Naira Strengthens for Third Day Against US Dollar as Forex Reforms Take Effect - Newstrends
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Naira Strengthens for Third Day Against US Dollar as Forex Reforms Take Effect

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Naira-dollar

Naira Strengthens for Third Day Against US Dollar as Forex Reforms Take Effect

The Nigerian naira recorded its third consecutive gain against the US dollar at the official foreign exchange market, closing Friday at ₦1,380.57 per dollar, up ₦3.30 or 0.23% from Thursday’s ₦1,383.88. This follows a gradual rebound earlier in the week, after the currency weakened to ₦1,386.70 on Wednesday.

Data from the Central Bank of Nigeria (CBN) show that the steady appreciation reflects renewed confidence in the official FX window, driven by better liquidity, policy consistency, and ongoing foreign exchange reforms. Analysts attribute the gains to sustained forex inflows and tighter monetary measures that are gradually stabilising the exchange rate and reducing market volatility.

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Experts say the PASGA reforms and government measures allowing full repatriation of export proceeds for oil companies are also contributing to the positive trend. Increased transparency and structural adjustments in foreign exchange management have begun to produce measurable results, boosting investor and market confidence.

Despite the gains, market observers caution that external pressures, including global dollar strength, could challenge the naira’s resilience in the coming weeks. They note that discrepancies between the official and parallel market rates remain, which may affect importers, exporters, and individuals seeking foreign currency outside the official window.

The naira’s rebound is part of a broader effort by the CBN and the federal government to strengthen the currency, enhance foreign exchange liquidity, and stabilize the Nigerian economy amid global economic uncertainties. Analysts believe that sustained reforms and careful macroeconomic management are crucial to maintaining this upward momentum and supporting long-term financial stability.

Naira Strengthens for Third Day Against US Dollar as Forex Reforms Take Effect

Politics

Wike Mocks Peter Obi, Says He ‘Ran Away’ From Labour Party Crisis

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Former Labour Party (LP) Presidential candidate Peter Obi AND Federal Capital Territory Minister Nyesom Wike
Former Labour Party (LP) Presidential candidate Peter Obi and Federal Capital Territory Minister Nyesom Wike

Wike Mocks Peter Obi, Says He ‘Ran Away’ From Labour Party Crisis

Abuja, NigeriaFederal Capital Territory Minister Nyesom Wike has sharply criticised former Labour Party (LP) presidential candidate Peter Obi, accusing him of lacking leadership courage and commitment to manage internal party crises. Wike’s remarks came during the Peoples Democratic Party (PDP) 2026 National Convention held at Moshood Abiola National Stadium on Sunday, March 29, 2026.

Addressing delegates, Wike drew a parallel between Obi’s defection from the Labour Party and the recent departure of some PDP governors to the ruling All Progressives Congress (APC).

“Leadership is not an easy task. Leadership requires courage. Leadership requires firmness. Leadership requires commitment,” Wike said. “When crisis came in the Labour Party, it was time it was required for him to show leadership. He ran away because he could not solve problems.

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Wike criticised both Obi and the defecting PDP governors, claiming they had shown a fundamental absence of the qualities required to lead during challenging political moments.

“The presidential candidate of the Labour Party was given a platform to pursue his ambition. But when challenges arose, he abandoned it. The same thing applies to some governors who ran away when crises emerged,” he added.

Obi’s Political Realignment

Peter Obi, who finished third in the 2023 presidential election behind President Bola Tinubu and former Vice President Atiku Abubakar, officially left the Labour Party in 2025 and joined the African Democratic Congress (ADC). Since then, he has become a key figure in a growing opposition coalition that includes Atiku, former Kaduna State Governor Nasir El-Rufai, and former Rivers State Governor Rotimi Amaechi, all positioning to challenge Tinubu in the 2027 general elections.

Wike’s comments highlight the intensifying political rivalry within Nigeria’s opposition and reflect ongoing debates about leadership, loyalty, and party realignment as the country prepares for its next election cycle.

Wike Mocks Peter Obi, Says He ‘Ran Away’ From Labour Party Crisis

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Abuja Convention: Wike PDP Faction Confirms Mohammed as Chairman, Anyanwu as Secretary

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PDP Abuja Convention

Abuja Convention: Wike PDP Faction Confirms Mohammed as Chairman, Anyanwu as Secretary

A faction of the Peoples Democratic Party (PDP) loyal to the Minister of the Federal Capital Territory, Nyesom Wike, has officially affirmed Alhaji Abdulrahman Mohammed as national chairman and Senator Samuel Anyanwu as national secretary of the party. The announcement was made during a high-profile convention in Abuja, attended by approximately 2,500 delegates from across Nigeria.

The convention also endorsed a 19-member National Working Committee (NWC) and other national officers aligned with the Wike faction. The resolution for the affirmation was proposed by House Minority Leader Kingsley Chinda and seconded by Usaman Admu, reflecting the faction’s determination to consolidate its control of the party’s structure and strengthen its readiness for the 2027 general elections.

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Other key appointments affirmed include Aaron Chukwuemeka as Deputy National Chairman (South), Yusufu Nya Akirikwen (SAN) as Deputy National Chairman (North), Kolawale Olabisi as Deputy National Secretary, Odeyemei Mackson Oladiran as National Treasurer, and Lado Dan Marke as Deputy National Treasurer. Additional officers confirmed include Eyim Donatus Henry, Dr. Grema Kyari, Umar Mohammed Bature, Efere Augustine, Jungudo Haruna Mohammed, Egwu Goodluck Chidiebere, Kamaldeen Ajibade (SAN), Barr. Aloysius Chinemelu U. Uba, Osuoha Okechukwu Donatus, Dr. Adaba Yatu, Ibrahim Bala Aboki, and Momoh Dejih Eugene Bashir. Professor Ogunshe Adedayo and Hauwa Ahmed Shinge were affirmed as national women leader and deputy national women leader, respectively.

The Wike-aligned faction described the affirmation as a critical step to strengthen internal party structure, enhance unity, and position the PDP for electoral success. Party supporters emphasized that the appointments were conducted following internal democratic procedures and with the backing of the majority of delegates present.

This move comes amid a long-running leadership dispute within the PDP, with rival factions, including those loyal to Kabiru Turaki, challenging the legitimacy of parallel structures and leadership appointments. Legal actions have been taken in courts by opposing camps to contest parallel conventions and assert authority over party leadership.

By holding the convention in Abuja, the Wike faction seeks to assert dominance at the national level and solidify its leadership ahead of upcoming elections, signaling an intention to play a decisive role in shaping the party’s strategy and candidate selections. Political observers note that the development may reshape internal dynamics within the PDP as the party gears up for the 2027 polls.

Abuja Convention: Wike PDP Faction Confirms Mohammed as Chairman, Anyanwu as Secretary

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Kwankwaso Resigns from NNPP, Signals Political Realignment

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Rabiu Musa Kwankwaso

Kwankwaso Resigns from NNPP, Signals Political Realignment

Former Kano State Governor and 2023 presidential candidate of the New Nigeria People’s Party (NNPP), Rabiu Musa Kwankwaso, has formally announced his resignation from the party, citing the need for strategic political realignment.

In a press statement dated March 29, 2026, Kwankwaso said his decision to quit the New Nigeria People’s Party takes immediate effect.

The former NNPP National Leader described the decision as difficult but necessary in view of the evolving political landscape in the country.

“Considering the current trajectory of the nation’s political landscape, which calls for strategic realignment, I have found it necessary to identify with another political platform that offers the best opportunity to effectively change the nation,” he stated.

Kwankwaso, who was the party’s presidential flag bearer in the 2023 general elections, expressed gratitude for the opportunity to serve the party at the highest level. He thanked the NNPP leadership, including the National Chairman, Ajuji Ahmed, as well as members of the National Working Committee, Board of Trustees, and National Executive Committee.

He also acknowledged the contributions of party members across all levels, from ward to state structures, and paid tribute to supporters of the Kwankwasiyya Movement for their loyalty and commitment.

Despite his exit, the former governor assured that collaboration with party members and stakeholders would continue in pursuit of a better future for Nigeria.

Kwankwaso’s resignation is expected to trigger fresh political alignments ahead of future electoral contests, as attention shifts to his next political destination.

 

Kwankwaso Resigns from NNPP, Signals Political Realignment

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