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Naira Steadies at ₦1,468 per Dollar on Official Market, but Street Rate Stays Higher

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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.”

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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.”

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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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Kwara PDP Protests As Govt Moves To Reopen Robbery Case Against Saraki, Others.

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The Peoples Democratic Party (PDP) in Kwara State has strongly opposed reported moves by the state government to revisit the alleged Offa robbery case involving former Governor Abubakar Bukola Saraki and others.....KINDLY READ THE FULL STORY HERE▶

reports that the party made its position known during an emergency press conference in Ilorin on Friday, describing the development as politically motivated and unjust.

PDP spokesman, Comrade Olushola Adewara, said the alleged plan to reopen the case amounts to an attempt to politicise a matter that has already been concluded by the courts.

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He alleged that the move was targeted at dragging Saraki into a case in which, according to him, legal authorities had previously found no evidence linking him to the incident.

Adewara referenced earlier legal opinions from the Office of the Attorney General of the Federation, which reportedly stated that Saraki was not connected to the robbery case.

The party insisted that suspects in the case had already been prosecuted and convicted, with judgments upheld at appellate levels, while the matter is currently before the Supreme Court.

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PDP urged Governor Abdulrahman Abdulrazaq to focus on governance rather than what it described as attempts to revive old political narratives.

It also called on security agencies to monitor the situation closely, warning that such actions could heighten political tension in the state.

The party further appealed to residents, especially families of victims in Offa, not to allow their pain to be used for political purposes.

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2027: Oyo APC Senator Alli Declares Governorship Ambition.

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Senator representing Oyo South, Sharafadeen Alli, has declared his intention to contest the Oyo State governorship election ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Alli, who serves under the All Progressives Congress (APC), made the declaration on Friday during a formal event held at the Police Field in Yemetu, Ibadan North Local Government Area.

The APC chieftain and Ekaarun Balogun of Ibadanland said he will be running on the platform of his party.

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The event attracted thousands of APC leaders, stakeholders, and members, including top political figures such as Senator Yunus Akintunde, House of Representatives members Akin Alabi, Aderemi Oseni, Akeem Adeyemi, Olafisoye Akinmoyede, Tajudeen Abisodun, and Senator Hamzat Adeseun.

Also in attendance were former Deputy Governor Iyiola Oladokun, Asiwaju Yemi Aderibigbe, and Alhaji Fatai Ibikunle, among others.

Alli said his decision followed wide consultations with stakeholders and was driven by his desire to advance the development of Oyo State.

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He noted his past political experience, including serving as Chairman of Ibadan North Local Government and Secretary to the Oyo State Government under Senator Rasidi Ladoja, as well as his current role in the Senate, where he said he has consistently advocated for his constituents.

According to him, his ambition is focused on delivering better governance and moving the state forward.

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Showunmi Declares For Ogun 2027 Governorship, Seeks IPAC Support.

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A PDP chieftain and convener of The Alternative, Otunba Segun Showunmi, has declared his intention to contest the 2027 Ogun State governorship election.....KINDLY READ THE FULL STORY HERE▶

reports that Showunmi made the announcement during a courtesy visit to the Inter-Party Advisory Council (IPAC) secretariat in Abeokuta on Friday.

He called for a broad political coalition involving opposition parties and grassroots groups to challenge what he described as the failures of dominant political forces in the state.

Showunmi argued that political parties may choose or endorse candidates, but insisted such arrangements must not deny voters a genuine electoral choice.

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He said: “I will be running for governor in the 2027 governorship election. I have come to plead with you to set up a small committee… to determine how we can collaborate to make this happen.”

He also questioned whether Ogun State would experience a “coronation” or a competitive election process, urging stakeholders to allow open political contest.

The PDP chieftain noted that Ogun West’s long-standing exclusion from producing a governor is a legitimate grievance, but stressed that aspirations must still be tested through competition.

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He advocated issue-based campaigns ahead of 2027, rejecting “money politics” and challenging aspirants to public debates on governance.

Showunmi maintained that he has no history of violence or political thuggery, insisting the election should be centred on ideas and development plans for the state.

In response, IPAC leadership and other political actors at the event called for collaboration and careful selection of leaders ahead of the 2027 elections.

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