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Forex Watch: Naira Records First Fall Against Dollar This Week.
According to Nivo News, the Nigerian Naira weakened against the US dollar at the official foreign exchange market on Wednesday. Data from the Central Bank of Nigeria showed that the Naira fell to N1,420.04 per dollar, down from N1,419.66 recorded on Tuesday, marking a daily depreciation of N0.38.....KINDLY READ THE FULL STORY HERE▶
At the parallel or black market, the Naira remained unchanged at N1,490 per dollar, maintaining the same rate as the previous day.
The decline comes even as Nigeria’s foreign reserves continued to rise, reaching $45.74 billion as of January 12, 2026. This depreciation marks the first drop at the official market for the week, following two consecutive days of gains on Monday and Tuesday.
Peoples Democratic Party (PDP) chieftain, Segun Showunmi, has said former Vice President Atiku Abubakar is well positioned to clinch the African Democratic Congress (ADC) presidential ticket ahead of the 2027 elections.....KINDLY READ THE FULL STORY HERE▶
In a post on social media, Showunmi said Atiku’s political strength and preparedness give him an advantage in the emerging contest, while noting that former Transport Minister Rotimi Amaechi could emerge as his strongest rival.
He also observed growing political dissatisfaction across parts of the country, particularly in the North, saying both rural and urban voters are increasingly aggrieved.
According to him, these sentiments could significantly influence the outcome of the 2027 general elections.
Showunmi warned political actors against neglecting loyal supporters, noting that shifting alliances could reshape the political landscape ahead of the polls.
He further described Atiku as fully committed and actively preparing for the race.
Highlighting key regions to watch, he said the South-East may play a decisive role, while the South-West remains unpredictable, and the North-Central could serve as a critical swing zone in the election.
Factional Labour Party South West Vice Chairman, Abayomi Arabambi, has claimed that the party will back President Bola Ahmed Tinubu for a second term in the 2027 elections.....KINDLY READ THE FULL STORY HERE▶
Justice Jude Onwuegbuzie of the Federal Capital Territory High Court on Thursday issued a warrant of arrest for former Minister of Humanitarian Affairs, Sadiya Umar Farouq, and former Permanent Secretary, Bashir Nura Alkali, over their failure to appear in court.....KINDLY READ THE FULL STORY HERE▶
The duo were billed for arraignment before the Abuja court alongside Sani Nafiu Mohammed, who was the only defendant present in court.
They are facing a 21-count charge filed by the Economic and Financial Crimes Commission over alleged criminal breach of trust, abuse of office, fraudulent contract awards and diversion of public funds totaling $1.3 million and ₦746.57 million.
According to the anti-graft agency, the defendants allegedly diverted funds meant to be refunded to the Ministry under the National Social Safety Net Coordinating Office programme for personal use.
Lead prosecution counsel, Rotimi Jacobs, told the court that the charge had been filed since December 15, 2025, but the first and second defendants could not be produced despite efforts to serve them.
He said Farouq had earlier obtained the release of her passport in 2024 for a medical trip to Saudi Arabia but has neither returned the passport nor submitted any medical report to the commission.
Farouq’s lawyer, Abdul Ibrahim, blamed her absence on ill health and asked the court to give him six weeks to produce her, but the request was rejected.
Ruling on the matter, Justice Onwuegbuzie granted the EFCC’s request and ordered the immediate arrest of Farouq and Alkali.
The case was adjourned until May 18, 2026, for arraignment and trial.
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