The Naira closed the week with a slight loss at the official market, trading at ₦1,343.63 against the U.S. dollar. Data released on the Central Bank of Nigeria (CBN) website on Friday showed that the Naira lost ₦1.33, representing a 0.09% decline from Thursday, when it stood at ₦1,342.30 to the dollar. READ ALSO: NGX urges collaboration for digital asset growth The Naira had enjoyed a two-week appreciation before falling on Friday. It traded at ₦1,356.18 on Monday, ₦1,343.76 on Tuesday, and ₦1,343.74 on Wednesday. However, on Friday, the Ngerian currency lost N1.33, representing a 0.09 per cent loss against…
Author: Editor
Nigerians have not had it so bad in recent history. The country is unravelling, and the government is vacillating between denial and a pompous lack of concern to multiple unfolding crises. Trump’s United States of America that promised to kill off security threats in the country, and rescue Christian victims “guns a blazing” are running out of the country with their tails between their legs. The US State Department, in a travel advisory, authorised non-emergency government employee and their family members to leave its embassy in Abuja due to the deteriorating security situation in Nigeria. Visa services in the Embassy have…
MTN Nigeria Communications Plc has temporarily suspended its airtime and data lending service, Xtratime, following new reguMTN suspends xtratime over new FCCPC ruleslations introduced by the Federal Competition and Consumer Protection Commission (FCCPC). The company disclosed this in a corporate filing to the Nigerian Exchange Limited on Thursday. MTN said the suspension was necessitated by the FCCPC’s Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, which establish a new compliance and licensing framework for providers of digital credit services. In the disclosure signed by its Company Secretary, Uto Ukpanah, the telecom operator explained that Xtratime enables eligible prepaid subscribers…
The UN Deputy Secretary-General, Ms Amina Mohammed, has reaffirmed the organisation’s commitment to supporting Nigerian-led solutions to development and humanitarian challenges. UN spokesperson, Stéphane Dujarric, said Mohammed had returned from Nigeria, where she visited Zamfara and Benue states and met communities affected by insecurity and displacement. He said she witnessed firsthand the scale of humanitarian needs, as well as ongoing response efforts by authorities and partners. Meanwhile, the UN says digital tools are transforming Nigeria’s response to humanitarian challenges, including tracking internally displaced persons, despite funding constraints and technology gaps. The development was highlighted at the ongoing 59th Session of…
The Commandant of the Nigerian Defence Academy (NDA), Maj.-Gen. Oluyemi Olatoye, has urged newly promoted senior officers to redouble their efforts in tackling the nation’s security challenges and justify the confidence reposed in them by the Armed Forces. This is contained in a statement on Thursday in Kaduna by Maj. Reuben Kovangiya, the NDA Public Relations Officer. He said Olatoye gave the charge during the decoration of officers elevated to the rank of Lieutenant Colonel and their equivalents in the Nigerian Navy and Air Force. He reminded the officers of the core values of their respective services, stressing the need…
The Kwara Director of the National Orientation Agency (NOA), Abdulganiyu Dare, has urged women to nurture children while advocating for their rights. Dare gave the charge at the International Women’s Day programme organised by the Nigeria Labour Congress (NLC) Women Committee, Kwara Council, on Thursday in Ilorin. He said women should deliberately guide their children and wards away from social vices threatening society’s future. According to him, women remain central to promoting justice, equity, and inclusion, as well as shaping the values, character, and behaviour of younger generations. He urged women to pursue their rightful place while intentionally raising children…
ActionAid Nigeria (AAN) has urged the Federal Government to undertake a comprehensive and transparent review of all revenue deduction frameworks to ensure accountability, justification, and full public disclosure. The Country Director of AAN, Mr Andrew Mamedu, made the call in a statement on Thursday in Abuja. Mamedu was reacting to recent World Bank findings that over 40 per cent of Nigeria’s federal revenue in recent years had been deducted before distribution to the federal, state, and local governments. He said the development reinforces long-standing concerns over Nigeria’s widening fiscal constraints, rising debt burden, and persistent challenges in public financial management.…
Governor Dapo Abiodun of Ogun State on Thursday inaugurated the 5.5-kilometre Elega–Miliki–Saje–Bode-Olude Road in Abeokuta. In his address during the inauguration, Abiodun reaffirmed his administration’s commitment to infrastructure development and economic growth across the state. The governor noted that the road traverses Abeokuta North and Abeokuta South Local Government Areas. He explained that the project is part of his administration’s efforts to improve road infrastructure and boost economic activities statewide. He observed that the newly commissioned Elega–Saje corridor has already begun to positively impact the area by improving mobility and increasing commercial activity, particularly at night. To further support businesses…
Nigeria’s headline inflation rate rose to 15.38% in March 2026, up from 15.06% recorded in February, according to the latest data released by the National Bureau of Statistics (NBS). The Consumer Price Index (CPI), which measures the rate of price changes, increased to 135.4 in March from 130.0 in February, reflecting a 5.4-point rise. On a year-on-year basis, inflation was lower than the 27.35% recorded in March 2025, indicating a significant moderation over the past year. A closer look at the data shows that the headline inflation rate increased by 0.32 percentage points compared to February. On a month-on-month basis,…
The recent volatility of the exchange rate at the black market has been linked to fiscal leakages, speculation and arbitrage activities, which far outpace the optimism at the official market. This is according to insights from forex traders and Bureau De Change (BDC) operators who spoke to Nairametrics. They said the over-appreciation of the naira at the official market without corresponding fundamentals has encouraged the proliferation of ungoverned forex channels that are used as a conduit for the diversion of liquidity into the economy. They also attributed this to an imbalance in the market with the demand for foreign exchange still structurally high…