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Dollar Steadies at ₦1,484 as Naira Shows Modest Strength

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LAGOS, Nigeria — The U.S. dollar traded at about ₦1,484 against the naira on Wednesday, showing slight strength for Nigeria’s currency in the official foreign exchange market.....KINDLY READ THE FULL STORY HERE▶

According to rates published Oct. 1, the naira exchanged at ₦1,484.40 to the dollar, data from Xe currency converter showed. Other platforms, including Investing.com and Trading Economics, listed similar figures at ₦1,483 to ₦1,484.

The figure represents the official market rate, set by activity on the Nigerian Foreign Exchange Market. This rate often differs from the parallel market, also known as the black market, where the dollar has recently sold for between ₦1,460 and ₦1,545 depending on location and demand.

The naira has appreciated modestly in recent weeks. Trading Economics reported a 3.6 percent gain against the dollar over the past month and more than 11 percent over the last year. The currency hit a record low of ₦1,717.50 per dollar in November 2024, following Nigeria’s move to a more flexible exchange regime.

Analysts say the current stability is tied to central bank measures, including sales of foreign exchange to Bureau de Change operators and efforts to attract foreign inflows. Nigeria relies heavily on oil exports for foreign currency earnings, making the naira sensitive to global crude prices.

“One should not read too much optimism from short-term gains,” said a Lagos-based bank analyst, who asked not to be named. “Oil prices, capital flows, and global shocks can quickly change the picture.”

Economists also warn that the parallel market remains an important signal of investor sentiment. A widening gap between official and black-market rates could place pressure on the naira again.

For ordinary Nigerians, the rate means that every U.S. dollar now exchanges for about ₦1,484 through official channels, while importers and businesses may see some relief in costs compared to earlier in the year. However, many households and small traders still rely on the black market, where rates remain higher.

The Central Bank of Nigeria has said it will continue to monitor the market and intervene when necessary to stabilize the currency. Investors and businesses are now watching closely for further policy announcements, as well as developments in global oil prices, which remain a key driver of Nigeria’s economy.

At the moment, the dollar’s steady position at ₦1,484 offers a temporary reprieve for the naira. Whether the currency can hold its ground will depend on government policy, foreign inflows, and broader economic conditions in the months ahead.

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TERROR FINANCING ALLEGATIONS: EFCC Drags Miyetti Allah Leader To Court In Multi-Million Dollar Probe!.

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  • Bello Bodejo, the National President of Miyetti Allah Kauta Kore, was arraigned at the Federal High Court in Abuja on Thursday to face charges related to an alleged $2.63 million money laundering scheme.....KINDLY READ THE FULL STORY HERE▶

    • In addition to money laundering, the Economic and Financial Crimes Commission (EFCC) has accused Bodejo of financing terrorism.

    • Bodejo is the sole defendant named in the 12-count charge, which was filed in late June 2026.

    Allegations and Plea

    • The EFCC alleges that Bodejo accepted various large cash payments in U.S. dollars from Sa’idu Abubakar, including $100,000 in January 2022, $200,000 later that month, $980,000 in February 2024, and $500,000 in March 2024.

    • The agency specifically charged Bodejo with willfully accepting these large cash payments without utilizing a financial institution, as mandated by law, and possessing funds suspected to be linked to unlawful activities.

    • During the hearing before Justice Inyang Ekwo, Bodejo entered a plea of not guilty after the 12-count charge was read to him.

    • Legal counsel for both the prosecution (Wahab Shittu, SAN) and the defense (Ahmed Raji, SAN) were present, with the defense offering no opposition to the plea proceedings.

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“THEY DON’T LIKE ME!”: FCT Minister Nyesom Wike Exposes Tense Relationship With Civil Servants!.

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  • FCT Minister Nyesom Wike stated during a monthly media chat in Abuja that he is unpopular among civil servants.....KINDLY READ THE FULL STORY HERE▶

    • He attributed this lack of popularity to his efforts to shut down channels for the fraudulent diversion of public funds, explaining that money previously misappropriated by staff is now being redirected toward road infrastructure.

    Reasons for Friction

    • The Minister criticized the habit of approving funds for unnecessary activities, such as traveling to conferences in the United States for land administration, suggesting that staff should instead conduct research locally.

    • Wike highlighted a significant shift in budget management, noting that he reduced recurrent expenditure in favor of capital expenditure, moving from a system where recurrent spending accounted for 65 percent of the budget to one where capital projects now receive 70 percent of funding.

    • He maintained that he will not approve large sums for “frivolous” conferences, choosing instead to prioritize infrastructure projects that provide tangible benefits to the public.

    • Conclusively, Wike asserted that because he puts money into roads rather than funding these conferences—which he described as vehicles for corruption—he does not expect to be liked by the civil service workforce.

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STUDENT LOAN BONANZA: ₦1.5 Billion Hits 6,129 Student Accounts In Massive NELFUND Payout!.

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  • The Nigerian Education Loan Fund (NELFUND) has released a total of ₦1,501,935,800 to 6,129 students for the 2025/2026 academic session.....KINDLY READ THE FULL STORY HERE▶

    • This update was shared by NELFUND on Thursday through its verified handle.

    • The initiative is part of the Federal Government’s effort to increase access to higher education by lessening the financial pressure on students and their families.

    Breakdown by Institution

    • Bamidele Olumilua University of Education, Science and Technology (BOUESTI): Received ₦1,360,920,800 for 5,396 students across five tranches.

    • Sikiru Adetona College of Education, Science and Technology: Received ₦104,530,000 for 680 students.

    • Edo State College of Nursing Sciences: Received ₦36,485,000 for 53 students.

    Institutional Confirmation and Feedback

    • All three institutions have officially acknowledged receipt of the funds.

    • Dr. Bukola Makinde, Registrar of Sikiru Adetona College, confirmed that the funds have already been credited to the students’ bank accounts, noting that this support will facilitate “hitch-free academic progress”.

    • Mabel Omobude, Provost of the Edo State College of Nursing Sciences, pledged transparency and stated that the funds will be applied strictly for their intended educational purposes.

    • Prof. Andrew Babatunde Omojola, Vice-Chancellor of BOUESTI, commended the Federal Government and NELFUND for their efficiency in managing and releasing the funds.

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