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Naira Weakens Slightly as Dollar Trades Around ₦1,495 in Parallel Market

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LAGOS, Nigeria — The Nigerian naira weakened slightly against the United States dollar on Thursday, trading around ₦1,495 in the parallel market, according to data from currency traders and online tracking platforms.....KINDLY READ THE FULL STORY HERE▶

At the official foreign exchange window, the Central Bank of Nigeria (CBN) reported an average rate of ₦1,470.55 per dollar, showing a marginal depreciation from the previous day’s ₦1,466. The gap between the official and unofficial market rates continues to narrow as the government intensifies efforts to stabilize the currency.

On currency conversion platforms, Wise listed the mid-market rate at approximately ₦1,497 per dollar, while Xe.com quoted a similar value, signaling consistent trends across both online and street markets.

Currency traders in Lagos and Abuja said the naira’s slight decline was due to increased demand for foreign exchange from importers and businesses preparing for end-of-year transactions.

“Dollar demand is rising because many businesses are restocking ahead of the festive period,” said Musa Abdullahi, a trader at the popular Wuse Zone 4 forex market in Abuja. “The supply from official sources is still limited, so people are turning to the black market.”

Analysts say the Central Bank’s recent interventions, including the clearance of some forex backlogs and the tightening of monetary policies, have helped stabilize the naira in recent weeks. However, persistent inflation and dollar scarcity continue to pressure the local currency.

Nigeria’s inflation rate climbed to over 30% in September, driven by higher food and fuel costs following the removal of fuel subsidies and floating of the naira. Economists warn that without a steady inflow of foreign currency, the exchange rate could remain volatile through the fourth quarter of the year.

Meanwhile, the Central Bank has reiterated its commitment to a unified exchange rate system aimed at attracting foreign investments and improving liquidity in the official market. The bank also urged Nigerians to avoid panic buying and speculation that could worsen market instability.

“The CBN is working to restore confidence in the forex market,” said a statement from the apex bank. “Our policies are designed to ensure transparency and efficiency while maintaining price stability.”

Despite these assurances, some financial experts remain cautious. They argue that a more consistent inflow of export earnings and remittances is needed to strengthen the naira over time.

For now, the dollar continues to trade between ₦1,470 and ₦1,495 depending on the source and region, with traders predicting mild fluctuations in the coming days as Nigeria awaits further fiscal and monetary measures to support its currency.

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High Stakes Shakeup: Tinubu Assigns Matawalle As APC Campaign Security And Intelligence Deputy Director!.

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The Minister of State for Defence, Bello Matawalle, has been named Deputy Director for Security and Intelligence 1 within the All Progressives Congress (APC) Presidential Campaign Council for the upcoming electoral cycle.....KINDLY READ THE FULL STORY HERE▶

According to announcements from the Ministry of Defence, this appointment—endorsed by the party’s presidential candidate, President Bola Ahmed Tinubu—places Matawalle at the core of the campaign’s security coordination. His responsibilities include designing comprehensive security frameworks to protect candidates, officials, and supporters nationwide, conducting risk assessments, and spearheading intelligence gathering. Furthermore, he is tasked with collaborating closely with security agencies and engaging key community stakeholders, such as traditional rulers and youth leaders, to ensure a well-secured operation.

Reflecting on his new role, Matawalle expressed gratitude to President Tinubu and party leadership, pledging to leverage his prior governance and security background to promote a peaceful and successful nationwide campaign.

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Work in Progress: Maresca Admits Champions League Giants Still Have Massive Gaps Despite Opening Day Thriller!.

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Manchester City boss Enzo Maresca has acknowledged that his squad remains a work in progress despite kicking off their Premier League campaign with a hard-fought 2-1 comeback victory over Bournemouth.....KINDLY READ THE FULL STORY HERE▶

Late strikes from Marc Guéhi and Joško Gvardiol turned the match around at the Etihad Stadium after Bournemouth applied steady pressure. Although the result brought home three points, Maresca stressed that the performance did not alter his overall perspective following their earlier Community Shield setback against Arsenal, noting that the team is still actively seeking the right tactical combinations.

“To be honest, I feel in the same position we were after Arsenal,” Maresca noted, explaining that testing new setups—such as utilizing centre-back Guéhi in midfield—is part of finding necessary solutions.

The manager also pointed out a significant physical disparity within his squad, mentioning that several core players only returned to training roughly ten days prior to the fixture, leaving them behind opponents who had a full pre-season.

Premier League Matchday 1 Results

  • Arsenal 3-0 Coventry City

  • Hull City 2-0 Manchester United

  • Ipswich Town 2-1 Sunderland

  • Everton 2-0 Crystal Palace

  • Nottingham Forest 0-1 Leeds United

  • Brentford 3-0 Tottenham Hotspur

  • Manchester City 2-1 Bournemouth

  • Brighton & Hove Albion 4-0 Aston Villa

  • Newcastle United 2-2 Liverpool

Pending fixture: Fulham vs Chelsea

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The Phantom Bureau: How A Fake Federal Agency Coaxed Governors Into Handing Over Land And Cash

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The Independent Corrupt Practices and Related Offences Commission (ICPC) recently uncovered a fraudulent organization posing as a federal government body without presidential backing, prompting President Bola Ahmed Tinubu to order the suspension of three high-ranking officials connected to the scheme and the arrest of its coordinator.....KINDLY READ THE FULL STORY HERE▶

The entity, operating under the banner of the National Brands Development and Made in Nigeria Special Project Office, falsely claimed affiliation with the Office of the Secretary to the Government of the Federation (OSGF) to solicit financial support, land allocations, and institutional collaboration from multiple state governors.

According to details revealed by ICPC Chairman Musa Aliyu following a briefing with the President, the group utilized official-looking documents bearing presidency insignia—including appointment letters and formal correspondence—to approach state administrations between January and February. Headed by its promoter, Nwabueze George, the rogue organization targeted several state executives:

  • Lagos State: Sent a “Third Reminder” letter addressed to Governor Babajide Sanwo-Olu to request the nomination of a state coordinator under the guise of boosting local production and small businesses.

  • Edo State: Requested authorization and payment fees amounting to thousands of dollars per participant for an upcoming international engagement in Bahrain, directing funds into designated commercial bank accounts.

  • Nasarawa State: Sought backing to host a national stakeholders’ meeting in Lafia aimed at formally launching its nationwide executive structure.

  • Ondo State: Reached out to Governor Lucky Aiyedatiwa to demand physical land allocations for a proposed “Made in Nigeria Product Market” hub.

  • Imo State: Invited Governor Hope Uzodimma as a special guest while concurrently requesting financial contributions to cover logistics, accommodation, and conference expenses.

  • Sokoto State: Approached Governor Ahmad Aliyu to secure state participation in upcoming trade and agricultural exhibitions across Bahrain and Azerbaijan under the pretense of boosting non-oil exports.

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