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Dollar Holds Steady at ₦1,487 Amid Market Stability
U.S. dollar traded at about ₦1,487 in today’s foreign-exchange market, showing only a slight decline from the previous session, as Nigeria’s currency market remained relatively calm.....KINDLY READ THE FULL STORY HERE▶
In the official foreign exchange market, the dollar slipped by about ₦3.31, or 0.22%, settling at ₦1,487.04. The currency floated in a narrow daily range between ₦1,487.04 and ₦1,491.00. Meanwhile, in the parallel (black) market, one dollar fetched as high as ₦1,505.
Experts say the moderate movement reflects cautious sentiment among traders, as both foreign and local investors await fresh economic data.
What’s Driving the Rate
The foreign-exchange market in Nigeria is influenced by multiple forces:
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Inflows & outflows: Foreign investment, remittances, oil revenue, and import payments affect dollar demand.
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Central Bank policy: The Central Bank of Nigeria (CBN) manages liquidity and reserves, which can buffer volatility.
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Market expectations: Traders often act on forecasts about inflation, interest rates, and government interventions.
The current rate at ₦1,487 lies near the midpoint of the 52-week trading band of ₦1,430 to ₦1,690. That suggests the exchange rate is under moderate pressure but not in extreme territory.
In the black market, the higher figure—₦1,505 per dollar—reflects extra risk and scarcity of dollars in informal trading channels.
Background: Nigeria’s Currency Context
Nigeria relies heavily on imports, so many goods and raw materials are priced in foreign currencies, especially the U.S. dollar. A weaker naira makes imports more expensive, which can push up inflation and living costs.
To counter inflation and currency instability, the Central Bank often uses interest rate adjustments, foreign-exchange interventions, and controls on capital flows. In recent months, inflation has been easing, which gives the central bank some room to manage the naira more flexibly.
Still, structural challenges remain: limited foreign reserves, fluctuations in oil revenue, and tight global liquidity can all strain currency markets.
Voices from the Market
A currency dealer in Lagos, who asked to remain unnamed, said: “Liquidity is tight. Many importers compete for limited dollars, pushing the black-market rate up.”
An economist based in Abuja commented, “The narrow movement today shows that markets are hesitant. They are waiting for CBN signals or macroeconomic data before making large bets.”
What to Watch Next
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CBN announcements: Policies on forex sales, interventions, or capital controls could move the rate.
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Oil revenue reports: Higher oil earnings often lead to more dollar inflow, relieving pressure.
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Inflation & interest rates: If inflation falls further, the central bank may ease policy, affecting the naira’s value.
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External shocks: Global interest rates, U.S. dollar strength, or geopolitical events could impact Nigeria’s cost of borrowing and capital flows.
In short, today’s modest shift in the dollar exchange rate signals a market cautious of surprises. The next few days will likely reveal whether the naira can hold steady or begin to strengthen—or weaken—depending on policy direction and external pressures.
Bamidele Kehinde, Director of Dynamic Ambassadors for Social Orientation Initiatives and the City Transformation Project, has expressed appreciation to the Federal Government of Nigeria for its efforts in securing the release of Pastor Benjamin Egbaji, who was reportedly held in detention in the Republic of Benin for over two years under difficult conditions.....KINDLY READ THE FULL STORY HERE▶
Pastor Egbaji, a Nigerian cleric, was said to have endured harsh treatment during his detention, including prolonged confinement. His release followed a presidential pardon granted by the authorities in Benin Republic under President Patrice Talon.
Speaking on News Central TV, Dr. Kehinde praised the diplomatic efforts that led to the cleric’s freedom, describing the process as lengthy and challenging. He noted that significant progress was achieved after Bianca Odumegwu-Ojukwu was appointed Minister of State for Foreign Affairs.
He stated that although there was no personal connection or financial influence involved, the minister actively engaged Benin Republic authorities through diplomatic channels. According to him, her visit and negotiations played a key role in securing Pastor Egbaji’s release.
Dr. Kehinde also commended all individuals and institutions that contributed to the advocacy efforts, including Moses Eyo, Dickson Umu Unung, the Cross River State Government, CP Alobi Lawrence (rtd), Joseph Bisong Ayi, Blessing Harrison, Eze Sampson, and Rt. Hon. Legor Idagbo.
He said their combined efforts were instrumental in achieving the cleric’s freedom.
He added that while Egbaji’s release is a major relief, the cleric now faces the task of recovering and rebuilding his life after years of hardship. He called for continued support to help him reintegrate into society.
Dr. Kehinde also urged stronger government commitment to protecting Nigerian citizens abroad and enhancing diplomatic engagement across West Africa to prevent similar cases in the future.
The Civil Defence, Correctional, Fire, and Immigration Services Board (CDCFIB) has provided an update on its ongoing nationwide recruitment exercise.....KINDLY READ THE FULL STORY HERE▶
The board stated that 1,120,491 applications were successfully completed and processed, allowing candidates to proceed to the computer-based test (CBT) stage.
It also disclosed that 432,935 applications were left incomplete, while 360,923 applicants were disqualified during screening and shortlisting for failing to meet the required criteria.
In total, the recruitment exercise recorded over 1.8 million applications across the country.
The exercise covers agencies under the board, including the Nigeria Immigration Service, Nigeria Security and Civil Defence Corps, Federal Fire Service, and the Nigeria Correctional Service.
CDCFIB also released a breakdown of CBT performance, showing that 221,996 candidates scored between 0–40, 229,155 scored between 41–60, 278,543 scored between 61–80, while 142,697 scored between 81–100.
The recruitment process is now expected to move to the next stage, which includes physical screening and document verification. Shortlisted candidates will be contacted with details of their screening venues, dates, and required documents.
The board reiterated that the entire process is free of charge and advised applicants to rely only on official communication channels for updates, warning against misinformation and unauthorized messages circulating online.
The Nigerian Air Force (NAF) has confirmed that its Air Component of Operation HADIN KAI conducted precise airstrikes in the Yuwe axis of the Sambisa Forest, resulting in the elimination of several terrorist elements on Monday.....KINDLY READ THE FULL STORY HERE▶
This was contained in a statement issued on Tuesday in Abuja by the Director of Public Relations and Information, Air Commodore Ehimen Ejodame, who noted that military operations in the North-East continue to maintain strong pressure on insurgent groups.
He explained that the operation was based on credible intelligence, supported by Intelligence, Surveillance, and Reconnaissance (ISR) activities, which identified active terrorist presence within fortified positions and underground hideouts.
According to him, NAF air platforms successfully engaged the targets using precision-guided munitions, destroying the structures, neutralising multiple terrorists, and dismantling key logistics facilities. This was later confirmed through battle damage assessments.
The statement added that sustained air operations have continued to weaken terrorist networks, disrupting their activities and forcing them into more defensive and unstable responses.
The Chief of the Air Staff, Air Marshal Sunday Aneke, also reiterated the Air Force’s commitment to maintaining continuous, intelligence-driven operations aimed at completely neutralising terrorist threats.
He further assured that the NAF remains focused on protecting its personnel, safeguarding national security, and ensuring the safety of citizens, while continuing precision operations in line with strict rules of engagement to minimise civilian impact.
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