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Naira Holds Steady Around ₦1,460 per Dollar as CBN Maintains Market Support
LAGOS, Nigeria — The Nigerian naira remained stable on Wednesday, trading at about ₦1,460 per U.S. dollar in the official market as the Central Bank of Nigeria (CBN) continued efforts to keep the foreign exchange market steady.....KINDLY READ THE FULL STORY HERE▶
At the Investors and Exporters (I&E) window, the dollar traded between ₦1,459 and ₦1,465, according to data from Investing.com. In the parallel market, however, the naira exchanged at around ₦1,485 per dollar, highlighting a continued gap between the official and street rates.
Official Rate Stable, But Pressure Persists
Traders said dollar demand from importers and travelers remained high, but the CBN’s interventions helped prevent sharp movements in the exchange rate. The stability comes amid broader efforts by the central bank to control inflation and strengthen investor confidence.
“The market has been relatively calm this week,” said a Lagos-based currency trader. “There is still strong demand for dollars, but the central bank’s presence in the market has helped maintain balance.”
The black market rate, often seen as a reflection of dollar scarcity, has remained above ₦1,480 for several days, underscoring the challenges businesses face in accessing foreign currency through official channels.
Economic Background
Nigeria’s exchange rate has been under pressure since the government floated the naira in 2023, merging multiple exchange windows in a move aimed at attracting foreign investment and improving transparency. While the reform initially caused volatility, the currency has shown periods of stability in recent months.
The CBN recently cut its benchmark interest rate by 50 basis points to 27 percent, its first reduction in five years. The move was intended to ease borrowing costs and stimulate growth in Africa’s largest economy.
However, analysts warn that lowering interest rates could put renewed pressure on the naira if foreign investors reduce their exposure to Nigerian assets.
“Stability at the official window is a positive sign, but sustained improvement will depend on stronger dollar inflows from exports, remittances, and investments,” said an economist at a Lagos-based investment firm.
Inflation, Oil, and Dollar Supply
Nigeria’s inflation rate stood at about 20.1 percent in September, slightly lower than the previous month. Analysts attribute the slowdown partly to improved food supply and relative currency stability.
Oil prices — Nigeria’s main source of foreign exchange — have also provided some support, trading near $82 per barrel this week. Higher oil receipts could help the government build foreign reserves and supply more dollars to the market.
Still, the CBN faces a delicate balancing act between supporting the naira, managing inflation, and encouraging economic growth.
Outlook
Economists expect the naira to remain between ₦1,450 and ₦1,470 in the official window in the short term, barring major external shocks. However, persistent demand in the parallel market may continue to drive a wider gap between the two exchange rates.
“The main concern is liquidity,” said a financial analyst in Abuja. “Until the country boosts non-oil exports and increases dollar inflows, pressure on the naira will remain.”
For now, businesses and travelers are watching the market closely as the CBN works to maintain calm through its interventions and policy adjustments.
Analysts say the next major indicator will be the October inflation report and any further policy signals from the central bank. A stronger naira could help reduce import costs, while further depreciation could raise inflationary risks.
As of midweek, the message from the market is clear: the naira is holding firm — but its long-term stability still depends on sustained economic and policy reforms.
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‘We Drank Garri With Muddy Water’ – Kidnapped NYSC Member Recounts Ordeal.
One of the prospective members of the National Youth Service Corps (NYSC) rescued from kidnappers in Imo State has recounted the horrifying conditions they endured in captivity, revealing that their abductors beat them and forced them to survive on dry garri and dirty water in a forest.....KINDLY READ THE FULL STORY HERE▶
Speaking in an interview with the BBC, the victim disclosed that the kidnappers monitored conversations between captives and their families, assaulting them whenever they were displeased with anything said during the calls.
She was among 20 prospective corps members and another passenger abducted on October 1, 2026, while travelling from Ibadan, Oyo State, to orientation camps in Abia and Akwa Ibom states.
According to her account, the kidnappers allowed the victims to contact their relatives using a phone but subjected them to physical punishment if their conversations provoked the abductors.
She said, “We are given a phone to call our family, and if any family say anything they don’t want to hear or any rubbish that would make them angry, we will be beaten.
“That person will be beaten, used the gun, wood. Sometimes they use their hands to punch them, mostly the guys.”
Recounting the circumstances surrounding the abduction, the victim explained that their journey began at about 9 a.m., with the vehicle making several stops along the way.
She said the driver eventually stopped after reaching a stretch of road considered dangerous, and the passengers were advised to rest before continuing their journey.
The prospective corps member added that she had informed her family they would spend the night in a public place before going to sleep.
However, she said she woke up to find herself caught up in the abduction and could not understand how she had been taken to the forest where they were initially held.
“When I woke up, that was when the incident happened. I don’t know how we got to the forest where we were kept for some time,” she recounted.
The victim said the abductors later moved them further into the forest, where access to food and clean drinking water was severely limited.
Describing their living conditions, she revealed that the captives survived mainly on dry garri and muddy water, despite the poor quality of the water.
“What we are eating there is just garri. Like Igbo garri, dry garri with mud water. Very dirty water. I can’t even give my enemy that water. We don’t have a choice, we have to take it for survival,” she said.
She also described the emotional distress she experienced during captivity, explaining that the situation left her confused, frightened and unable to process what was happening.
“I can’t explain how I felt. I can’t even cry, I was just looking, I was lost. I don’t know what to do,” she said.
“It felt like it was a movie. I don’t believe that this is happening to me.”
The victim further disclosed that she feared she might not survive the ordeal before security operatives intervened.
She expressed gratitude to the government and security personnel, particularly operatives of the Department of State Services (DSS), whom she credited with helping to secure their release.
“The government, the DSS staff, we were rescued by them,” she stated.
The prospective corps members were abducted on October 1 when gunmen reportedly attacked two buses along the Owerri-Onitsha Road near Umunoha in Imo State.
They regained their freedom on October 7 following a coordinated security operation and were subsequently taken to a DSS medical facility in Owerri for treatment.
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‘I’m The Commander Of Field Operations’ – Wike Sends Strong Message Ahead Of 2027 Election
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared himself the commander of field operations for President Bola Tinubu’s re-election campaign in Abuja ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
reports that Wike made the declaration on Monday during a stakeholders’ meeting of the Rainbow Coalition in Abuja.
The meeting was attended by stakeholders from the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), including party chairmen, serving and former senators, National Assembly candidates, and political leaders from the FCT’s six area councils.
Speaking at the gathering, Wike announced plans for a joint mobilisation effort involving APC and PDP members to secure victory for Tinubu in the presidential election and support candidates of the ruling party contesting National Assembly seats in the FCT.
The minister urged participants to prioritise the coalition’s shared political objective over their individual party affiliations.
Wike said the stakeholders had reached a consensus on supporting Tinubu’s re-election bid, adding that he would coordinate political activities in both the FCT and Rivers State.
“For the presidency, all of us have agreed that it is Bola Ahmed Tinubu. I am going to coordinate the FCT and Rivers State. So you can imagine how important it is,” he said.
Emphasising his role in the FCT campaign, Wike added, “I am in charge of the FCT election. I am the commander of field operations as far as the FCT election is concerned.”
He further called on members of both parties to work together, insisting that political differences should not undermine their collective objective ahead of the polls.
“I want to let all of you know that we are going to work together. Nobody should say, ‘I am PDP’ or ‘I am APC.’ For the purpose of this election, we are together,” the minister stated.
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2027 Election: Pantami Reacts As INEC Removes His Name From Final Governorship List.
Former Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, has appealed to his supporters to remain calm following the omission of his name from the Independent National Electoral Commission’s (INEC) final list of candidates for the 2027 Gombe State governorship election.....KINDLY READ THE FULL STORY HERE▶
Pantami, who defected from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP) in May, was absent from the list published by INEC on Saturday.
In a statement shared on his social media platforms, the former minister’s camp described the development as a temporary electoral setback, assuring supporters that efforts were being made to resolve the issue.
The statement, signed by Professor Suleiman Mohammed Gombe, acknowledged the concerns raised by PDP members and supporters of the Pantamiyya Movement both within and outside Gombe State.
According to the statement, Pantami’s legal and liaison teams are engaging relevant PDP organs and INEC to secure compliance with a court order and address the omission within the period allowed by law.
The camp urged supporters to remain optimistic, stressing that the publication of the final list did not bring the matter to a conclusion.
“We are aware of the people working behind the scenes to frustrate good and responsible leadership in Gombe State,” the statement said.
Expressing confidence that the issue would be resolved, the camp encouraged supporters to sustain their mobilisation efforts and remain committed to the movement’s goal of serving humanity.
It also reaffirmed the unity between the PDP and the Pantamiyya Movement, stating that both remained committed to advancing the political aspirations of their supporters in Gombe State.
“No distraction will derail our course, in sha Allah,” the statement added.
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