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Dollar Trades at ₦1610 as Naira Faces Fresh Pressure in Parallel Market
The exchange rate between the US Dollar and the Nigerian Naira continues to fluctuate, especially in the parallel market, commonly referred to as the black market or Aboki FX.....KINDLY READ THE FULL STORY HERE▶
As of Wednesday, April 16, 2025, the dollar was bought at ₦1600 and sold at ₦1610 by black market traders in Lagos, according to Bureau De Change (BDC) sources.
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize rates from the parallel market, urging Nigerians to conduct foreign exchange transactions through official banking channels.
Black Market Rates (USD/NGN) – April 16, 2025:
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Buying: ₦1600
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Selling: ₦1610
Official CBN Rate (USD/NGN):
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Highest: ₦1630
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Lowest: ₦1593
Despite the volatility, the naira gained slightly on Tuesday in the black market, appreciating from ₦1,620 to ₦1,618 per dollar. However, in the Nigerian Foreign Exchange Market (NFEM), the local currency weakened to ₦1,604 per dollar, down from ₦1,599 on Monday — marking a ₦5 loss.
This slight appreciation in the parallel market, coupled with the decline in the official market, narrowed the gap between both markets to ₦14, down from ₦21 earlier in the week.
Forex rates may vary based on location, transaction amount, and market demand, so individuals should expect slight discrepancies when exchanging currencies.
The African Democratic Congress (ADC) has dismissed reports that former Vice President Atiku Abubakar and former Secretary to the Government of the Federation Babachir Lawal were suspended by a faction of the party in Adamawa State.....KINDLY READ THE FULL STORY HERE▶
The party described the move as invalid, insisting that those behind the announcement lack the constitutional authority to suspend any member.
ADC National Publicity Secretary Bolaji Abdullahi said the purported suspension carries no legitimacy within the party structure.
He dismissed the claim, stating that the individuals who announced the suspension have no powers to take such disciplinary action.
The controversy followed a press briefing by a factional chairman in Adamawa, Raji Zumo, who announced the suspension of Atiku, Lawal, and transition committee chairman Sadiq Ibrahim over alleged anti-party activities.
Abdullahi, however, maintained that no member is above the party’s constitution, but stressed that due process must be followed in any disciplinary action.
The ADC is currently facing internal leadership disputes, with rival factions laying claim to control of the party amid ongoing legal and administrative battles.
A faction of the Labour Party (LP) led by the Nenadi Usman Caretaker Committee has suspended 26 members loyal to the Julius Abure-led faction.....KINDLY READ THE FULL STORY HERE▶
The decision was announced in a post on the faction’s official handle, following approval by its National Executive Council.
According to the statement, the affected members were sanctioned for allegedly aligning with a rival faction within the party.
The Nenadi-led committee said it derives its authority from a Supreme Court judgment delivered on April 4, 2025, which removed Julius Abure as National Chairman.
The judgment has continued to fuel a leadership tussle within the Labour Party.
Those suspended include several party figures said to be loyal to the Abure camp, with the faction publishing a full list of names.
The development marks another escalation in the ongoing internal crisis rocking the opposition party.
Factional Labour Party South-West Vice Chairman, Abayomi Arabambi, has insisted that the party’s 2023 presidential candidate, Peter Obi, will never be allowed to return to the Labour Party.....KINDLY READ THE FULL STORY HERE▶
Arabambi said attempts by the Nenadi Usman-led faction to reintegrate Obi would fail, stressing that the party’s leadership has taken a final position on the matter.
He made the statement during an interview on News Central, saying the decision followed internal consultations involving key figures such as the Julius Abure-led leadership and Abia State Governor Alex Otti.
According to him, the party has also resolved to support President Bola Ahmed Tinubu’s re-election bid in 2027.
Arabambi further blamed Obi and his supporters for contributing to Labour Party’s internal challenges during the 2023 elections, alleging organizational failures during the polls.
He maintained that Obi’s return to the party is completely off the table, insisting that the issue is already settled within the party’s leadership structure.
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