The naira has strengthened further against the British pound, closing at ₦1,814 to the pound at the official foreign exchange market as improved liquidity continues to support the local currency. The latest appreciation represents one of the naira’s strongest performances against sterling in July and reinforces the recent trend of relative stability in the foreign exchange market. The local currency has gained significant ground against the pound compared with its position at the end of 2025, when the exchange rate hovered around ₦1,950 to the pound. The naira-pound exchange rate has, in recent weeks, traded within a relatively narrow band…
Author: Abdoulaye Kay
Nigeria’s foreign exchange market recorded a sharp increase in trading activity last week, with total turnover rising to a record $4.38 billion, even as the nature of some of the transactions sparked questions among market watchers. Data from the FMDQ Securities Exchange showed that total FX turnover for the week ended July 24, 2026, climbed by 83.38 per cent, or $1.99 billion, from the $2.39 billion recorded in the preceding week. The latest figure represents one of the highest weekly turnovers recorded in Nigeria’s official foreign exchange market, underscoring the growing depth and activity in the market. The surge was…
Anxiety has gripped Kogi State Polytechnic, Lokoja, following allegations of renewed sex-for-marks, cult activities and other forms of misconduct, months after a new rector assumed office. The development comes as the institution confirmed the suspension of seven lecturers over alleged violations of its rules. Female students, who spoke separately with journalists in Lokoja on Sunday, alleged that disciplinary structures established under the former Rector, Prof. Salisu Usman, had weakened, allowing some previously suppressed vices to resurface. The students requested anonymity, citing fears of victimisation or possible disciplinary action by the institution. According to them, some lecturers now allegedly demand sexual…
For a country whose central bank once drew a firm line between the banking system and the world of cryptocurrency, Nigeria has travelled a remarkable distance. In the span of five years, the nation has moved from restriction to measured engagement, and now to an attempt at coordinated governance of one of the era’s most consequential financial innovations. How well that attempt succeeds will matter to millions of Nigerians who already hold, trade and transact in digital assets. On 17 July 2026, President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a Virtual Asset…
A serving judge of the Kebbi State High Court, Justice Faruku Hassan Bunza has reportedly been abducted by bandits, raising fresh concerns over the security situation in the state. The judge was said to have been taken away by the armed men in the early hours of Sunday, at his residence, along Zogirma Road in Bunza local government area of Kebbi state. Details of the incident were still sketchy as of the time of filing this report. The development adds to the growing list of abduction cases recorded in Kebbi and other parts of north-western Nigeria, where banditry and kidnapping…
The Central Bank of Nigeria (CBN) is set to offer N700 billion worth of Nigerian Treasury Bills (NTBs) at its third and final primary market auction for July 2026. The auction, scheduled for Wednesday, July 29, will be conducted through a Dutch auction on behalf of the Debt Management Office (DMO), according to the apex bank’s latest tender notice. The N700 billion offering will be spread across three maturities, comprising N100 billion for the 91-day bills, N100 billion for the 182-day bills and N500 billion for the 364-day bills. The latest auction continues the CBN’s preference for longer-dated Treasury Bills,…
At least 267,000 people have been forced to evacuate their homes as devastating wildfires continue to ravage parts of southwestern France and central Spain, overwhelming firefighters and prompting military intervention. In France, about 197,000 people have been evacuated from areas around Bordeaux, including popular holiday destinations, in what the country’s Interior Minister described as potentially the largest peacetime evacuation in the nation’s history. The French government has deployed military personnel and equipment to support exhausted firefighters battling the blazes, which have continued to spread despite round-the-clock efforts to contain them. In Spain, about 70,000 people have fled villages west of…
The total currency in circulation in Nigeria declined to N5.52 trillion in June 2026, reflecting a moderation in cash usage during the month, according to data from the Central Bank of Nigeria (CBN). The latest figures showed that currency in circulation fell by N170 billion, or 2.99 percent, from N5.69 trillion recorded in May 2026. The decline came after currency in circulation rose by N43.59 billion, or 0.77 percent, between April and May, indicating a reversal of the previous month’s upward trend. Despite the month-on-month decline, the June figure remained higher than the corresponding level recorded a year earlier, pointing…
The naira extended its gains against the US dollar in the official foreign exchange market on Thursday, supported by improved dollar liquidity and stronger external reserves. Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated by N1.87, with the dollar closing at N1,367.76 at the Nigerian Foreign Exchange Market (NFEM), compared with N1,369.63 recorded on Wednesday. The movement represents a marginal 0.14 percent gain for the naira amid improving conditions in the foreign exchange market. However, the naira weakened in the parallel market, where the dollar rose to N1,407 on Thursday from N1,400 the previous…
The Nigerian naira appreciated against the euro on Friday, closing at N1,557 to €1, compared with N1,570 recorded in the previous trading session, according to the latest data from the Central Bank of Nigeria (CBN). The latest movement represents a N13 gain for the naira against the European currency, reinforcing the relative stability observed in the foreign exchange market in recent weeks. The EUR/NGN exchange rate had peaked at around N1,774/€1 in January 2026 before retreating to a multi-month low of approximately N1,555/€1. Since the beginning of July, the pair has traded within a relatively narrow range of about N1,561…