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Dollar Hits ₦1600 in Black Market, Selling for ₦1610 – 23rd April 2025
As of April 23, 2025, the black market exchange rate for the US dollar in Nigeria stands at ₦1600 for purchasing and ₦1610 for selling, according to sources at the Bureau De Change (BDC).....KINDLY READ THE FULL STORY HERE▶
These rates reflect the latest trends in the parallel (or black) market, commonly referred to as the “Aboki fx” rate.
On Tuesday, April 22, 2025, the parallel market rate for the dollar to naira was recorded at ₦1600 for buying and ₦1610 for selling in Lagos. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market rates, as it encourages individuals to conduct foreign exchange transactions through licensed banks.
For comparison, the official CBN rate for the dollar to naira as of today has a highest rate of ₦1610 and a lowest rate of ₦1598.
Please be aware that these rates may fluctuate and can vary depending on the specific market conditions at any given moment.
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The Bulldozers Are Coming! Kano Targets Azman University In Massive Illegal Property Crackdown.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, has dismissed recent claims by 2027 presidential hopeful Peter Obi regarding Nigeria’s power generation goals. During an Arise Television interview, Onanuga clarified that Nigeria’s core electricity crisis stems from structural deficits—such as gas supply shortages, a $4 trillion legacy debt owed to suppliers, and an aging national grid—rather than a lack of generation capacity.....KINDLY READ THE FULL STORY HERE▶
Onanuga noted that the nation already possesses an installed capacity of 13,500 megawatts, exceeding Obi’s promise to add 10,000 megawatts. He argued that the former governor lacks a clear understanding of the existing infrastructure limitations. Furthermore, Onanuga highlighted that the Tinubu administration is actively tackling these issues through the Electricity Act, which decentralizes power management, and the establishment of the Grid Asset Management Company Limited (GAMCO) to improve performance. He maintained that power generation has seen marked improvement since the current administration took office in May 2023.
President Bola Tinubu’s aide, Bayo Onanuga, has challenged Peter Obi’s pledge to increase Nigeria’s electricity generation by 10,000 megawatts within four years. In a recent interview, Onanuga stated that Obi’s plan ignores the reality that Nigeria’s installed capacity is already 13,500 megawatts—a figure that remains underutilized due to structural failures.
Onanuga identified the country’s primary obstacles as an outdated national grid, chronic gas supply issues, and a massive legacy debt of over ₦4 trillion owed to gas companies. He asserted that the current administration is addressing these systemic problems through legislative reforms, specifically citing the Electricity Act, which allows states to manage their own power generation, transmission, and distribution. Onanuga concluded that electricity output has already trended upward since May 2023 and that the government’s focus remains on optimizing existing assets rather than merely chasing higher capacity targets.
Bayo Onanuga is pushing back against Peter Obi’s recent promise to boost Nigeria’s power supply by 10,000 megawatts. According to President Tinubu’s spokesperson, the real issue isn’t a lack of capacity, but a broken system.
Onanuga pointed out that Nigeria already has 13,500 megawatts of installed capacity, most of which sits idle due to three main roadblocks:
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The Grid: Outdated infrastructure that cannot handle current demands.
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Gas Supply: A crippling lack of fuel for power plants.
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Legacy Debt: A massive ₦4 trillion debt pile-up owed to gas suppliers.
Onanuga credited the Tinubu administration with tackling these hurdles head-on, specifically through the new Electricity Act that empowers states to generate and distribute their own power. He insists that the sector is already performing better than it was in May 2023 and that the focus is on fixing the structural bottlenecks, not just expanding capacity.
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Court Orders Probe Of Leaked Video In Alleged Coup Plot Trial
On Tuesday, the Federal High Court in Abuja initiated an investigation into the unauthorized release of a video linked to the ongoing trial of six individuals accused of conspiring to topple President Bola Tinubu’s government.....KINDLY READ THE FULL STORY HERE▶
Investigation into the Leaked Video
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Court Directive: Following a complaint from the Director of Public Prosecution (DPP), Rotimi Oyedepo (SAN), regarding a video statement that surfaced on the social media platform of influencer “VeryDarkMan” despite a court-imposed restriction, Justice Joyce Abdulmalik ordered the Department of State Services (DSS) to conduct an inquiry.
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National Security Concerns: The DPP characterized the leak as a national security risk that prejudices the ongoing judicial proceedings, noting the video had already surpassed 6,000 views.
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Defense Stance: While defense counsel denied involvement in the leak, they held varying views on a probe; some welcomed an investigation, while others, like Sanusi Musa (SAN), cautioned against acting without formal evidence.
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Judicial Ruling: Invoking Section 232(5) of the Administration of Criminal Justice Act, 2015, Justice Abdulmalik mandated the DSS to identify and bring any responsible parties before the court, noting that such prosecution would be handled separately from the main coup trial.
Trial Testimony and Bail Proceedings
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Witness Testimony: A prosecution witness, an Army officer codenamed “DDD,” testified that the investigation was conducted by a multi-agency team—including the Army, DSS, DIA, and EFCC—and explicitly denied that the defendants were chained, coerced, or tortured during interrogation.
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Defense Challenges: During cross-examination, defense lawyers challenged the interrogation process, specifically noting the absence of family members or legal representation during the suspects’ questioning; however, the witness stated no such requests were made by the defendants.
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Bail Applications: The court heard bail arguments from the defense, which the DPP opposed; Justice Abdulmalik has reserved her ruling on these applications and adjourned the trial-within-trial for the first three defendants until June 25 and June 30.
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No Mercy! US Authorities Deport Nigerian Over “Violent Crimes” & Abuse Allegations!.
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Deportation of Nigerian National: A Nigerian citizen named Ayodeji Ajayi has been deported from the United States following a series of criminal convictions, which include domestic violence.....KINDLY READ THE FULL STORY HERE▶
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Immigration Status: According to a statement released by US Immigration and Customs Enforcement (ICE) on their official account, Ajayi had been living in the US illegally for nearly two decades after failing to depart the country following the expiration of his student visa.
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Criminal History: ICE reported that after abandoning his studies, Ajayi amassed a significant criminal record that includes convictions for domestic violence, trespassing, intimidation, and obstruction. Furthermore, his record includes charges involving kidnapping, rape, and family neglect.
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Administrative Context: ICE attributed the removal of Ajayi to the immigration enforcement policies of President Donald Trump, noting the administration’s commitment to deporting criminal undocumented immigrants.
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Missing Details: While the agency confirmed the deportation, they did not specify when it occurred, nor did they provide additional details regarding the jurisdictions of the convictions or the current status of his pending criminal charges.
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Policy Enforcement: This action reflects the ongoing efforts by the Trump administration to intensify enforcement and increase the number of removals of undocumented individuals with criminal backgrounds across the United States.
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