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Dollar Soars As Naira Battles Market Pressure — Black Market Rate Hits New Heights

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According to market updates monitored by Nivo News, the exchange rate between the US dollar and the Nigerian naira in the parallel market, popularly known as the black market or Aboki FX, reflected significant fluctuations on Wednesday, August 27, 2025.....KINDLY READ THE FULL STORY HERE▶

Currency dealers in Lagos reported that dollars exchanged at an average buying rate of ₦1,548 and a selling rate of ₦1,531, with Bureau De Change (BDC) operators quoting varying figures depending on demand and supply pressures. Earlier in the day, some market sources had cited trades at around ₦1,538 to the dollar, underscoring the volatility of the parallel market.

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The Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize parallel market transactions, advising individuals and businesses seeking foreign exchange to process their requests through regulated financial institutions.

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It is important to note that rates in the black market may differ from one location to another and may not align with the official CBN window, where recent figures placed the naira trading between ₦1,536 and ₦1,538 to the dollar.

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Bauchi Road Crash: 11 Dead, 32 Injured In Multiple Accident.

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A tragic multiple-vehicle crash in Bauchi State has left eleven people dead and several others injured in varying degrees of severity.....KINDLY READ THE FULL STORY HERE▶

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Lula Slams Trump: Accuses Him Of ‘Declaring Wars’.

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Brazil’s President has called on global powers to reconsider their strategies after saying they have failed to end the ongoing conflict in the Middle East.....KINDLY READ THE FULL STORY HERE▶

Speaking at a summit of progressive leaders in Barcelona, Luiz Inácio Lula da Silva urged the five permanent members of the United Nations Security Council to adopt a new approach and take stronger responsibility for maintaining global peace.

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He also criticised U.S. President Donald Trump for his frequent social media posts directed at Iran.

“We cannot wake up every morning and go to bed every night with a tweet from a president threatening the world and declaring wars,” Lula said.

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APC Blasts Adeleke Over ₦300bn LG Funds Claim, Says He Is Responsible.

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APC Fires Back at Adeleke Over ₦300bn LG Funds Allegation, Blames Governor for Salary Crisis....KINDLY READ THE FULL STORY HERE▶

The Osun State Chapter of the All Progressives Congress (APC) has responded to claims by Governor Ademola Adeleke that local government officials under the party diverted about ₦300 billion meant for workers’ salaries.

Adeleke had made the allegation during a stakeholders’ meeting, accusing APC-controlled council officials of hijacking funds and forcing the state government to shoulder salary payments for local government workers, teachers, health staff, and pensioners for over a year.

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He insisted he would not abandon workers, blaming the situation for delays in executing some state projects.

But in a statement, APC’s Director of Media and Information, Kola Olabisi, dismissed the claims, accusing the governor of misleading the public and shifting blame.

The party alleged that Adeleke was responsible for the salary issues, claiming he refused to release electronic payment vouchers and other financial documents needed for processing payments.

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APC also said pension-related records, leave bonuses, cooperative deductions, and other financial data had not been made available despite repeated appeals, insisting that funds were properly accounted for and available for use if approved.

The party urged pensioners and workers to seek clarification, insisting the situation could be resolved if the governor allowed due process to take place.

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