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BREAKING NEWS: May Nepal not happen to Nigeria

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Gen-Zs are on rampage. Citizens across the globe are getting angrier. Apparently, economic hardships and youth unemployment are mobilizing and uniting hot-headed youths in far-flung places. Indeed, the ruling class cannot always have their way due to the perception of Gen-Zs that their welfare and well-being are being disparaged with obnoxious policies.

In about a fortnight ago, the anti-government protests in Jakarta, Indonesia’s capital city, led by students’ groups, achieved a momentous volte-face from an indignant government. The youngsters took their destinies into their hands as they could not stomach the jacking up of monthly housing allowance to 50 million rupiah ($3,075) for each of the 580 Members of House of Representatives, which apart from their salaries, is almost 10 times the minimum wage in Jakarta. It showed lack of empathy for ordinary citizens yoked by tax burdens, high cost of living, and youth unemployment.

However, the salvo that sparked off pen-up frustrations was the reported killing of one Affan Kurniawan, a 21-year-old rider, by the security forces, as he was returning from food delivery and was caught up in the ensuing melee. Emotions ran wild and consequently, a parliament building in Makassar within Sulawesi Island was torched. To douse tension, the jumbo package was instantly reversed. But the students’ leaders still insisted that the anger on the streets would not evaporate if the deep-rooted problems of “political oligarchy and an unequal economic structure” are not addressed.

As the dust of the violent protests in Indonesia began to settle, another round of deadly protests, which Times of India described as Gen-Z revolution, erupted in Nepal, a landlocked country in South Asia. Like peace of the graveyard, youth unemployment in the country which reportedly hovers around 20 percent of the over 29 million population, had remained a time bomb. Bottled-up anger had been rife and brewing on the streets. The tinder box that however let loose a heavy flak of mass anger was the September 4 ban of 26 social media platforms that included Facebook, WhatsApp, Instagram, YouTube, WeChat, and LinkedIn, for failing to meet government’s new registration deadline. Generally, the outright ban was an obvious setback for the country’s promising tourism sector, but specifically, the almost two million Nepalis who live and work abroad and make use of the apps to seamlessly reach their families and friends, were cut off. Hence, “the move was seen by young Nepalis as an attempt to silence dissent.”

That singular sledgehammer of state power had immediate implications. Security forces breached rules of engagement in an attempt to disperse surging crowds. 19 persons were killed. Highways were blocked. The administrative hub of Nepal known as Singha Durbar Complex built in 1908 was destroyed. The parliament and Supreme Court buildings, as well as the official residences of four former prime ministers and the residence of then incumbent prime minster – KP Sharma Oli, were also set ablaze. Police stations were not spared. Tribhuvan International Airport in Kathmandu was cordoned off with flights cancelled. Kantipur Media Group – Nepal’s largest media house, was burnt. Oli, the prime minister resigned under pressure. Even when the social media ban was rescinded and lifted, the protests degenerated into gangsterism and curfews were brazenly flouted.

Though the key Gen-Z organizers of the anticipated peaceful protests in Nepal were later displeased with the attendant criminalities, unfortunately, breakdown of law and order, in most cases, appears to be the most potent way of getting those in government to come down from their high horses of impunity and taking of the people for a ride. Pitiably, Nigeria, once described by a survey as the home of happiest people on earth, has, over the years, witnessed more governance deficit, official deceit, democratic autocracy, and provocative test of wills than Indonesia and Nepal. But an article published by The Guardian of United Kingdom in January 2011 attempts to explain the cause of Nigeria’s docility. “There’s a spirit of entrepreneurship – people seem bewildered if you admit a lack of ambition. Nigerians want to go places and believe – rightly or wrongly – that they can. That drive and ambition fuels their optimism; they’re working towards happiness, so they are happy.”

Beyond the foregoing, why it may sound absurd, according to Sule Lamido’s statement that Nigerians are so overburdened by poverty that they cannot organize and extricate themselves from the apron strings of the elite, the deeper problem lies with the uncritical thinking pattern of most young people in the country. The contrast is evident from two scenarios that took place last Saturday. While estimates indicate that between 110,000 and 150,000 youths were part of the protest in Central London for stricter immigration (it doesn’t matter your ideological divide), about 20,000 youths gathered in Lagos to cheer up and perhaps, partake in the eating of the world’s largest dish of jollof rice, which the culinary star, Hilda Baci had planned to cook. The point is not to condemn the open solidarity to the Guinness World Record holder but to glean out the motivations of both group of youths. Ours are more inclined to entertainment, short-sighted fun-seeking, and political utopias. On the other hand, those who protested on Saturday were more futuristic and had a full grasp of what it takes to push an agenda to the political space.

The truth is that change may not occur in Nigeria until young people start asking the right questions. Why are our federal legislators allegedly the highest paid in the world? How do we curb the 90 percent of corruption perpetrated through public procurement? Why are LG allocations not impacting rural areas even after the Supreme Court ruling? Why is the increased monthly allocation not used to support agriculture and SMEs-the engine of the economy? Why are most children of public officers studying abroad? While it may not take a particular form and shape, what happened in Nepal may be a child’s play if Nigeria’s political class get more carefree with primitive accumulation of wealth at the expense of the citizenry. Suffering may become their unifier.

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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