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Naira Strengthens Slightly as Dollar Trades Around ₦1,500
Nigerian naira gained a little ground on Friday as the U.S. dollar traded near ₦1,500 in both official and parallel markets.....KINDLY READ THE FULL STORY HERE▶
In the official Nigerian Foreign Exchange Market (NFEM), the dollar changed hands at about ₦1,506.50, down from ₦1,513 a day earlier. Vanguard News
Meanwhile, on the black (parallel) market, the dollar was selling for approximately ₦1,495, with buying rates close to ₦1,505. Aboki Forex
The exchange gap—difference between official and parallel rates—widened to around ₦18.50. Vanguard News
Key Drivers
Analysts attribute the modest naira recovery to increased supply of U.S. dollars and stabilizing foreign exchange inflows.
The Central Bank of Nigeria’s efforts to moderate volatility in the FX market have also played a role.
Earlier this month, the central bank cut its key interest rate by 50 basis points to 27 percent—the first reduction since 2020—citing easing inflation and the need to stimulate growth. Reuters+1
The central bank also narrowed its interest rate corridor, with the deposit facility now at 25.5 percent (down from 26.5 percent) and the standing lending facility at 29.5 percent (from 32.5 percent). Reuters
These moves have increased liquidity in the banking system, giving market participants more naira to trade. Reuters
Background
The naira has been under persistent pressure in recent months due to high inflation, low foreign reserves, and strong demand for hard currency.
In September, inflation dropped to around 20.12 percent year-on-year, marking its fifth straight monthly decline. Reuters
This cooler inflation trend partly motivated the central bank’s rate cut.
Still, the naira remains far weaker than in previous years. In late 2024, the currency was trading above ₦1,700 per dollar at points. Trading Economics
In the parallel market, where supply is less controlled, rates often diverge from official values. The spread reflects both market risk and constraints on foreign exchange access.
Voices from Market
A currency dealer in Lagos who asked to remain anonymous said the improved rate “gives breathing space” for businesses needing dollars for imports.
“But the market remains fragile—any shock could reverse gains quickly,” the dealer added.
A financial analyst, Uche Okoro, told local press:
“The central bank’s monetary easing is timely. If foreign inflows continue, the naira could gain more. But external pressures—oil prices, global rates—remain risks.”
Outlook & Impact
For Nigerians importing goods or paying foreign obligations, today’s weaker dollar gives mild relief, but costs remain high.
If the dollar weakens further, it could reduce inflationary pressure on imported items like fuel, medicines, and machinery.
Still, the broader outlook depends on foreign reserve levels, oil revenue, and stability in global markets.
Analysts expect the naira to trade between ₦1,480 and ₦1,550 over the next few weeks, barring major shocks.
The central bank may also monitor the spread between official and parallel rates closely. If divergence widens sharply, it could consider further policy adjustments.
In coming days, decisions on capital controls, import regulation, or FX auctions may affect the dollar-naira balance again.
For now, the slight gain in the naira is modest but welcome—offering some relief to businesses and citizens trying to make sense of complex currency dynamics.
Former Vice President Atiku Abubakar has revealed that his push for an opposition coalition was initially rejected by members of the Peoples Democratic Party (PDP).....KINDLY READ THE FULL STORY HERE▶
Atiku made the disclosure during an interview on Arise Television on Wednesday, where he reflected on events following the PDP’s defeat in the 2023 presidential election. According to him, he warned party leaders after the election that the PDP could struggle politically without forming alliances with other opposition forces. “To be honest, I was one of the major initiators of this coalition. After the PDP lost the last election, I told the party clearly that I did not see a future for the PDP without a coalition,” he said. Atiku said his advice was rejected at the time, despite his conviction that Nigeria’s political history had shown the importance of alliances. “They disagreed with me then. I have studied Nigeria’s political transition over the years and saw how previous alliances worked, so it was not difficult for me to foresee this,” he stated. The former vice president added that his support for coalition politics was also influenced by his desire to encourage the emergence of younger leaders he believes are vital to Nigeria’s future. “I saw some of these younger politicians as the future leaders of this country, and I felt it was my duty to point that out,” he said. However, Atiku claimed the resistance he encountered within the party was driven more by personal feelings than by disagreement over the substance of his proposal. “They disagreed with me simply because they did not want to see my face, not because of what I was suggesting,” he said. Atiku added that recent political developments have now vindicated his position on the need for a broad opposition alliance ahead of future elections.
Former Vice President Atiku Abubakar has said the African Democratic Congress (ADC) will first pursue a consensus arrangement before considering a primary election for its 2027 presidential ticket.....KINDLY READ THE FULL STORY HERE▶
Atiku made this known during an interview on Arise Television on Wednesday while discussing the party’s leadership and strategy ahead of the next general election.
He said he is open to backing a consensus candidate if that becomes the party’s collective decision, stressing that such support should not be interpreted as stepping aside.
“It is not about stepping aside, but whether I am willing to support, and yes, I will,” Atiku said.
According to him, the ADC’s first priority is to build internal unity and reach an agreement among stakeholders before considering a competitive primary process.
“Our first option will be to work out a consensus. If that doesn’t happen, then of course we will explore other options. And yes, I will support whoever eventually emerges,” he stated.
Atiku also expressed confidence in the political experience within the party, saying he believes a consensus is achievable and may make a full-scale primary contest unnecessary.
“That remains our preferred path. We will go for primaries if consensus fails, but I honestly do not expect it to get to that stage because we are dealing with mature and experienced politicians,” he added.
His comments come amid growing political consultations and coalition talks as parties begin to position themselves ahead of the 2027 general elections.
Former Vice President Atiku Abubakar has said the opposition coalition under the African Democratic Congress (ADC) has significantly strengthened his chances of winning the 2027 presidential election.....KINDLY READ THE FULL STORY HERE▶
Atiku made the remarks during an interview on Arise Television’s Prime Time programme on Wednesday. Speaking on what makes his latest presidential bid different from previous attempts, Atiku said the ADC coalition brings together key political figures from across major parties, including the APC, PDP and Labour Party. He described the alliance as a broader and more strategic political arrangement ahead of the 2027 general elections. According to him, the coalition has created a stronger platform that improves his prospects. “Now, we have a broader coalition — a combination of APC, PDP and LP — which gives me a better chance of becoming president in 2027,” he said. Atiku also noted that the coalition reflects both experience and generational inclusion, which he said shows a clear succession plan. “You see people of my generation, and you see younger people coming behind us, so you can clearly see a succession pattern,” he added. Meanwhile, Atiku described former President Goodluck Jonathan as a decent but inexperienced leader. According to him, Jonathan’s lack of experience contributed to shortcomings in governance and played a role in his defeat in the 2015 presidential election. “I know Goodluck Jonathan very well. He is a decent young man, but he was also inexperienced, and that contributed to his failure in managing the affairs of the country,” Atiku said. He made the remarks while stressing the need for experienced and capable leadership in Nigeria.
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