Renowned street performer Habeeb Okikiola, commonly known as Portable, continues to be held in police custody due to his inability to meet the bail requirements.

As previously reported by STEADY GIST, Portable was detained for allegedly failing to settle a N14 million debt resulting from his purchase of a G-Wagon from a car dealer in Lagos State.

According to Benjamin Hudenyin, the spokesperson for the Lagos State Police Command, Portable will remain in detention until he can provide a trustworthy surety to secure his bail.

“He has not presented a reliable surety yet, so he (Portable) remains in our custody,” Hudenyin stated.

The Lagos State Police Command has affirmed the apprehension of at least 50 individuals linked to a clash in the Ile-Epo region of the state.

As reported earlier by STEADY GIST, a confrontation erupted among hoodlums at the local market in Ile-Epo, commencing Wednesday night and extending into Thursday morning.

These hoodlums allegedly ignited the market, resulting in the destruction of merchandise and other valuable items.

Nonetheless, the Lagos Command, through its spokesperson Benjamin Hundeyin, stated that peace has been restored to the area.

The statement declares, “Over fifty suspects have been arrested, and their shanties have been demolished, effectively dispersing them.

“Commissioner of Police, Lagos State Command, CP Adegoke Fayoade, has ordered the swift prosecution of the detained hoodlums and has also cautioned that the Command will take firm action against anyone disrupting peace, as per the law.

“Meanwhile, the Assistant Commissioner of Police, Operations, Area Commander Alagbado, and other Divisional Police Officers under the Area Command are currently present to prevent any further disorder.”

The withdrawal of all police officers assigned to former Kogi State Governor Yahaya Bello has been ordered by Inspector General of Police, Olukayode Egbetokun.

According to STEADY GIST, this directive was relayed through a police wireless communication.

The official document, referenced as “CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/34,” states, “The IG has directed the removal of all law enforcement personnel attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello.

“Kindly acknowledge and adhere strictly. Your attention to this matter is crucial.”

Following the Economic and Financial Crimes Commission’s (EFCC) declaration of him as wanted in connection to an alleged N80.2bn money laundering case, the Nigerian Immigration Service had earlier placed the ex-governor on its watchlist.

In major markets, the prices of goods are shifting away from the lower denominations of the Naira due to escalating inflation.

Not long ago, a sachet of pure water was priced at N5, while N20 was commonly used to “settle” police officers at checkpoints. However, in recent years, these lower-value notes have struggled to purchase items.

A market survey by Steady Gist revealed that more than half of Nigeria’s legal tender notes are unable to make meaningful purchases.

Despite this, the Central Bank of Nigeria (CBN) recognizes coins such as 50 kobo, N1, and N2, as well as polymer banknotes like N5, N10, N20, and N50.

Currently, a sachet of pure water sells for N30, sugar is no longer retailed for N10, and candies like Tom Tom are sold in pairs for N50. Additionally, prices are often rounded up to 50 or 100 Naira, rendering lower denomination notes practically irrelevant.

Over the past six months, the Naira has significantly depreciated, initially reaching about N1,900 to a dollar before CBN intervention, now trading at approximately N1050 to a dollar. This means that Nigeria’s highest denomination, N1000, is worth less than a single dollar.

The surge in the Naira’s value has not led to a decrease in commodity prices, indicating that inflation in Nigeria is influenced by various factors, including foreign exchange (FX) rates.

Despite these challenges, the Nigerian government continues to print lower denomination currencies, which is costly. Reports from 2016 revealed that it costs N1000 to print each lower denomination note because the Nigeria Security Printing and Minting plc (NSPM) cannot print on polymer.

Experts are urging the CBN to discontinue printing lower denominations and reconsider currency values. Abiodun Ayangbemi, an economist, emphasizes that these denominations no longer serve as effective means of exchange or store of value.

Lekan Olaleye, a monetary policy expert, suggests following Ghana’s example of re-denominating the currency by removing two zeros from existing notes, a move that Ghana implemented successfully in 2007.

While past proposals such as introducing N5000 notes and minting lower denomination coins were met with public opposition, experts argue that revisiting such plans is necessary given the current economic challenges.