latest
Naira Weakens Slightly as Dollar Trades Around ₦1,495 in Parallel Market
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.
entertainment
COURTROOM CHAOS: Security Scramble As Enraged Mob Brutally Attacks Chidimma Adetshina Outside South African Courthouse!.
Security personnel had to step in following a hostile incident involving Miss Universe Nigeria 2024, Chidimma Adetshina, outside the Cape Town Regional Court in South Africa.....KINDLY READ THE FULL STORY HERE▶
-
-
Court Proceedings: Adetshina appeared in court for ongoing hearings related to a legal challenge brought by South Africa’s Department of Home Affairs, which alleges that she lacks valid immigration status.
-
The Incident: According to viral footage, the beauty queen was shoved and harassed by chanting onlookers as she exited the courthouse before security intervened to clear a path.
-
Legal Stance: Adetshina maintains that she was born in South Africa and is actively contesting the deportation attempts through legal channels.
-
latest
EL-RUFAI’S BATTLEGROUND: ADC Chieftain Demands Immediate Action From Northern Elders In Shocking Statement!.
Former North-West National Vice Chairman of the African Democratic Congress (ADC), Jafar Ibrahim Sani, has called upon Northern elders and political leaders to advocate for strict adherence to due process regarding the legal situation facing former Kaduna State Governor Nasir El-Rufai.....KINDLY READ THE FULL STORY HERE▶
-
-
Call for Solidarity: In a statement titled “El-Rufai, The North, Our Elders and the Test of Loyalty,” Sani criticized political stakeholders who abandon their associates during times of adversity, emphasizing that true loyalty is tested when challenges arise.
-
Emphasis on Fairness: While acknowledging that opinions on El-Rufai’s public life vary, Sani maintained that personal or political disagreements should not compromise the pursuit of fairness and the rule of law.
-
Pursuit of Justice: He urged stakeholders to support a legal process that ensures transparency, noting that a fair trial should ultimately follow whatever outcome the courts lawfully determine.
-
latest
TACTICAL TAKEOVER: US Military Lands In Bauchi To Launch High-Stakes Drone Training For Nigerian Troops!.
The United States Africa Command (AFRICOM) has announced a collaborative military training initiative with Nigerian forces in Bauchi State, designed to enhance security cooperation, combat readiness, and bilateral relations between the two nations.....KINDLY READ THE FULL STORY HERE▶
-
-
Scope of Training: According to an AFRICOM report, the program covers several key areas chosen by Nigerian leadership, including small-unit tactics, weapons familiarization, explosive ordnance disposal, water treatment and testing, camouflage techniques, and Combat Lifesaver/Tactical Combat Casualty Care instruction.
-
Unmanned Aircraft Systems (UAS): The drone training drew significant focus, with U.S. intelligence personnel guiding members of the Nigerian Air Force Special Forces Regiment through both instructional sessions and hands-on operational practice.
-
Strengthening Interoperability: Officials highlighted that the joint exercises extend beyond technical skill development, fostering vital working relationships and tactical cooperation at the foundational levels of both militaries.
-
-
latest12 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics3 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
Politics3 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp