum (ETH) slipped by 0.9 per cent to $2,036.89, Bitcoin (BTC) tumbled by 0.7 per cent to $67,708.21, Cardano (ADA) slumped by 0.6 per cent to $0.2924, and Solana (SOL) depreciated by 0.4 per cent to $87.22, while Binance Coin (BNB) gained 0.4 per cent to sell for $629.95, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.
By Adedapo Adesanya
Crude oil settled lower on Thursday as investors tracked developments in talks between the United States and Iran over the latter’s nuclear programme, weighing potential supply concerns if hostilities escalate.
Brent crude futures lost 10 cents or 0.14 per cent to close at $70.75 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by 21 cents or 0.32 per cent to $65.21 a barrel.
The US and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after US President Donald Trump ordered a military build-up in the region.
Prices had gained earlier in the session after media reports indicated the talks had stalled over US insistence on zero enrichment of uranium by Iran, as well as a demand for the delivery of all 60 per cent-enriched uranium to the US.
However, prices then retreated after the two countries extended talks into next week, reducing the immediate strike potential.
Iran’s Foreign Minister, who confirmed talks will continue next week, said Thursday’s talks were the most serious exchanges with the US yet, saying Iran clearly laid out its demand for lifting sanctions and the process for relief.
His counterpart from Oman, who is handling the talks, said significant progress was made in Thursday’s talks. The Omani minister’s upbeat assessment followed indirect talks between Iranian Foreign Minister and US envoys Steve Witkoff and Jared Kushner in Geneva, with one session in the morning and the second in the afternoon.
He will also hold talks with US Vice President JD Vance and other US officials in Washington on Friday.
The Trump administration has insisted that Iran’s ballistic missile program and its support for armed groups in the region must be part of the negotiations.
The American President said on February 19 that Iran must make a deal in 10 to 15 days, warning that “really bad things” would otherwise happen.
On Tuesday, he briefly laid out his case for a possible attack on Iran in his State of the Union speech, underlining that while he preferred a diplomatic solution, he would not allow Iran to obtain a nuclear weapon.
Meanwhile, the US continues to amass forces in the Middle Eastern region, with the military saying it is prepared to execute orders given by the US President.
Choosing a Forex broker is essentially picking a partner to hold the wallet. In 2026, the market is flooded with flashy ads promising massive leverage and “zero fees,” but most of that is just noise. Real transparency is becoming a rare commodity. It isn’t just a corporate buzzword; it’s the only way a trader can be sure they aren’t playing against a stacked deck. If a broker’s operations are a black box, the trader is flying blind, which is a guaranteed way to blow an account.
The Scam of “Zero Commissions”
The first place transparency falls apart is in the pricing. Many brokers scream about “zero commissions” to get people through the door, but they aren’t running a charity. If they aren’t charging a flat fee, they are almost certainly hiding their profit in bloated spreads or “slippage.” A trader might hit buy at one price and get filled at a significantly worse one without any explanation. This acts as a silent tax on every trade. A transparent broker doesn’t hide the bill; they provide a live, auditable breakdown of costs so the trader can actually calculate their edge.
The Conflict of Market Making
It is vital to know who is on the other side of the screen. Many brokers act as “Market Makers,” which is a polite way of saying they win when the trader loses. This creates a massive conflict of interest. There is little incentive for a broker to provide fast execution if a client’s profit hurts their own bottom line. A broker with nothing to hide is open about using an ECN or STP model, simply passing orders to the big banks and taking a small, visible fee. If a broker refuses to disclose their execution model, they are likely betting against their own clients.
Regulation as a Safety Net
Transparency is worthless without an actual watchdog. A broker that values its reputation leads with its licenses from heavy-hitters like the FCA or ASIC. They don’t bury their regulatory status in the fine print or hide behind “offshore” jurisdictions with zero oversight. More importantly, they provide proof that client funds are kept in segregated accounts. This ensures that if the broker goes bust, the money doesn’t go to their creditors—it stays with the trader. Without this level of openness, capital is essentially unprotected.
The Withdrawal Litmus Test
The ultimate test of a broker’s transparency is how they handle the exit. There are countless horror stories of traders growing an account only to find that “technical errors” or vague “bonus terms” prevent them from withdrawing their money. A legitimate broker has clear, public rules for getting funds out and doesn’t hide behind a wall of unreturned emails. If a platform makes it difficult to see the exit strategy, it’s a sign that the front door should have stayed closed.
Conclusion
In 2026, honesty is the most valuable feature a broker can offer. It is the foundation that allows a trader to focus on the charts instead of worrying if their stops are being hunted. Finding a partner with clear pricing, honest execution, and real regulation is the first trade that has to be won. Flashy marketing is easy to find, but transparency is what actually keeps a trader in the game for the long haul.
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