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Naira Holds Steady Around ₦1,460 per Dollar as CBN Maintains Market Support

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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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Family Accuses Soldiers Of Killing NYSC Member In Abuja Home.

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The family of 24-year-old civil engineer, Abdulsamad Jamiu, has accused soldiers attached to the Presidential Brigade of Guards of shooting him dead inside his bedroom in the Kubwa area of Abuja.....KINDLY READ THE FULL STORY HERE▶

According to reports, the incident happened in the early hours of Saturday, April 26, 2026, when the soldiers were allegedly responding to a robbery alert in the area.

The military has reportedly described the incident as a case of “mistaken identity,” but the family strongly rejected that explanation, insisting there was no robbery or gunfire exchange in the community.

Jamiu, also known as Kesh, was a National Youth Service Corps (NYSC) member due to complete his service in May. He graduated with a second-class upper degree in civil engineering from the Federal University of Technology, Minna, and was said to have planned a career in the Nigerian Army through the Direct Short Service Commission.

His foster father, Engr. MomohSani Jimoh, said he was away in Okene, Kogi State, for his mother’s burial rites when he received a distress call from his daughter.

“At 2:04 a.m., my daughter called me. She said, ‘Daddy, the worst has happened.’ I asked what happened, and she said they have killed Samad,” Jimoh recounted.

He said he immediately abandoned the burial arrangements and rushed back to Abuja, alleging that the soldiers gained access to the compound through a section of the fence after the main gate had been locked.

“Our barbed wire was never like that. Who passed through there? The military. That was where they entered,” he said.

He also claimed that only one gunshot was heard by the neighbourhood vigilance team and that there was no evidence of any wider gunfight in the area.

Sister Alleges Harassment

The deceased’s sister, Farida Jimoh, said she was awakened by a gunshot and came downstairs to find armed men in military uniform in the corridor.

“They flashed a torch in my eyes and told me to calm down,” she said.

She alleged that the soldiers dragged her outside, pointed out a bent section of the fence, and claimed they were chasing an armed robber.

Farida said she later discovered her brother had been shot dead inside his room.

“I started screaming, and one of them told me to be quiet so I wouldn’t wake the neighbours,” she said.

She also alleged that the soldiers prevented her from contacting her father and briefly seized her phone.

Family Disputes Robbery Narrative

Jimoh said one of the soldiers later admitted to him that the shooting was a mistake.

“He said, ‘Oga, it was a mistake. It has happened. Calm down,’” he claimed.

The family also alleged that local vigilantes were instructed to clean up the room after the body was removed.

Jimoh further said journalists later gathered accounts from vigilantes in Hausa, which he said confirmed details of the incident.

Farida also alleged that additional soldiers arrived at the scene later and took control of the compound.

“They came on bikes and were taking pictures,” she said.

Military Delegation Visits Family

Jimoh said military officials, including a representative of the Chief of Defence Staff, have visited the family and assured them of an investigation.

He also demanded a correction of an earlier military statement which reportedly described the incident as a crossfire during a robbery attempt.

“There was no exchange of gunfire from robbers,” he insisted.

According to him, the delegation promised transparency and disciplinary action if necessary.

Police authorities have also reportedly taken statements from family members and neighbours, while the Divisional Police Officer confirmed that the military had moved the body to a hospital before police arrival.

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Tonye Cole Picks APC Nomination Form To Challenge Fubara In Rivers.

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All Progressives Congress (APC) chieftain, Tonye Cole, has picked up the party’s governorship nomination form in Rivers State ahead of the next election cycle.....KINDLY READ THE FULL STORY HERE▶

 

 

 

 

 

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Tension In Lagos APC As Aspirant Speaks On Hamzat Consensus Endorsement.

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A governorship aspirant of the All Progressives Congress (APC) in Lagos State, Samuel Ajose, has opposed moves within the party to adopt a consensus candidate ahead of the 2027 governorship election, insisting that such an arrangement is only valid if all aspirants fully agree to it.....KINDLY READ THE FULL STORY HERE▶

Ajose made his position known during a television interview on Tuesday, reacting to reports that party leaders had allegedly endorsed Deputy Governor Obafemi Hamzat as the preferred consensus candidate.

He explained that consensus cannot be imposed, stressing that no aspirant should be compelled to withdraw from the race against their will.

According to him, the push for a single candidate reflects fear of open competition, adding that every aspirant with genuine support should be ready to test their popularity in a primary election.

Ajose maintained that the APC constitution provides for primaries where all contestants can freely seek the party’s ticket, saying the process would allow delegates to determine the most popular candidate.

He also argued that many Lagos residents are dissatisfied with the current state of governance and are eager for change, expressing confidence that a transparent primary would reflect the true wishes of party members.

The aspirant dismissed suggestions that President Bola Tinubu supports the reported consensus arrangement, insisting that due process has not been followed.

He further claimed that no formal meeting involving all aspirants had been held to agree on consensus, noting that such a decision would require collective participation.

Ajose said: “We understand what consensus means. Consensus says that every aspirant who has picked the party and nomination form must consent to it. We don’t know why Hamzat is scared of going into the primaries. If you have popularity, networks and grassroots support, then let’s go into the primaries. Everybody must go into the primaries; that is what the constitution says.”

He added that the outcome of the primaries would reveal the true choice of party members, insisting that attempts to impose a candidate would not stand.

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