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Nigerian Naira Falls To N956/$ With A 46% Decrease In Dollar Supply (Details)

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On Thursday, the Nigerian naira experienced a decline, reaching N956/$ on the official Investor and Exporter forex window due to a 46.77 per cent decrease in dollar supply. This marks a 13.78 per cent drop from Wednesday’s closing rate of N840.53/$, as reported by data from the FMDQ Securities Exchange. The volume of dollars traded also decreased from $198.21m on Wednesday to $105.50m…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

Trading commenced at N800.90/$ for the day, with the naira fluctuating between N1136/$ and N615/$ before ultimately concluding at N956.33/$. Despite recent efforts by the Central Bank to address the backlog of foreign exchange forward contracts, the naira remains volatile. The World Bank has revealed that the naira is among the worst-performing currencies globally, having depreciated by approximately 40 per cent since June.

Emefiele Begins Departure From CBN Governor's Quarters In Lagos Amid Investigations Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, is in the process of vacating the apex bank Governors’ quarters situated on Glover Road, Ikoyi, Lagos. Reports from The Nation indicate that Emefiele has commenced moving his personal belongings out of the residence, accompanied by a team led by the CBN Special Investigator, Jim Obazee. This development comes amidst mounting legal challenges faced by Emefiele, with the Federal Government recently filing 14 fresh charges against him. These charges, stemming from a report submitted by the CBN special investigator, include allegations of criminal breach of trust, forgery, conspiracy to conduct forgery, procurement fraud, and conspiracy to commit a felony. Emefiele's troubles began following his removal from the CBN Governor position by President Bola Tinubu in June 2023. Subsequently, the Senate initiated a probe into the utilization of the N30 trillion Ways and Means loans by the administration of former President Muhammadu Buhari. As Emefiele prepares to depart from his official residence, the ongoing investigations cast a shadow over his tenure and raise questions about the financial operations during his time as CBN Governor.

The Economic Intelligence Unit, the research and analysis division of the Economist Group, has indicated that the Central Bank lacks the necessary capacity to resolve the backlog of foreign exchange orders. This ongoing challenge is expected to exert continued pressure on the naira. The unit highlighted, “An unsupportive monetary policy in Nigeria implies that the naira will remain under pressure, with the central bank lacking the firepower to adequately supply the market or clear a backlog of foreign exchange orders. This situation will likely unsettle foreign investors, leading to an unstable exchange rate regime and periodic devaluations, exacerbated by high inflation and disparities with the parallel market.”

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Don’t Burn Tyres On New Roads — FERMA Begs Abia Residents.

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The Federal Road Maintenance Agency (FERMA) has appealed to residents of Abia State and other road users along the Aba–Azumini highway to protect the newly completed road from activities that could damage it.....KINDLY READ THE FULL STORY HERE▶

FERMA’s South-East 2 Zonal Director, Suleiman Mohammed Omonowo, issued the warning during an inspection of the project, cautioning against the burning of tyres during celebrations, which he said could damage the road surface.

He noted that destructive practices by some youths and community members often contribute to the early failure of road projects across the country.

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“Our advice to road users, especially indigenes, is to protect the road from destruction. Let nobody come and destroy it or burn tyres in the name of celebration,” he said.

Omonowo said the Aba–Azumini highway was previously in a very bad condition before FERMA intervened, describing it as a death trap for commuters and residents.

He also expressed satisfaction with the quality of work done on the project, adding that drainage structures such as catch pits would help prevent flooding and extend the lifespan of the road.

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According to him, the highway serves as a major link between Aba, several Abia communities, and Cross River State, carrying heavy traffic daily.

He urged local construction firms to improve on quality delivery to compete effectively with foreign contractors.

Meanwhile, the Federal Roads Maintenance Engineer in Abia State, Festus Okafor, said FERMA workers have not faced harassment or violence from residents during operations in the state.

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Ndume Condemns Killing Of Soldiers, Civilians In Deadly Borno Attack.

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Senator representing Borno South, Ali Ndume, has condemned the killing of six soldiers and several civilians in a Boko Haram attack on Mussa village in Askira Uba Local Government Area of Borno State.....KINDLY READ THE FULL STORY HERE▶

The incident reportedly occurred around midday on Wednesday when insurgents attempted to breach a military position in the community.

Security sources said troops engaged the attackers in a gunfight, during which several terrorists were also killed.

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Describing the attack as tragic, Ndume called for stronger military action and improved equipment for security forces to tackle insurgency in the region.

He urged the Federal Government to prioritise training, equipment, arms, and motivation for the armed forces, stressing that modern weaponry is essential to defeating terrorist groups.

Ndume also called for the deployment of advanced military hardware, including armoured vehicles, fighter jets, and drones, to strengthen counter-insurgency operations.

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He commiserated with the families of the victims and commended the efforts of the military, police, Civilian Joint Task Force, and local vigilantes in the ongoing fight against terrorism.

The senator further reiterated the need for sustained government support to security agencies to prevent further attacks and loss of lives in the region.

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Who Will Pay This Debt? — Expert Reacts as Nigeria’s Public Debt Hits ₦159 Trillion.

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Financial expert Paul Alaje has warned that Nigeria’s rising debt burden will not only affect current citizens but also future generations.....KINDLY READ THE FULL STORY HERE▶

Reacting to the latest debt figures, Alaje said the country’s growing debt stock means higher repayment and servicing costs, which are ultimately funded through taxes and government revenue.

He explained that the ₦159 trillion debt reported by the Debt Management Office represents all outstanding loans owed by both the federal and state governments, with no cancellations or write-offs.

“The higher our debt stock, the higher the cost of servicing it,” he said, adding that increasing borrowing will continue to put pressure on the economy.

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Alaje projected that Nigeria’s debt could rise further in the coming years, warning that it may exceed $160 billion by 2026 as new loans are added.

According to him, the country’s debt continues to grow as new borrowings are approved, adding to an already heavy fiscal burden.

DMO data shows Nigeria’s total public debt stood at ₦159.28 trillion as of December 2025, up from ₦153.29 trillion in the previous quarter.

The figure reflects both domestic and external debt, with domestic borrowing accounting for the larger share.

With Nigeria’s population estimated at about 220 million, the debt translates to roughly ₦724,000 per citizen.

Alaje warned that inflation and rising debt servicing costs are reducing purchasing power and worsening economic pressure on households.

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He said the burden of repayment will ultimately fall on citizens through taxes, and in the long term, even future generations.

“The entire citizens will pay… and yes, the unborn generation will also pay,” he said.

The economist added that despite claims of improved revenue, government spending needs continue to outpace income, making borrowing unavoidable as a short-term solution.

He concluded that unless revenue growth matches rising expenditure, Nigeria’s debt burden will continue to increase.

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