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Pound Crushes Naira! Exchange Rate Skyrockets to ₦2,200 in Market Shocker

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Recent price trends show that the Nigerian naira has been trading within a tight range in the parallel market, hovering between ₦2,150 and ₦2,250 to the British pound this month, driven by heightened demand for the pound in Nigeria’s commercial hub.....KINDLY READ THE FULL STORY HERE▶

Naira Outlook Tied to CBN Reforms, Foreign Investment as New Instruments Boost Sentiment

Recent monetary indicators suggest that the stability of the Nigerian naira in 2025 will largely hinge on the Central Bank of Nigeria’s (CBN) reform agenda and the participation of foreign investors.

The naira gained some positive traction following the introduction of naira-denominated global depositary notes by BNY Mellon and Standard Bank, backed by Nigeria’s sovereign debt. These instruments aim to enhance foreign investors’ access to the country’s lucrative debt market.

Settlement of the notes through major international clearing systems — Euroclear and Clearstream — is expected to attract a broader spectrum of institutional investors globally. Analysts view this as a major breakthrough in integrating Nigeria’s debt instruments with international financial markets.

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British Pound Holds Ground Despite Weak UK Retail Sales Data

The British pound remained resilient against major currencies during the week, even as disappointing UK retail sales data triggered concerns about consumer demand. The pound closed at 1.345 against the US dollar, but faces resistance at the psychological 1.35 mark — casting uncertainty on its short-term trajectory.

UK retail sales plunged by 2.7% month-on-month in May, the steepest drop since December 2023. This followed a revised 1.3% gain in April and came in significantly below the market forecast of a 0.5% decline. The fall was largely attributed to a sharp drop in food store sales.

The poor data is expected to intensify pressure on the Bank of England (BoE) to begin cutting rates in the summer, despite keeping interest rates steady in its latest meeting. Three members of the Monetary Policy Committee (MPC) voted in favour of a 25-basis-point cut, citing softened labour market conditions, tepid consumer demand, and sustainable wage levels.

The BoE reiterated in its policy statement that any easing of monetary policy would be done gradually and with caution.

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While UK consumer inflation in May remained at 3%, matching expectations and slightly down from April’s figure, it remains well above the BoE’s 2% target. Core inflation slowed to 3.5% from 3.8% in April.

Adding to market sentiment, UK Finance Minister Rachel Reeves acknowledged progress in stabilising public finances but warned that significant economic challenges persist.

Meanwhile, UBS predicts a strengthening euro against the pound, potentially driving the EUR/GBP exchange rate toward the 0.86 mark as inflationary pressures and economic uncertainty continue to weigh on UK consumers.


Dollar Weakness Boosts Sterling

The pound also benefited from a weakening US dollar, as investor jitters over erratic US policy directions under the current administration led to a sharp greenback sell-off. This shift in sentiment has further bolstered the pound’s relative strength on the global stage.

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Kwara PDP Protests As Govt Moves To Reopen Robbery Case Against Saraki, Others.

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The Peoples Democratic Party (PDP) in Kwara State has strongly opposed reported moves by the state government to revisit the alleged Offa robbery case involving former Governor Abubakar Bukola Saraki and others.....KINDLY READ THE FULL STORY HERE▶

reports that the party made its position known during an emergency press conference in Ilorin on Friday, describing the development as politically motivated and unjust.

PDP spokesman, Comrade Olushola Adewara, said the alleged plan to reopen the case amounts to an attempt to politicise a matter that has already been concluded by the courts.

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He alleged that the move was targeted at dragging Saraki into a case in which, according to him, legal authorities had previously found no evidence linking him to the incident.

Adewara referenced earlier legal opinions from the Office of the Attorney General of the Federation, which reportedly stated that Saraki was not connected to the robbery case.

The party insisted that suspects in the case had already been prosecuted and convicted, with judgments upheld at appellate levels, while the matter is currently before the Supreme Court.

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PDP urged Governor Abdulrahman Abdulrazaq to focus on governance rather than what it described as attempts to revive old political narratives.

It also called on security agencies to monitor the situation closely, warning that such actions could heighten political tension in the state.

The party further appealed to residents, especially families of victims in Offa, not to allow their pain to be used for political purposes.

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2027: Oyo APC Senator Alli Declares Governorship Ambition.

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Senator representing Oyo South, Sharafadeen Alli, has declared his intention to contest the Oyo State governorship election ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Alli, who serves under the All Progressives Congress (APC), made the declaration on Friday during a formal event held at the Police Field in Yemetu, Ibadan North Local Government Area.

The APC chieftain and Ekaarun Balogun of Ibadanland said he will be running on the platform of his party.

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The event attracted thousands of APC leaders, stakeholders, and members, including top political figures such as Senator Yunus Akintunde, House of Representatives members Akin Alabi, Aderemi Oseni, Akeem Adeyemi, Olafisoye Akinmoyede, Tajudeen Abisodun, and Senator Hamzat Adeseun.

Also in attendance were former Deputy Governor Iyiola Oladokun, Asiwaju Yemi Aderibigbe, and Alhaji Fatai Ibikunle, among others.

Alli said his decision followed wide consultations with stakeholders and was driven by his desire to advance the development of Oyo State.

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He noted his past political experience, including serving as Chairman of Ibadan North Local Government and Secretary to the Oyo State Government under Senator Rasidi Ladoja, as well as his current role in the Senate, where he said he has consistently advocated for his constituents.

According to him, his ambition is focused on delivering better governance and moving the state forward.

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Showunmi Declares For Ogun 2027 Governorship, Seeks IPAC Support.

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A PDP chieftain and convener of The Alternative, Otunba Segun Showunmi, has declared his intention to contest the 2027 Ogun State governorship election.....KINDLY READ THE FULL STORY HERE▶

reports that Showunmi made the announcement during a courtesy visit to the Inter-Party Advisory Council (IPAC) secretariat in Abeokuta on Friday.

He called for a broad political coalition involving opposition parties and grassroots groups to challenge what he described as the failures of dominant political forces in the state.

Showunmi argued that political parties may choose or endorse candidates, but insisted such arrangements must not deny voters a genuine electoral choice.

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He said: “I will be running for governor in the 2027 governorship election. I have come to plead with you to set up a small committee… to determine how we can collaborate to make this happen.”

He also questioned whether Ogun State would experience a “coronation” or a competitive election process, urging stakeholders to allow open political contest.

The PDP chieftain noted that Ogun West’s long-standing exclusion from producing a governor is a legitimate grievance, but stressed that aspirations must still be tested through competition.

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He advocated issue-based campaigns ahead of 2027, rejecting “money politics” and challenging aspirants to public debates on governance.

Showunmi maintained that he has no history of violence or political thuggery, insisting the election should be centred on ideas and development plans for the state.

In response, IPAC leadership and other political actors at the event called for collaboration and careful selection of leaders ahead of the 2027 elections.

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