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Dollar Skyrockets As Naira Weakens Further In Black Market Trading

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The black market, also known as the parallel market or Aboki FX, continues to set its own exchange rates for the United States Dollar against the Nigerian Naira. As of Saturday, September 13, 2025, traders in Lagos’ parallel market reportedly bought a dollar for ₦1,522 and sold it for ₦1,506, according to Bureau De Change (BDC) sources.....KINDLY READ THE FULL STORY HERE▶

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals seeking foreign exchange to transact through authorized banks.

Current exchange rates show slight variations between official and black market channels: the CBN rate for the dollar ranges from ₦1,498 at its lowest to ₦1,503 at its highest. Observers caution that actual buying and selling prices may differ slightly, as black market rates fluctuate depending on demand and market activity.

Current Exchange Rates (13th September 2025):

Black Market (Parallel Market)

  • Buying Rate: ₦1,522

  • Selling Rate: ₦1,506

CBN Official Rate

  • Highest Rate: ₦1,503

  • Lowest Rate: ₦1,498

These figures highlight the ongoing gap between official and black market rates, reflecting continued pressure on the naira amid rising demand for dollars.

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NO PALACE FOR PLUNDERERS: How Peter Obi Plans To Deny State Governors And Oil Barons Access To Nigeria’s Wealth.

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Theo Abu Agada, the Director of New Media and Strategic Communications for the Nigeria Democratic Congress (NDC), has clarified that presidential candidate Peter Obi will manage fuel subsidy funds differently from President Bola Tinubu and opposition figures like Atiku Abubakar ahead of the 2027 elections.....KINDLY READ THE FULL STORY HERE▶

Reacting via his X account to ongoing public debates surrounding fuel subsidy policies, Agada criticized President Tinubu for allegedly leaving realized subsidy funds at the mercy of state governors. He also claimed that Atiku Abubakar’s proposed approach would inadvertently revive the entrenched oil cabals that previously profited from the subsidy regime.

Highlighting Obi’s consistent stance since 2012, Agada emphasized that the NDC candidate champions transparent resource management. Rather than enriching political leaders or corrupt syndicates, Obi plans to directly benefit citizens by investing savings into job creation, world-class healthcare, robust educational institutions, and critical transport infrastructure.

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BLOWN CHANCE: Embattled Defender Handed Brutal Two-Game Ban Following Disastrous Playoff Collapse.

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Nigerian center-back Chibuike Nwaiwu has received a two-match suspension following his late red card in Trabzonspor’s UEFA Europa League playoff first-leg defeat to Ferencváros.....KINDLY READ THE FULL STORY HERE▶

During the tense encounter at Papara Park, a 17th-minute goal by Kristoffer Zachariassen secured a narrow 1-0 win for the Hungarian champions. Nwaiwu was dismissed in the closing stages, forcing the Turkish side to finish the match with ten men.

The 23-year-old defender will miss the crucial second leg at the Ferencváros Stadion as Trabzonspor attempts to overturn the one-goal deficit. Additionally, if the club successfully advances past the playoffs, Nwaiwu will sit out their opening match of the tournament’s league phase.

Since arriving from Austrian club Wolfsberger AC in January, Nwaiwu has quickly established himself as a key figure in the Black Sea Storm squad, making two league appearances this season. His absence presents a significant defensive challenge for Trabzonspor as they fight to keep their European campaign alive in Budapest.

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BETRAYAL OF TRUST: Man Given Free Shelter Allegedly Sells Benefactor’s House And Scams Cleric Of ₦13.6 Million.

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The Economic and Financial Crimes Commission (EFCC) has arraigned Yusuf Oyepeju before the Oyo State High Court sitting in Ibadan. Oyepeju appeared alongside two corporate entities—Alwajeez International Nigeria Limited and AIN Homes and Property Limited—to face a six-count charge encompassing forgery, document uttering, theft by conversion, and obtaining money under false pretenses.....KINDLY READ THE FULL STORY HERE▶

According to a statement released in Ibadan on Wednesday by EFCC’s Head of Media and Publicity, Dele Oyewale, the case stems from a relationship that began on an Islamic WhatsApp educational platform where both Oyepeju and the victim, Fasasi Bayonle, served as tutors. Bayonle, an Islamic cleric based in Dubai, eventually fell victim to a severe betrayal of trust.

From Benefactor to Alleged Victim

Investigations revealed that the saga began in 2018 when Oyepeju approached Bayonle seeking financial assistance for accommodation after getting married. Rather than a cash handout, Bayonle permitted Oyepeju to temporarily move into his vacant property located at the Ikumapayi area of Olodo, Ibadan, before relocating to the UAE.

Authorities stated that Oyepeju, posing as a property developer, subsequently convinced Bayonle to fund land purchases and housing construction projects in Ibadan, transferring a total of ₦8,697,900 between February and August 2020. However, the arrangement turned sour when Oyepeju allegedly forged a “Transfer of Agreement,” sold the very house he was given to live in for free to companies linked to him, and converted the proceeds. Investigators also discovered that he never purchased or developed the promised land.

Court Proceedings and Remand

Appearing before Justice Olusola Adetujoye, Oyepeju pleaded not guilty to all charges. Following his plea, prosecuting counsel Sanusi Galadanchi requested a trial date and asked that the defendant be remanded. Meanwhile, defense counsel B. Ajibola informed the court that a bail application had already been filed and served.

Justice Adetujoye adjourned the proceedings for the hearing of the bail application and ordered that Oyepeju be remanded at the Agodi Correctional Centre, Ibadan, pending the next court date.

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