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“Naira Crashes To ₦1,550/$ In Parallel Market Amid Economic Turmoil”

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The Nigerian Naira continues to face pressure in the parallel market, with a US dollar trading at ₦1,538 for buyers and ₦1,528 for sellers in Lagos on Tuesday, August 26, 2025. Reports from Bureau De Change (BDC) operators indicate that these rates reflect ongoing demand for foreign currency outside official channels.....KINDLY READ THE FULL STORY HERE▶

Authorities at the Central Bank of Nigeria (CBN) have reiterated that the parallel market, often referred to as the black market, is not recognized. Individuals seeking foreign exchange are advised to transact through authorized banks and official channels.

In contrast, the official CBN rate remains relatively stable, with the dollar trading between ₦1,535 and ₦1,537. Market analysts note that rates in the black market are subject to fluctuation, and buyers or sellers may encounter slightly different figures depending on timing and location.

The continued gap between official and parallel market rates underscores the persistent challenges in Nigeria’s foreign exchange market and reflects growing demand pressures in the informal trading space.

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TRAGEDY STRIKES LABOUR MOVEMENT: NLC General Secretary, Comrade Emmanuel Ugboaja, Is Dead!

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The Nigeria Labour Congress (NLC) has been thrown into mourning following the death of its General Secretary, Comrade Emmanuel Ugboaja, who passed away on Wednesday after a prolonged illness. NLC President Joe Ajaero formally broke the news to members of the National Executive Council (NEC) by reading a family letter during an ongoing meeting in Enugu State.....KINDLY READ THE FULL STORY HERE▶

Born on May 15, 1966, Ugboaja graduated with a law degree from the University of Calabar in 1987. After four years of private legal practice, he transitioned into organized labor in 1993, famously becoming the first Nigerian lawyer to work full-time for a trade union.

Over a career spanning more than three decades, his notable roles included serving as General Secretary of the National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employees (2000–2005) and coordinating advocacy for the Alliance for Credible Elections. He also lent his expertise to national development as a delegate to both the 2005 Political and Constitutional Reform Conference and the 2014 Constitution Review Conference.

Service at the NLC

Having joined the NLC Secretariat in 2009 and previously serving as Principal Assistant General Secretary, Ugboaja was chosen to succeed Peter Ozo-Eson. His appointment as the fifth NLC General Secretary was ratified by the NEC in Kano on August 21, 2019.

In this leadership role, he steered crucial industrial negotiations, beginning with the implementation of the ₦30,000 national minimum wage in 2019, and remained active up until recently—signing an April 2026 directive for May Day rallies across states lagging in implementing the 2024 Minimum Wage Act. His legacy remains deeply rooted in legal practice, industrial relations, and tireless advocacy for Nigerian workers.

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LOCKED UP FOR TWO WEEKS: Court Orders NDLEA To Produce Detained Suspect Or Face Wrath Of The Law.

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Justice Friday Ogazi of the Federal High Court in Lagos has ordered the National Drug Law Enforcement Agency (NDLEA) to produce Lagos-based social media influencer and businessman Afolabi Kazeem Michael, popularly known as “KC Luxury.”....KINDLY READ THE FULL STORY HERE▶

The directive follows an ex parte application filed by his counsel, A. Labi-Lawal, SAN, challenging Afolabi’s continued detention for 14 days without a formal charge. The court directed the agency to respond within five days to the fundamental rights application and show cause why the suspect should not be released or granted bail. The case has been adjourned to September 9, 2026, for the hearing of the substantive application.

Arrest and Rights Violations Alleged

Afolabi was arrested on August 13, 2026, at the Murtala Muhammed International Airport in Lagos while preparing for a trip to Paris. In the supporting affidavit deposed by his father, Eric Afolabi, the applicant argued that his prolonged detention violates his constitutional right to personal liberty.

The businessman also accused NDLEA operatives of searching his Banana Island residence without a warrant and compelling him to unlock his iPhone 15 under threat of bodily harm. Furthermore, he claimed that the agency publicly circulated humiliating photographs and videos of him in custody, prompting him to seek ₦190 million in total damages for unlawful detention, privacy invasion, and defamation. He is also demanding the return of seized luxury items, foreign currencies, and vehicles, maintaining they were not proceeds of crime. Additionally, his legal team highlighted urgent medical concerns, stating he requires treatment for severe asthma which current detention facilities cannot adequately manage.

NDLEA’s Stance

Conversely, the NDLEA maintains that Afolabi’s arrest stems from an ongoing investigation into an international trafficking syndicate linked to the interception of 184.50 kilograms of cocaine intended for European and Asian markets, which also led to the recovery of luxury goods and foreign currency.

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VDM: ‘NBA Gave Its Platform To Rabble-Rouser To Make Reckless Accusation Against Police’ – Presidency.

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The Presidency has strongly criticized the Nigerian Bar Association (NBA) for allowing social media activist Martins Ortse, widely known as VeryDarkMan (VDM), to use its platform to attack the Nigeria Police Force (NPF).....KINDLY READ THE FULL STORY HERE▶

During an address at the NBA conference held in Port Harcourt, Rivers State, VDM alleged that police officers stationed at highway checkpoints leak traveler details to kidnappers and bandits. In response, Force spokesperson Ani Iniedu demanded that the activist substantiate his claims with concrete evidence.

Weighing in on the controversy via his X handle on Thursday, Sunday Dare, the Senior Special Assistant to President Bola Tinubu on Media and Publicity, condemned the association, writing: “So, NBA gave its platform to a rabble rouser to make unguarded and reckless accusations against the Police and our security agencies.”

Meanwhile, VDM has vowed not to present his evidence directly to the police. Responding to the summons in an Instagram video on Thursday, he stated that while he is ready to answer the police invitation, he will only disclose his proof if the matter is brought before a court of law.

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