Tag: Exchange rate

  • Top 10 Nigerian News Updates You Should Know Today

    1. US Withdraws Most Troops from Nigeria After Joint Anti-ISIS Mission

    The United States has withdrawn most of its troops deployed to Nigeria following the completion of a joint counterterrorism operation targeting Islamic State (ISIS) militants in the Lake Chad Basin. Announcing the drawdown, AFRICOM Commander General Dagvin Anderson said the mission achieved its primary objectives, including the elimination of key ISIS leaders, while reaffirming Washington’s commitment to continued intelligence sharing and security cooperation with Nigerian authorities.

    The deployment, which began earlier this year, supported Nigerian forces in degrading ISIS capabilities across parts of northern Nigeria. Nigerian officials described the collaboration as a major success that strengthened local counterterrorism operations. Although the troop presence has been reduced, analysts believe both countries will continue working closely through intelligence sharing and other non-kinetic support as security agencies sustain pressure on insurgent groups.

    2. Explosion Rocks Apapa Tank Farm as Emergency Agencies Move to Contain Incident

    An explosion has occurred at a tank farm in Apapa, Lagos, triggering an emergency response from the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), and other rescue teams. Officials said emergency responders quickly moved to contain the situation and prevent the fire or any environmental hazards from spreading within the busy petroleum storage and distribution hub.

    Authorities have commenced investigations into the cause of the explosion while assuring residents and businesses that efforts are ongoing to minimise damage. The incident has renewed concerns about safety standards at critical oil and gas facilities, with stakeholders awaiting further updates on casualties, the extent of damage, and measures to prevent similar occurrences.

    3. Troops Rescue Kidnap Victims, Kill Terrorist in Nationwide Operations

    The Defence Headquarters says Nigerian troops rescued 10 kidnapped victims, arrested seven suspected criminals, and neutralised one terrorist during coordinated military operations carried out across different theatres of operation over the past week. The operations form part of ongoing efforts to combat terrorism, banditry, and other violent crimes across the country.

    Military authorities also confirmed the recovery of arms, ammunition, and other items during the operations, describing the results as another indication of sustained pressure on criminal groups. Security officials said operations will continue in affected communities, while urging residents to support the military with credible intelligence to consolidate recent gains.

    4. Naira Appreciates to N1,395 Against Dollar in Parallel Market

    The naira recorded another gain in the parallel foreign exchange market, appreciating to N1,395 against the US dollar as recent interventions continued to influence market activities. The improvement reflects ongoing efforts to stabilise Nigeria’s foreign exchange market amid broader economic reforms.

    Economists say increased forex supply and policy measures introduced by the Central Bank of Nigeria have contributed to the currency’s recent performance. While the development offers some optimism for businesses and consumers, analysts note that sustained stability will depend on stronger foreign exchange inflows, improved reserves, and consistent monetary policies.

    5. APC Chairmen Meet in Lagos Ahead of 2027 General Elections

    Chairmen of the All Progressives Congress (APC) from the 36 states are meeting in Lagos for a three-day strategic session aimed at strengthening the party’s grassroots structure ahead of the 2027 general elections. The gathering also reaffirmed support for President Bola Tinubu and focused on building party unity across the country.

    Participants discussed mobilisation strategies, internal cohesion, and preparations for future elections as political activities gradually gather momentum. The meeting comes at a time opposition parties are also realigning, with observers expecting more political consultations and policy directions to emerge in the months ahead.

    6. World Bank Says Nigeria’s Bigger Challenge Is Revenue, Not Debt

    A World Bank official has said Nigeria’s major fiscal challenge is not excessive borrowing but weak revenue generation, stressing the need for stronger domestic income to support development. The remarks were made during discussions on the country’s ongoing economic reforms and fiscal outlook.

    The comments have added to conversations around taxation, economic diversification, and public spending efficiency. Policymakers are expected to continue pursuing reforms aimed at improving government revenue while ensuring resources are managed more effectively to support economic growth.

    7. Tinubu Charges Team Nigeria Ahead of Commonwealth Games

    President Bola Tinubu has urged Team Nigeria to compete with honour, discipline, and integrity as the country’s athletes prepare for the 2026 Commonwealth Games in Glasgow, Scotland. The President gave the charge during a send-off ceremony attended by athletes and sports officials representing Nigeria in 10 sporting events.

    Government officials expressed confidence in the team’s preparation and encouraged the athletes to make the country proud on the international stage. Strong performances at the Games are expected to inspire young athletes and further promote sports development across Nigeria.

    8. D’Tigers Defeat Guinea to Reach Next Round of FIBA Qualifiers

    Nigeria’s senior men’s basketball team, D’Tigers, defeated Guinea in a crucial match to advance to the next stage of the 2026 FIBA Basketball World Cup qualifiers. The victory highlighted the team’s determination and growing confidence under the current coaching crew.

    The result has boosted Nigeria’s hopes of qualifying for the global tournament and generated excitement among basketball supporters. Sports stakeholders have also renewed calls for sustained investment in the game as D’Tigers prepare for more challenging fixtures in the qualification campaign.

    9. EFCC Arraigns Siblings Over Alleged Land Fraud in Lagos

    The Economic and Financial Crimes Commission (EFCC) has arraigned two siblings before a Lagos court over their alleged involvement in a land fraud case involving disputed properties and financial transactions. The prosecution said the matter forms part of the commission’s ongoing crackdown on real estate-related crimes.

    After hearing preliminary arguments, the court granted the defendants bail under specified conditions and adjourned the matter for further proceedings. The case has again drawn attention to the increasing number of land scams in major cities and the need for stronger safeguards for property buyers.

    10. Governor Peter Mbah Urges Transparency Among Public Officers

    Enugu State Governor Peter Mbah has called on public officials to uphold transparency, accountability, and traceability in the discharge of their duties, saying every naira lost through corruption denies citizens the benefits of development. He made the remarks during an engagement with senior government officials in the state.

    The governor said his administration remains committed to prudent management of public resources and improved service delivery. His message aligns with broader efforts to strengthen accountability in governance, with observers describing it as part of ongoing reforms aimed at improving public confidence in government institutions.

     

  • Naira Strengthens Slightly to ₦1,345/$ as Stability Holds Across Markets

    The Nigerian Naira opened trading on Tuesday at an average of ₦1,345.47 per dollar in the official market, extending its steady run as efforts to align exchange rates continue.

    What happened

    At the Nigerian Foreign Exchange Market (NFEM), the currency recorded a slight appreciation during early trading.

    It briefly touched ₦1,345.87 per dollar before stabilising, reflecting consistent interbank activity and steady demand.

    Analysts say the performance is tied to ongoing reforms by the Central Bank aimed at improving liquidity and ensuring transparent pricing.

    Parallel market trend

    In the parallel market, the Naira maintained relative stability across major cities including Lagos, Port Harcourt and Kano.

    The dollar traded between ₦1,390 and ₦1,405, with the gap between both markets remaining largely unchanged.

    Traders noted that volatility has reduced compared to previous periods, offering more predictability for users of the informal market.

    What is driving stability

    Market observers attribute the trend to improved investor confidence, stronger external reserves and increased dollar inflows.

    These factors have helped ease pressure on the local currency while supporting gradual convergence between official and parallel rates.

    The bigger picture

    For businesses and households, the current rates point to a period of relative calm.

    While global dollar strength still poses a risk, the Nigerian market continues to meet demand without major disruptions, supporting smoother transactions in the near term.

     

  • Naira Opens Week at ₦1,347/$ as Dollar Demand Keeps Pressure on FX Market

    The Nigerian Naira began trading on Monday, April 20, 2026, at about ₦1,347.33 per US Dollar at the official window, showing slight depreciation as demand for foreign exchange remained steady across markets.

    Market movement

    At the Nigerian Foreign Exchange Market (NFEM), the Naira averaged ₦1,347.33/$ in early trading, reflecting a mild drop compared to last week’s close.

    Traders said demand for the Dollar, especially for imports and international payments, continued to put pressure on the local currency despite relatively stable liquidity conditions.

    Parallel market rates

    In the parallel market, the Naira traded higher than the official rate, maintaining the usual gap between both segments.

    Across major cities like Lagos, Abuja, and Kano, Bureau De Change operators quoted buying rates around ₦1,395 and selling rates near ₦1,405 per Dollar.

    The relatively stable spread suggests that retail Dollar supply remains sufficient, limiting sharp fluctuations.

    What is driving the trend

    Analysts linked the Naira’s performance to persistent foreign exchange demand and ongoing adjustments within Nigeria’s FX framework.

    They also noted that stable crude oil prices have helped support external reserves, providing some cushion against major volatility.

    However, underlying demand for foreign currency continues to shape short-term movements in the market.

    Outlook

    For businesses and investors, the current trend points to gradual adjustments rather than extreme swings.

    Market watchers say close monitoring of FX movements remains key, as even small shifts could impact pricing, trade, and investment decisions.

     

  • Naira Holds Ground At ₦1,340/$ As CBN Interventions Boost Stability

    The Nigerian naira maintained a relatively stable position against the United States dollar on Friday, April 17, 2026, opening at ₦1,340.88/$ at the official Nigerian Foreign Exchange Market (NFEM).

    Calmer trend emerges

    The latest rate reflects a more stable phase for the local currency after weeks of volatility earlier in the month driven by rising import demand.

    Market watchers say the naira is now experiencing milder fluctuations across both the official and parallel markets.

    CBN support drives stability

    Recent data points to sustained interventions by the Central Bank of Nigeria as a key factor behind the improved stability.

    Liquidity injections into the official window have helped balance supply and demand, reducing sharp swings in exchange rates.

    Analysts also note that the evolving structure of the NFEM is improving transparency and gradually restoring investor confidence.

    Parallel market still higher

    Despite the gains in the official market, the parallel market continues to trade at slightly higher rates.

    Currency dealers in major cities like Lagos and Abuja say the dollar is still sold at a premium, although the gap between both markets has narrowed compared to previous months.

    External risks remain

    Experts warn that global economic conditions could still impact the naira’s performance in the coming weeks.

    Factors such as global inflation and possible interest rate changes in the United States remain key risks to watch.

    What it means for Nigerians

    For individuals and businesses, demand for foreign exchange remains strong as economic activities pick up.

    Traders say access to forex has improved slightly, but sustained stability will depend on consistent policies and favourable global conditions.