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

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9 months ago

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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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TOP-SECRET STRATEGY: President Tinubu And Service Chiefs Hold Emergency Closed-Door Security Summit!.

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July 10, 2026

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  • President Bola Ahmed Tinubu convened a closed-door security summit on Thursday at the Presidential Villa in Abuja with the nation’s intelligence chiefs, military high command, and top security advisers.....KINDLY READ THE FULL STORY HERE▶

    • The meeting spanned over two hours and involved a comprehensive assessment of the security landscape across Nigeria, including updates on various military operational theaters.

    • While the State House shared a photograph of the gathering, no formal resolutions were immediately released.

    Key Attendees

    • The meeting included National Security Adviser Nuhu Ribadu, Minister of Defence General Christopher Musa (retd.), and Chief of Defence Staff General Olufemi Oluyede.

    • Other high-ranking officials present were Chief of Army Staff Lieutenant General Waidi Isa, Chief of Defence Intelligence Lieutenant General Emmanuel Undiandeye, and Inspector-General of Police Olatunde Disu.

    • Leadership from the Department of State Services and the National Intelligence Agency were also in attendance, alongside Special Adviser to the President on Homeland Security, Major General Adeyinka Famadewa (retd.).

    Context of Recent Operations

    • This summit occurred two days after military forces, supported by the Joint Task Force (North-West) air component, thwarted a significant terrorist offensive in Katsina and Zamfara states.

    • On July 7, the Nigerian Air Force conducted precision strikes against a convoy of approximately 300 armed terrorists on motorcycles traveling toward Gummi.

    • Additionally, military forces successfully neutralized a notorious bandit commander named Alhaji Tukur—the brother of wanted kingpin Alhaji Shehu Bagiwaye—during an operation in Dogon Kade.

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POLITICAL WEAPON WARNING: Natasha Akpoti-Uduaghan Slams Potential For State Police Abuse!.

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6 minutes ago

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July 10, 2026

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  • During an ARISE News and THISDAY-organized conference in Abuja, Kogi Central Senator Natasha Akpoti-Uduaghan warned against allowing state police to become tools for executive or political intimidation.....KINDLY READ THE FULL STORY HERE▶

    • While acknowledging the growing support for decentralized policing, she emphasized the necessity of implementing strong constitutional safeguards to prevent local-level abuse.

    • She urged the National Assembly to prioritize these protective measures within any legislation that establishes such a system.

    Key Concerns and Recommendations

    • The Senator identified sustainable funding as a critical issue, cautioning that ineffective state policing will result if the Federal Government fails to provide adequate financial support.

    • She advocated for the creation of a policing framework that upholds the rule of law, protects democratic values, and effectively serves the public.

    • Additionally, she expressed appreciation for the proactive security measures taken by President Bola Tinubu and the Inspector-General of Police, noting that their decisive actions help foster public confidence.

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SECURITY BOOST: Senate Greenlights Massive ₦403.1 Billion Budget To Transform Nigerian Policing!.

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12 minutes ago

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July 10, 2026

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The Nigerian Senate has officially approved a total budget of ₦404.07 billion for the Nigeria Police Trust Fund, covering both the 2025 and 2026 fiscal years.....KINDLY READ THE FULL STORY HERE▶

  • 2025 Budget: The Senate approved ₦170.10 billion for the 2025 fiscal year. This budget was a resubmission of a previously approved 2024 proposal that could not be implemented due to legal disputes regarding the Nigeria Police Trust Fund (Establishment) Act.

  • 2026 Budget: An additional ₦233.96 billion was approved for the 2026 spending plan, with over 90 percent of this allocation dedicated to capital expenditure.

Key Insights and Commentary

  • Purpose of the Fund: The Nigeria Police Trust Fund was established to bolster the Nigeria Police Force by funding equipment procurement, training, infrastructure, and operational logistics.

  • Legislative Oversight: Senator Abdul Ahmed Ningi highlighted that the Fund has been unable to utilize its appropriations for nearly three years due to legal issues, adding that the National Assembly intends to track the implementation of these new funds to ensure proper utilization.

  • Infrastructure Focus: Senate Chief Whip Mohammed Tahir Monguno praised the 2026 budget’s heavy emphasis on capital expenditure, suggesting that other government agencies should model their spending after this approach.

  • Security Impact: Deputy Senate President Barau Jibrin expressed confidence that these funds will provide the necessary support for the police to combat significant security challenges, including terrorism, banditry, and kidnapping.

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