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Naira Steadies at ₦1,468 per Dollar on Official Market, but Street Rate Stays Higher
Nigerian naira traded at about ₦1,468 to the U.S. dollar on Wednesday in the official foreign exchange market, while rates in the parallel market remained higher at around ₦1,495 per dollar, according to data from the Central Bank of Nigeria and currency dealers.....KINDLY READ THE FULL STORY HERE▶
The figures show the naira holding steady in the official market but still under pressure in the streets, where limited dollar supply continues to drive up demand.
At the Nigeria Foreign Exchange Market (NAFEM), the dollar traded at an average of ₦1,468, slightly stronger than Tuesday’s closing rate. On the parallel market, traders in Lagos and Abuja said they bought the dollar at ₦1,480 and sold at about ₦1,495, leaving a spread of roughly ₦27 between both markets.
Currency analysts say the difference between the two markets remains a key challenge for Nigeria’s foreign exchange system. While the official rate is influenced by central bank policy and interbank transactions, the parallel market reflects everyday demand from importers, students, and travelers who often struggle to access foreign currency through official channels.
“The gap persists because official dollar supply is still limited, while demand remains strong from importers and retail customers,” one Lagos-based dealer told Vanguard. “Until liquidity improves, we are likely to keep seeing a premium in the street market.”
Economists also point to broader factors behind the naira’s performance. Reduced oil revenue, lower foreign investment inflows, and persistent import demand have kept the dollar supply tight. Meanwhile, the Central Bank’s recent decision to ease monetary policy by cutting benchmark rates in September helped stabilize the official market but has not yet improved liquidity in the wider economy.
“The naira’s recent stability around the ₦1,460–₦1,470 range shows some confidence returning to the official market,” said an analyst at a Lagos investment firm. “But without stronger inflows from exports and foreign investors, the parallel market will likely remain elevated.”
For businesses and consumers, the dual exchange rates continue to create pressure. Importers who cannot secure dollars at the official rate often turn to the parallel market, where they pay more, leading to higher prices for goods and services. Individuals making tuition payments abroad or engaging in travel also face similar challenges.
“The impact is real for ordinary Nigerians,” said a Lagos trader who imports electronics. “We spend more on foreign exchange, and that affects the final price of everything we sell.”
Experts say narrowing the gap between the two markets will require stronger dollar inflows, higher export earnings, and clearer communication from monetary authorities. They also highlight the importance of restoring confidence in Nigeria’s foreign exchange system through transparency and consistent policy enforcement.
Looking ahead, market watchers will focus on whether the Central Bank increases dollar supply to banks or intervenes more actively to stabilize the market. They will also monitor global oil prices, which remain a major source of Nigeria’s foreign exchange earnings.
As of Wednesday evening, both official and street market dealers said trading was relatively calm, with limited volatility and steady demand for the dollar.
While the naira’s stability at ₦1,468 offers temporary relief, the persistent premium in the parallel market underscores ongoing pressure on Africa’s largest economy. Without stronger inflows and policy clarity, analysts warn, the currency could face renewed challenges in the coming weeks.
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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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