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Market Shockwave! Naira Plunges to ₦1,537/$ Officially, Black Market Bucks Trend
The Nigerian naira extended its decline yesterday in the official Nigerian Foreign Exchange Market (NFEM), slipping to ₦1,537 per US dollar.....KINDLY READ THE FULL STORY HERE▶
According to official data from the Central Bank of Nigeria (CBN), this marks a further weakening from Tuesday’s ₦1,536/$1, representing a marginal loss of ₦1. Significantly, the official rate also surpassed the parallel market rate by ₦2 — a rare development in recent days.
On the flip side, the naira appreciated in the parallel market, strengthening to ₦1,535/$1 on Wednesday from ₦1,555/$1 a day earlier, an impressive ₦20 gain.
The contrasting movements between the two markets have sparked renewed debate over the CBN’s ongoing monetary reforms and the effectiveness of its strategies to stabilise the forex market, despite persistent dollar shortages and weak external reserves.
Despite several interventions — including clearing FX backlogs, increasing benchmark interest rates to over 26%, and resuming dollar sales to Bureau de Change operators — the naira remains highly volatile.
Meanwhile, the CBN has opted to hold the Monetary Policy Rate (MPR) at 27.5 per cent in a bid to consolidate progress in tackling inflation and stabilising the economy.
CBN Governor Olayemi Cardoso, speaking after the 301st Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, confirmed that the committee unanimously agreed to retain the MPR at 27.5 per cent. The Cash Reserve Ratio (CRR) also remains at 50 per cent for Deposit Money Banks and 16 per cent for Merchant Banks, while the Liquidity Ratio stays at 30 per cent.
Cardoso explained that the decision to maintain all key monetary parameters reflects a cautious approach aimed at managing monetary pressures and ensuring price stability.
The Peoples Democratic Party (PDP) in Kwara State has described moves to prosecute former Senate President Bukola Saraki and former Governor Abdulfatah Ahmed over alleged culpable homicide as an attempt to reopen the 2018 Offa robbery tragedy for political purposes.....KINDLY READ THE FULL STORY HERE▶
Stakeholders of the All Progressives Congress (APC) in Kogi State have restated their support for Senator Sunday Steve Karimi, who represents Kogi West in the Senate, while also calling for unity within the party ahead of future elections.....KINDLY READ THE FULL STORY HERE▶
A heated political exchange has erupted within the African Democratic Congress (ADC) presidential race, as camps backing former Vice President Atiku Abubakar’s rivals push back against his claims of superior popularity, especially in the North.....KINDLY READ THE FULL STORY HERE▶
Supporters of Peter Obi and Rabiu Kwankwaso rejected Atiku’s assertion that he remains the dominant northern vote-getter, insisting that such claims do not reflect today’s political realities.
The Kwankwasiyya Movement, aligned with a potential Obi-Kwankwaso ticket, dismissed Atiku’s influence in the North as largely elite-driven, arguing that Kwankwaso enjoys more genuine grassroots support.
Former Transportation Minister Rotimi Amaechi also reacted, faulting Atiku’s position and questioning the logic of relying solely on regional identity as a basis for presidential ambition.
Atiku, in a recent interview, had maintained that none of his northern rivals, including Kwankwaso, can match his electoral strength, while downplaying Kwankwaso’s influence beyond Kano State.
His remarks sparked criticism across political circles, with some opposition figures describing them as arrogant and dismissive of other contenders.
Kwankwaso’s camp, however, maintained that both Kwankwaso and Obi have more “organic” support bases compared to politically induced followership, warning that such comments could deepen divisions within the ADC coalition.
Amaechi also argued that the ADC presidential ticket should be determined through a competitive primary rather than consensus, insisting that all aspirants should be tested at the ballot.
The growing disagreement highlights rising tension within the opposition alliance ahead of the 2027 general elections, as key figures intensify positioning for the party’s presidential ticket.
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